Industry News & Firm Updates
How to Secure a Tax Benefit with the QBI Deduction
QBI may sound like the name of a TV quiz show. But it’s actually the acronym for “qualified business income,” which can trigger a tax deduction for some small business owners or self-employed individuals. The QBI deduction was authorized by the Tax Cuts and Jobs Act...
Tracking Down Donation Substantiation
If you’re like many Americans, your mailbox may have been filling up in recent weeks with letters from your favorite charities acknowledging your 2023 donations. But what happens if you haven’t received such a letter for a contribution? Can you still claim a deduction...
There May Still Be Time to Lower Your 2023 Tax Bill
If you’re preparing to file your 2023 tax return, you may still be able to lower your tax bill – or increase your refund. If you qualify, you can make a deductible contribution to a traditional IRA right up until the original filing deadline, April 15, 2024, and see...
Beneficial Ownership Information Reporting
Starting January 1, 2024, many companies will need to follow the Corporate Transparency Act (CTA), established under the National Defense Act in 2021. This Act requires these companies to reveal information about people who own or control them, known as Beneficial...
Education Benefits Help Attract and Retain Employees While Saving Taxes
Your business can attract and retain employees by providing education benefits that enable team members to improve their skills and gain additional knowledge, all on a tax-advantaged basis. Here's a closer look at some education benefits options. Educational...
Self-Directed IRAs Provide Both Flexibility and Risk
Traditional and Roth IRAs can be relatively “safe” retirement-saving vehicles, though, depending on what they're invested in, they limit your investment choices. For more flexibility in investment choices but also more risk, another option is a self-directed IRA....
Use the Tax Code to Make Business Losses Less Painful
Whether you're operating a new company or an established business, losses can happen. The federal tax code may help soften the blow by allowing businesses to apply losses to offset taxable income in future years, subject to certain limitations. Qualifying for a...
2024 Tax Rates
The IRS has announced over 60 revised annual tax provisions for 2024 due to inflation. This includes increased tax rates for various income levels, a new tax on oil & petroleum products, estate tax & gift exclusions, and more. These go into effect for returns...