Anders CPA

DECEMBER 8, 2022

The end of the year is an opportunity to get your affairs in order for the year ahead, and when it comes to tax planning, the sooner you begin preparations the better. As 2023 approaches, there are actions that can be taken now to offset or minimize your tax burden. Qualified Business Income (QBI) Optimization. CONTACT ANDERS.

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Withum

NOVEMBER 29, 2022

This luxury is set to phase out starting January 1, 2023, until it is fully eliminated in 2027 as follows: Period Bonus Depreciation Percentage 9/27/2017 – 12/31/2022 100% 2023 80% 2024 60% 2025 40% 2026 20% 2027 0%. Qualifying property is loosely defined as property with a depreciable life of 20 years or less. Contact Us.

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CPA Practice

DECEMBER 14, 2023

“It requires enhanced disclosures primarily related to existing rate reconciliation and income taxes paid information to help investors better assess how a company’s operations and related tax risks and tax planning and operational opportunities affect the company’s tax rate and prospects for future cash flows.”

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Cherry Bekaert

JANUARY 18, 2024

The Tax Cuts and Jobs Act (TCJA) was enacted in 2017, and part of this bill amended the lifetime exclusion amount for estate and gift tax planning. Together, a married couple could leave $26 million of asset value to their family or other beneficiaries, free of federal estate tax.

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Anders CPA

NOVEMBER 13, 2023

However, until the rescheduling has been formalized, we still advise making your estimated quarterly tax payments throughout the year, even though it will likely result in overpayments and a refund in 2025. That means they’ll be able to skip the January 15th coupon and expect to receive a significant refund in April 2025.

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CPA Practice

OCTOBER 5, 2023

A tax puzzle emerges with, sometimes, very favorable, or very unfavorable, results. The fourth quarter is for tax planning, not tax reporting. I realize that I’m in the minority in thinking that tax planning is fun. So, as we evaluate our client planning for year-end, we are thinking about 2025 premiums.

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ThomsonReuters

MARCH 5, 2024

tax system, including provisions affecting both individuals and businesses. Among these were several payroll-related provisions that are set to expire at the end of 2025, presenting challenges and opportunities for employers and employees alike. Director of Federal Tax Quality Control at Aprio, began.

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Withum

OCTOBER 18, 2023

The House Ways and Means Committee has introduced a year-end tax bill that would preserve 100% bonus depreciation until the end of 2025. The Qualified Business Income (“QBI”) Deduction Sunsets The QBI is a 20% “off the top” deduction on the income of qualifying businesses and lowers the effective tax rate on this income.

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Cherry Bekaert

FEBRUARY 19, 2024

Additionally, the sunsetting of the 2017 Tax Cuts and Jobs Act (TCJA) in 2025 caused concern for the family and the future of their business, as it could lead to changes in the gift and estate tax exclusion.

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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? •

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Nancy McClelland, LLC

JANUARY 10, 2023

The course description from CPA Academy: §199A is a key tax deduction available to pass-through entities through tax year 2025. Reasonable compensation determinations have a substantial impact on a taxpayer’s potential §199A deduction and are an important part of tax planning. Learning Objectives.

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Anders CPA

SEPTEMBER 20, 2023

Several of the provisions won’t take effect until 2024 or 2025. Before making any changes to your retirement savings plan, consult with a tax or financial advisor to ensure you’re selecting the best possible options for your specific situation and retirement strategy. have gone into effect. have gone into effect.

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CPA Practice

SEPTEMBER 18, 2023

The idea behind Roth conversions is to take money from a tax-deferred IRA, pay taxes on that amount at your ordinary income rate and convert that money into a Roth IRA. By doing this, you’ll be clear of future taxes on the amount you converted, and the money you put in grows tax-free for your lifetime!

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CTP

MARCH 2, 2022

A tax expert can help you a) minimize estate taxes and b) generate sufficient liquidity to satisfy estate expenses. In 2021, the federal estate tax does not apply to individual estates worth less than $11.7 million [1] , but after 2025, this exception is expected to reverse to $5 million for an individual. [2]

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Inform Accounting

JUNE 29, 2022

For example, if accounts are prepared to 30 June each year, the profit for 2024/25 will comprise 3/12 th of the profits for the year to 30 June 2024 and 9/12 th of the profit for the year to 30 June 2025. This will mean that the business will need the accounts for the year to 30 June 2025 in order to finalise their tax liability for 2024/25.

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KROST

JANUARY 25, 2021

New Markets Tax Credit. The new markets tax credit was set to expire on December 31, 2020. It is extended through December 31, 2025. Low-Income Housing Tax Credit (LIHTC). In recent years, the Low-Income Housing Tax Credit has fluctuated between 3.15% and 3.97%. It is extended through December 31, 2025.

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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. The ability to make Employee Retention Credit claims is currently scheduled to expire as of April 15, 2025.

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CPA Practice

JANUARY 24, 2024

It is lawmakers’ hope that these enhancements allow small businesses to offer a plan (and boost tax savings) when they otherwise could (or would) not. Auto-Enrollment Requirement for New Plans Secondly, starting in 2025, SECURE 2.0

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ThomsonReuters

FEBRUARY 9, 2024

Addressing income equality: The Tax Excessive CEO Pay Act targets corporations with high CEO-to-worker pay ratios to narrow income disparities. Firms must prepare for potential shifts in tax liabilities and advise clients accordingly.

