RogerRossmeisl

JULY 16, 2022

Beginning on January 1, 2026, the amount is due to be reduced to $5 million, adjusted for inflation. The post Your Estate Plan: Don’t Forget About Income Tax Planning appeared first on Roger Rossmeisl, CPA. Of course, Congress could act to extend the higher amount or institute a new amount.

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income tax tax planning Tax CPA 245

CPA Practice

DECEMBER 13, 2023

State CPA Society News & Updates is a round-up of recent announcements and initiatives by CPA associations in the United States and its territories. The West Virginia Society of Certified Public Accountants (WVSCPA) is offering an Introduction to Crypto Currency and Tax Planning.

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West Virginia CPA Kentucky Virginia 40

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%. This is a complex area with tax implications so please reach out to your real estate tax professional for guidance.

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tax planning Real Estate Tax Construction 65

CPA Practice

FEBRUARY 7, 2024

Investors can defer paying taxes on capital gains by investing those gains into a QOF within 180 days of the sale of an asset. The payment of the capital gains tax is deferred until the eventual sale of the QOF investment or the program’s expiration in 2026, whichever comes first. 31, 2026, will hold.

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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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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

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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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