2024 Annual Gift Tax Exclusion
How Much Can You Give as a Tax-Free Gift? As we navigate the complexities of financial planning and family support, it’s crucial to understand the rules surrounding gift taxes. One question that often arises is: “How much can I gift…
New Reporting Requirement for 2024
FinCen Beneficial Ownership Reporting What is the Beneficial Ownership Information Reporting Rule? The upcoming implementation of the Financial Crimes Enforcement Network’s (FinCEN) Beneficial Ownership Information (BOI) reporting rules on January 1, 2024, may have raised questions for many small business…
§179 vs. bonus depreciation
§179 vs. BONUS DEPRECIATION Either choice brings large deductions Eventually all business owners will need to purchase or replace assets. When this happens, they need to determine how the cost of those assets will be recovered. Typically, the cost of…
Payroll tax deferral
PAYROLL TAX DEFERRAL What this means for you On Aug. 8, 2020, a Presidential Memorandum was issued allowing employers the option to defer withholding and payment of the employee’s portion of Social Security tax if the employee’s wages are below…
Handling business losses
HANDLING BUSINESS LOSSES CARES Act eases the rules In 2017, the Tax Cuts and Jobs Act (TCJA) provided that net tax losses from businesses in excess of an inflation-adjusted $500,000 for joint filers, or an inflation-adjusted $250,000 for other taxpayers,…
Working from home?
WORKING FROM HOME? Know what’s deductible If you’re self-employed and use part of your home for business, you may be able to deduct expenses allocable to the business use. The home office deduction is available for homeowners and renters. To…