Tax Planning

Looking ahead to 2025 tax limits as you prepare to file your 2024 return

A, desk, calendar, reading, "TAX, 2025," sits, on, a, workspace, with, a, notebook, while, a, person, in, the, background, works, on, finances.
January 29, 2025
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Chances are, you’re more concerned about your 2024 tax return right now than you are about your 2025 tax situation. That’s understandable because your 2024 individual tax return is due to be filed by April 15 (unless you file for an extension). However, it’s a good time to familiarize yourself with tax amounts that may […]
#2025Taxes, #FinancialPlanning, #TaxPlanning, #TaxUpdates
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Tax Planning

Businesses: The Form W-2 and 1099-NEC deadline is coming up fast

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January 27, 2025
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With the 2025 tax filing season underway, be aware that the deadline is coming up fast for businesses to submit certain information returns to the federal government and furnish them to workers. By January 31, 2025, employers must file these forms and furnish them to recipients: Form W-2, Wage and Tax Statement. Form W-2 shows the wages […]
#1099Forms, #PayrollCompliance, #TaxDeadlines, #TaxPlanning, #W2Forms
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Tax Planning

Small business strategy: A heavy vehicle plus a home office equals tax savings

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January 13, 2025
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New and used “heavy” SUVs, pickups and vans placed in service in 2025 are potentially eligible for big first-year depreciation write-offs. One requirement is you must use the vehicle more than 50% for business. If your business usage is between 51% and 99%, you may be able to deduct that percentage of the cost in […]
#FirstYearDeductions, #HeavyVehicleDepreciation, #HomeOfficeBenefits, #TaxStrategies #BusinessTaxSavings
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Tax Planning

Saving for college: Tax breaks and strategies your family should know 

Large, calculator, shaped, like, a, graduation, cap, with, the, word, "TAX," displayed, on, its, screen. A, man, in, a, suit, leans, against, the, calculator, holding, a, large, pencil. To, the, right, the, word, "savings," is, written, in, cursive. The, background, is, a, beige, color, with, small, white, clouds, scattered, throughout.
January 10, 2025
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As higher education costs continue to rise, you may be concerned about how to save and pay for college. Fortunately, several tools and strategies offered in the U.S. tax code may help ease the financial burden. Below is an overview of some of the most beneficial tax breaks and planning options for funding your child’s […]
#529Plan, #CollegePlanning, #CoverdellESA, #EducationSavings
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Tax Planning

How Section 1231 gains and losses affect business asset sales

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January 7, 2025
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When selling business assets, understanding the tax implications is crucial. One area to focus on is Section 1231 of the Internal Revenue Code, which governs the treatment of gains and losses from the sale or exchange of certain business property. Business gain and loss tax basics The federal income tax character of gains and losses […]
#BusinessTaxPlanning, #CapitalGainsTax, #Section1231
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Tax Planning

Savings bonds and taxes: What you need to know 

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December 26, 2024
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When considering the advantages of U.S. Treasury savings bonds, you may appreciate their relative safety, simplicity and government backing. However, like all interest-bearing investments, savings bonds come with tax implications that are important to understand. Deferred interest Series EE Bonds dated May 2005 and after earn a fixed rate of interest. Bonds purchased between May […]
#InvestmentTips, #SavingsBonds, #SeriesEEBonds
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Tax Planning

Drive down your business taxes with local transportation cost deductions

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December 9, 2024
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Understanding how to deduct transportation costs could significantly reduce the tax burden on your small business. You and your employees likely incur various local transportation expenses each year, and they have tax implications. Let’s start by defining “local transportation.” It refers to travel when you aren’t away from your tax home long enough to require […]
#businesstaxes, #cost, deductions
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