From: rethinking65.com
Implementing these five tax-planning strategies by year end can better equip clients for the coming 2025 tax season.
With the end of 2024 less than two months away, it is time to set your clients up for a successful Tax Day 2025 by offering opportunities to take advantage of any tax savings available.
The following strategies can make an impact on tax planning goals…
From: www.wsj.com
It will take more income to reach each higher tax bracket after the roughly 2.8% inflation adjustment
The brackets that determine how much Americans pay in taxes each year are moving up by their smallest amount in a few years.
It will take more income to reach each higher tax bracket after the roughly 2.8% inflation adjustment for 2025, the Internal…
REAL ESTATE MATTERS: Parents worry about tax burden of selling property to child
The reasons for transferring ownership to children vary.
Q: I have lived in my parents’ house for the past 19 years. I’ve been paying rent the entire time. They want to sell it to me for less than the market value but are afraid of the huge capital gains taxes. The home was purchased 19 years ago for $120,000 and the home has…
By Daria Uhlig
Here’s what you need to know about the W-9 form, one of the most common tax forms.
Form W-9 is the Request for Taxpayer Identification Number and Certification form. If a payer must file an information return to the IRS to report payments made to or by you, they’ll likely ask you to complete the form.
A W-9 form provides the information…
From: shahaccountingcpa.com
As the fourth quarter approaches, it’s the perfect time to review your business’s financials and ensure you’re taking advantage of the best tax strategies available before the year closes. Whether your goal is to lower your tax burden, increase profitability, or simply avoid surprises come tax season, here are some key tax planning strategies to consider:
From: www.thinkadvisor.com
Every year, many numbers in the Internal Revenue Code are adjusted for inflation, ranging from the amount of the standard deduction to key limits for annual contributions to tax-advantaged retirement accounts.
Generally, the IRS sets its formal adjustments in mid-October, but there is now enough inflation data available to make relatively reliable projections for 2025 possible — and that is exactly…
From: www.linkedin.com (Nicolas Boucher)
Do you know these 10 types of tax?
Here are the most simplified explanations to make you understand them:
1. Income Tax
If you earn $10 from selling lemonade and have to give $2 to your parents because they helped you set up the stand.
➡️ Companies make money, and they have to give a part of it to the government
2. Deferred Tax
You earn money today, but…
From: www.wealthmanagement.com
Wealthy individuals with a red flag on their tax returns are more at risk.
The Internal Revenue Service recently announced its plans to significantly increase audits on the wealthiest taxpayers, large corporations and large, complex partnerships for tax year 2026.
Audit rates will rise by more than 50% for those with total positive income over $10 million (up from an…
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