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May 2024 Newsletter Tax-Savings Tips

May 2024 Newsletter Tax-Savings Tips

BOI Reporting Deemed Unconstitutional for Some On January 1, 2024, the Corporate Transparency Act (CTA) went into effect. The CTA requires most smaller corporations, most limited liability companies, and some other business entities to file a beneficial ownership...

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April 2024 Newsletter Tax-Savings Tips

April 2024 Newsletter Tax-Savings Tips

IRAs for Young Adults As we navigate the complexities of financial planning, one opportunity stands out for young adults: individual retirement accounts (IRAs). With the 2023 tax-year contributions deadline fast approaching on April 15, 2024, now is the perfect time...

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March 2024 Newsletter Tax-Savings Tips

March 2024 Newsletter Tax-Savings Tips

Estimated Tax Penalties The United States has a “pay as you go” tax system in which payments for income tax (and, where applicable, Social Security and Medicare taxes) must be made to the IRS throughout the year as income is earned, whether through withholding, by...

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February 2024 Newsletter Tax-Savings Tips

February 2024 Newsletter Tax-Savings Tips

Corporate Transparency Act Requires BOI Reporting to FinCEN The Corporate Transparency Act (CTA) is upon us. It took effect on January 1, 2024, and imposes a new federal filing requirement for most corporations, limited liability companies (LLCs), and other business...

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January 2024 Newsletter Tax-Savings Tips

January 2024 Newsletter Tax-Savings Tips

New FinCEN Filings Go into Effect on January 1 For existing businesses, the Corporate Transparency Act (CTA) goes into effect on January 1, 2024, and imposes a brand-new federal filing requirement on most corporations, limited liability companies, and limited...

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December 2023 Newsletter Tax-Savings Tips

December 2023 Newsletter Tax-Savings Tips

Last-Minute Year-End General Business Income Tax Deductions The purpose of this article is to reveal how you can get the IRS to owe you money. Of course, the IRS will not likely cut you a check for this money (although in the right circumstances, that will happen),...

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November 2023 Newsletter Tax-Savings Tips

November 2023 Newsletter Tax-Savings Tips

As the year comes to a close, many taxpayers consider making clothing and household item donations both to give back and to optimize their tax deductions. Recent cases, like the one involving Duncan Bass, underscore the significance of understanding and adhering to...

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October 2023 Newsletter Tax-Savings Tips

October 2023 Newsletter Tax-Savings Tips

HSAs for Business Owners When enacted, the Affordable Care Act (ACA) eliminated most small-business health plans that reimbursed individually purchased health insurance. Consequently, many small business owners with fewer than 50 employees chose health savings...

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September 2023 News Letter Tax-Savings Tips

September 2023 News Letter Tax-Savings Tips

ICHRA Unleashed: Transforming Small Business Health Benefits The individual coverage health reimbursement arrangement (ICHRA) allows businesses of all sizes, from large corporations to small businesses like yours, to reimburse employees for their personally purchased...

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Strategic Insights for Employing Your Spouse

Strategic Insights for Employing Your Spouse

If you own your own business and operate as a sole proprietorship or partnership (wherein your spouse is not a partner), one of the smartest tax moves you can make is hiring your spouse to work as your employee. But the tax savings may be a mirage if you don’t pay...

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Tax-Savings Tips for Business Expenses in 2023

Tax-Savings Tips for Business Expenses in 2023

Know the $75 Rule for Business Expenses The $75 rule applies to certain business expenses where you do not need a receipt. But we emphasize that this rule does not apply to all tax deductions. Many taxpayers mistakenly apply the $75 rule to all their tax deductions,...

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March 2023 Tax-Saving Tips

March 2023 Tax-Saving Tips

2023 Health Insurance for S Corporation Owners: An Update Here’s an update on the latest developments in 2023 health insurance for S Corporation Owners. As a more-than-2-percent S Corporation Owner, you are entitled to some good news when it comes to your health...

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Tax-Saving Tips 2022 Year-End Edition

Tax-Saving Tips 2022 Year-End Edition

Last-Minute Year-End General Business Income Tax Deductions The purpose of this letter is to get the IRS to owe you money. Of course, the IRS will not likely cut you a check for this money (although, in the right circumstances, that will happen), but you’ll realize...

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