Insights
The following is not a comprehensive list of all changes, but a summary of key adjustments that will affect a wide range of taxpayers: Standard deductions. For single taxpayers and married individuals filing separately for tax year 2025, the standard deduction rises to $15,000 for 2025, an increase of $400 from 2024. For married couples…
Read MoreAfter a relatively mild year for tax changes, future policy stands at a crossroads-with a confluence of expiring tax provisions, a new administration, and evolving economic factors that will shape the decisions of businesses and individual taxpayers alike. There are steps you can take before year-end to stay well-positioned even amid uncertainty. Capitalizing on tax-friendly…
Read MoreTax planning requires thoughtful consideration and flexibility. Taxpayers should anticipate potential shifts to proactively position their tax strategy, no matter what lies ahead. We’ve highlighted important information in this article to help guide your decisions as the situation unfolds. Expiring Tax Provisions The Tax Cuts and Jobs Act (TCJA) of 2017 brought about landmark tax…
Read MoreDon’t Wait Until 2026: It Might Cost You Millions
As we approach 2025, future tax policy is bracing for change. With election results determined, policy shifts will begin to take shape as the new administration takes over. Any potential policy changes will provide a modified framework for strategic decisions on a forward-looking basis. However, wealth transfer planning for individuals still requires thoughtful consideration because it…
Crowdfunding – Important Tax Guidelines
If you have been using a crowdfunding platform, such as GoFundMe, Kickstarter, or Patreon, to solicit contributions or for charitable donations or gifts, you may be required to report distributions of the money raised. Tax guidelines for contributions and distributions from online crowdfunding can vary based on the nature of the funds raised, the platform used,…
Reminder – Beneficial Ownership Information Reporting
In July of this year, we alerted you to new reporting obligations that became effective on January 1, 2023, affecting millions of privately owned small businesses. The Corporate Transparency Act (CTA) is an anti-crime law that seeks to uncover the concealment of illicit money through the use of shell and front companies. This is to remind…
Planning for W-2 Year-End Payroll Filings
With the end of the year approaching, your business should have a plan in place for a crucial step: W-2 filing. W-2 filing directly affects your employees-timeliness and accuracy are vital. What is a W-2? Also referred to as the Wage and Tax Statement, this form reports an employee’s annual wages and taxes withheld during a…
New Changes in 529 Plans Bring Greater Value for Families
Since their inception in 1996, 529 plans have long been regarded as a valuable college savings vehicle, helping families mitigate the burden of substantial educational expenses. As tuition rates continue to rise year over year, recent changes in the Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act further enhance their appeal and bring greater…
Understanding REITs: A Guide to Tax-Efficient Real Estate Investing
Investing in real estate is widely recognized as one of the most effective strategies for building long-term wealth. It provides a tangible asset that not only serves as a portfolio diversifier but also tends to move independently of the volatility in the stock and bond markets. However, for many investors, the idea of purchasing and…
Tax Implications of Bonuses
If your business rewards your team’s performance with bonuses, there are tax implications to understand. You can generally deduct the cost of bonuses as compensation for services. If you use cash-method accounting, remember that you can only deduct bonuses paid by the end of the tax year to have them deductible that year. Accrual-method businesses benefit…