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CTP

MAY 10, 2023

Taxpayers sometimes make the Section 179 election on their tax returns and don’t even realize the deduction has been suspended—that they didn’t receive the benefit that tax year. This can unfortunately affect tax planning down the road. As with all tax planning, thinking through a strategy in advance is the key.

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Withum

MAY 4, 2022

As different factors will play a role in businesses considering making elections into entity-level taxes, it is crucial that all the various considerations are modeled out. With proper planning and implementation, PTET elections can be a valuable state tax planning strategy. State and Local Tax Services.

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Withum

NOVEMBER 17, 2022

Most of the income tax proposals in the 2021 “Build Back Better” bill did not make it into the IRA. General Income Tax Planning. Doing so may enable you to claim larger deductions, credits, and other tax breaks for 2022 that are phased out over varying levels of adjusted gross income (AGI). million in 2023).

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MyIRSRelief

SEPTEMBER 1, 2020

With more than 30 million small businesses in the US, effective tax planning is essential to maximizing profits and minimizing taxes, keeping more of what is earned, and lowering your taxes for the future. Plus, the deduction will expire in 2025. In this regard, many service companies may not qualify under the law.

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Menzies

AUGUST 1, 2023

As taxpayers, it is vital to plan and take proactive measures to safeguard their financial wellbeing. This must take place no later than 28January 2025. Consequently, their global income and gains would fall under UK taxation whilst potentially becoming exposed to inheritance tax on assets held abroad.

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Going Concern

MAY 26, 2023

Instead, it has become a magnet for fraud, creating a cottage industry of firms that market themselves as tax credit specialists who can help clients — even those who don’t actually qualify for the money — reap huge refunds from the I.R.S.

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ThomsonReuters

JANUARY 16, 2024

There are new tax laws and changes that could affect your business’s year-end tax planning, including the SECURE 2.0 Act, which made some major changes to employee and employer retirement plans that take effect in 2023. Tax Planning and Advisory Guide—Health Care Reform—premium tax credit expansion) The SECURE 2.0

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ThomsonReuters

SEPTEMBER 7, 2023

Generally, it is more advantageous to use a dependent care assistance program for dependent care expenses as it provides tax savings at the time of contribution. As such, it is important to evaluate your client’s tax filing status. However, due to tax law changes, dependency exemptions were suspended for tax years 2018 through 2025.

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LyfeAccounting

JUNE 7, 2021

Now listen, even if you are not able to avoid taxes today or in 2022, or even 2025… …you can still start right now, acquire assets, get passive income and eventually, be able to avoid paying taxes because of the next tip. So how do you get passive income? Well, you have to acquire assets.

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ThomsonReuters

OCTOBER 12, 2023

For the tax year 2022 (the tax return filed in 2023), you may be eligible to exclude up to $112,000 of your foreign-earned income from your U.S. income taxes. For the tax year 2023 (the tax return filed in 2024), this amount increases to $120,000. Plan ahead. citizens must be aware of and comply with.

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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. As you now see, tax planning is not just for the wealthy.

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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. As you now see, tax planning is not just for the wealthy.

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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. This means that deductible amounts will be reduced to 80% in 2023, 60% in 2024, 40% in 2025, 20% in 2026, and finally 0% in 2027.

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CPA Practice

JUNE 16, 2023

By Martin Schamis, CFP, Kiplinger Consumer News Service (TNS) The Tax Cuts and Jobs Act (TCJA) of 2017 is currently scheduled to sunset at the end of 2025, meaning significant changes are on the horizon for taxpayers. 31, 2025—at which point they will revert to pre-TCJA levels. million to $11.2 31, 2021.

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CPA Practice

MARCH 16, 2023

This change essentially allows individuals to keep more of their savings invested for a longer period of time and lengthens the timeframe to convert tax-deferred assets to tax-free assets using options such as a Roth IRA. It’s also important to note that in 2025, the Secure Act 2.0 million for couples free of gift taxes.

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LyfeAccounting

MAY 24, 2021

The President actually recommended that the enhanced credits stay in place until 2025. And there are more aggressive thoughts that want the tax credits to continue indefinitely. Can You Opt-out Of The Monthly Child Tax Credits? How Does It Affect Your Tax Planning? But of course, things are rapidly changing.

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ThomsonReuters

OCTOBER 19, 2022

FTC coverage begins at A-8900 Corporate alternative (book) minimum tax. Client Letter: 2150 Corporate Alternative Minimum Tax for Tax Years beginning on or after Jan 1.2023. PPC Tax Planning and Advisory Guide: Closely-Held C Corporations, Section 600 Introduction to the Corporate Alternative Minimum Tax (AMT).

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CPA Practice

MARCH 12, 2024

Arvo Tech , a maker of tax strategy solutions for small businesses, is acquiring Mark Murphy and Associates and Lee and Associates, full-service accounting firms dedicated to helping companies maximize their financial futures. Given these factors, it is critical that small businesses develop a more comprehensive tax strategy.

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