Menzies

OCTOBER 6, 2023

This new allowance enables companies to claim a 100% deduction for tax purposes in the year of spend on particular capital investments. This relief is of a temporary nature and will expire on 31st March 2026. As a result, potentially seeing significant tax savings.

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KROST

NOVEMBER 24, 2020

In the last few months of the year, it is important to consider year-end tax planning opportunities, as many may provide both immediate and long-lasting financial benefits. The Protecting Americans from Tax Hikes Act of 2015 made the R&D credit permanent. This year has brought unique challenges and significant change.

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KROST

NOVEMBER 24, 2020

The deferred gain is then recognized on the earlier of the date which the qualified opportunity investment is disposed or December 31, 2026. Previously, noncorporate taxpayers were not allowed to deduct excess business losses for tax years beginning after December 31, 2017, and ending before January 1, 2026.

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CTP

SEPTEMBER 16, 2022

TCJA (in effect for tax years 2018-2025) limited the amount of debt covered to $750,000 (or $375,000 for married couples filing separately). If the TCJA tax laws are not extended, in 2026 the limitation will go back up to $1 million. Real Estate or Real Property Tax Deduction. You might be pleasantly surprised!

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CTP

SEPTEMBER 16, 2022

TCJA (in effect for tax years 2018-2025) limited the amount of debt covered to $750,000 (or $375,000 for married couples filing separately). If the TCJA tax laws are not extended, in 2026 the limitation will go back up to $1 million. Real Estate or Real Property Tax Deduction. You might be pleasantly surprised!

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Menzies

AUGUST 21, 2023

After the cessation of the “Super-deduction” capital allowance earlier this year, companies will have access to a new First Year Allowance, referred to as Full Expensing, that allows them to claim a 100% deduction for tax purposes in the year of spend on specific capital investments.

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Anders CPA

APRIL 23, 2024

Defer Itemized Deductions If taxpayers expect their income to be lower in the future, they may want to defer some of their itemized deductions until after 2025 to take advantage of the higher tax benefit in 2026. For 2024, the annual gift tax exclusion is $18,000 per person without using any of the taxpayer’s lifetime exclusion amount.

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Withum

OCTOBER 18, 2023

What About Estate Planning? Perhaps some of the most important, and possibly the most tedious, tax planning that should be done before the 2025 taxable year-end has to do with estate planning. However, the exemption is set to return to $6 million per individual ($12,000,000 for married couples) starting in 2026.

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ThomsonReuters

MARCH 5, 2024

As such, employers may need to research multiple tax plan approaches to forecast for the best possible outcome, and while the sunset date for these measures is more than one and a half years away, answers may come late in the game, leaving employers to scramble for solutions regarding this far-reaching law.

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CPA Practice

JANUARY 4, 2024

My new client needed a tax-smart plan to kick Uncle Sam to the curb before he was forced to take that money out of his 401(k) in the form of required minimum distributions (RMDs). Why is tax planning so important for those with $1 million or more in their 401(k)s or IRAs?

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CPA Practice

DECEMBER 13, 2023

The West Virginia Society of Certified Public Accountants (WVSCPA) is offering an Introduction to Crypto Currency and Tax Planning. The Kentucky Society Certified Public Accountants (KYCPA) announced their newest board members, whose terms began in July 2023 and will continue through 2026.

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Withum

FEBRUARY 29, 2024

The benefit to the Dodgers under this agreement is that under the MLB’s collective bargaining agreement, the calculation of the luxury tax under a deferred agreement is based on the present value of the contract and therefore the Dodgers would save annually $24 million of his annual $70 million salary towards the luxury tax threshold.

income tax 105

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Menzies

MAY 11, 2023

If you are considering the purchase of a significant new piece of plant, tax planning can play an important part in reducing the long-term cost of the investment helping to boost both cash flow and profitability. The company could recover up to 25% of the cost as a reduction in the corporation tax bill for the year of spend.

Manufacturing 52

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Withum

FEBRUARY 29, 2024

The benefit to the Dodgers under this agreement is that under the MLB’s collective bargaining agreement, the calculation of the luxury tax under a deferred agreement is based on the present value of the contract and therefore the Dodgers would save annually $24 million of his annual $70 million salary towards the luxury tax threshold.

Tax 97

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CPA Practice

JANUARY 8, 2024

My new client needed a tax-smart plan to kick Uncle Sam to the curb before he was forced to take that money out of his 401(k) in the form of required minimum distributions (RMDs). Why is tax planning so important for those with $1 million or more in their 401(k)s or IRAs?

Tax 59

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CPA Practice

JUNE 16, 2023

Estate and gift tax considerations As of 2023, individuals can currently transfer up to $12.92 million (either during your life or as part of your estate) without triggering federal gift taxes or estate taxes. million, and a married couple can transfer a total of up to $25.84 Harvesting capital gains.

Tax 119

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Anders CPA

SEPTEMBER 20, 2023

For workers who made over $145,000 in the previous year, catch-up contributions must be deposited in after-tax dollars into a Roth account. The IRS delayed the effective date for this policy, which was originally due to start in 2024 and has now been pushed back to 2026. have gone into effect. Contact Anders The post SECURE Act 2.0

Tax 52

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Withum

FEBRUARY 26, 2024

Journal entry approval Tax Updates for Dealers Always a well-attended session is the tax update, where accountants and CFOs alike look to kick tax planning into gear for the upcoming year. Require your team to take vacation time. There are a few new topics for the year that deserve attention.

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ThomsonReuters

MARCH 9, 2023

In this post, we will highlight 3 of our top resources included in our Tax Season Toolkit : Year-End Tax Planning for individuals and businesses, How APIs can help transform your practice, and a Case Study detailing how GoSystem Tax RS and GoFileRoom helped a firm. What’s new? •

Tax 59

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Anders CPA

APRIL 14, 2022

There are some tax planning strategies that can be used to protect the first DSUE. Married couples should first consider what the expected value of their estate will be over the lifetime and if they expect their estate to be subject to estate taxes. million exemption amount is set to expire in 2026.

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KROST

FEBRUARY 23, 2021

In a Qualified Opportunity Fund, there are three tax incentives for reinvesting capital gains which are significantly different than the 1031 exchange incentives: Recognition of capital gains are deferred until the Qualified Opportunity Fund is sold or exchanged or December 31, 2026, whichever occurs earliest.

Real Estate 52

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CPA Practice

OCTOBER 18, 2023

Now, I’m thinking that that 2029 date is late, I’m thinking we’re gonna see some of this first breakage occurring in 2025 and 2026. And you know, when I think about tax strategies, and tax planning, we can optimize tax strategies by analyzing large data sets. But now, think about quantum powered AI doing that.

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ThomsonReuters

MARCH 7, 2024

Starting from tax years beginning after December 31, 2022, the 100% bonus depreciation deduction will gradually decrease by 20% each year until it reaches a complete phase-out by the end of the 2026 calendar year. By 2026, the bonus depreciation decreases to 20%.

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ThomsonReuters

JULY 7, 2022

Once you’ve had a chance to catch your breath following the spring busy season, it’s time to remind your clients that tax planning is where you can really add value. Here are 10 midyear tax planning moves that shouldn’t be overlooked this summer. #1—Adjust Want more planning ideas?

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