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Prepare for 2025 and These Sunsetting TCJA Tax Changes

Anders CPA

The Tax Cuts and Jobs Act (TCJA) of 2017 was a major tax reform law that overhauled the US tax code, affecting both businesses and individuals. Most of the tax changes made by the TCJA are set to sunset or revert to their previous state at the end of 2025. million to $11.2 million to $11.2 million to $11.2

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Work Opportunity Tax Credit Extended Through 2025

RogerRossmeisl

Employers can qualify for a tax credit known as the Work Opportunity Tax Credit (WOTC) that’s worth as much as $2,400 for each eligible employee ($4,800, $5,600 and $9,600 for certain veterans and $9,000 for “long-term family assistance recipients”). Are you a business owner thinking about hiring?

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9 Tax Considerations if you’re Starting a Business as a Sole Proprietor

RogerRossmeisl

If you’re launching a venture as a sole proprietorship, you need to understand the tax issues involved. Be aware that this deduction is only available through 2025, unless Congress acts to extend it. The post 9 Tax Considerations if you’re Starting a Business as a Sole Proprietor appeared first on Roger Rossmeisl, CPA.

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4 Tax Challenges You May Encounter If You’re Retiring Soon

RogerRossmeisl

If so, you’ll soon experience changes in your lifestyle and income sources that may have numerous tax implications. Here’s a brief rundown of four tax and financial issues you may contend with when you retire: Taking required minimum distributions. Are you getting ready to retire? You can withdraw more than.

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Casualty Loss Tax Deductions May Help Disaster Victims in Certain Cases

RogerRossmeisl

Before the Tax Cuts and Jobs Act (TCJA), eligible casualty loss victims could claim a deduction on their tax returns. What’s considered a casualty for tax purposes? Note: The post Casualty Loss Tax Deductions May Help Disaster Victims in Certain Cases appeared first on Roger Rossmeisl, CPA.

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Pennsylvania Will Recognize Grantor Trusts for Tax Years Beginning After January 1, 2025

Withum

Pennsylvania Senate Bill 815, signed into law on December 14, 2023, amended the Pennsylvania tax code to recognize irrevocable grantor trusts for tax years beginning after January 1, 2025. These transactions will now be disregarded for Pennsylvania income tax purposes as well.

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IRS Plans to Go Paperless by 2025 Tax Season

CPA Practice

Treasury Secretary Janet Yellen announced on Wednesday that the IRS has set a goal to go paperless by 2025. Today, we are announcing that, by the next filing season, taxpayers will be able to digitally submit all correspondence, non-tax forms, and notice responses to the IRS.” That has generated about $38 million in recoveries.

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