Roth IRA Contributions in 2024: Strategies for Maximizing Tax-Free Retirement Savings Amid Rising Taxes
In today’s economic environment, considering a Roth IRA conversion is more important than ever. With the government deficit at historic highs, it’s reasonable to expect that tax rates may rise in the future
Suspended Losses in the Final Year of Your #S-Corporation
Suspended losses in an #S-corporation arise when a shareholder’s losses exceed their basis in the corporation. These are the losses you couldn’t deduct in previous years because they exceeded your basis and the loses were carried forward. Now that you’re winding the operations down, it’s important to know how to handle them.
Past, Current and Future #R&D Tax Legislation
The failure of the Tax Relief for American Workers and Families Act to pass in the Senate adds to the uncertainty surrounding the tax treatment of R&D expenses.
TCJA Changes Sunsetting in 2025
With the potential sunsetting of TCJA provisions in 2025, we want our clients to consider some planning tips.
Tax Extensions: Debunking the Myths and Understanding the Benefits
Let’s debunk the myths surrounding tax extensions and understand the benefits they offer.
Understanding the Kiddie Tax and Strategies for Maximizing Your Child’s Tax Benefits
The kiddie tax applies to unearned income (investment income) exceeding a certain threshold. For 2024, if your child’s investment income surpasses $2,600, it will be taxed at your highest marginal tax rate.
Entities Looking to Expand to the US Need a U.S Identification Number
United States launch process requires obtaining an Employer Identification Number (EIN). This unique identifier is essential for tax and payroll reporting, and U.S. banks typically require one to establish accounts.
Remote Work Tax Considerations for Small Business
Understanding tax implications to avoid potential penalties and ensure compliance with tax laws is necessary for onboarding employees. State tax withholding is required in the state the employee resides. You, as the employer, will also be required to establish and pay state unemployment tax in that state.
Navigating IRA Beneficiary Designations as part of Overall Estate Planning
When you first became eligible to participate in your employer’s retirement plan, you were asked to complete beneficiary information. While this choice may seem straightforward, there are complexities to IRA beneficiary designations and implications to your estate planning.
Why you need to Separate your Business Finances from Personal
One test the IRS looks at in determining if a business has a profit motive or is a hobby, is if it is run like a business. Does the activity have a separate banking account. Separating personal and business finances is a basic financial management practice.
