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Mark your calendar for December 31. Why? This is the cutoff date for individuals to implement most tax-saving strategies for the 2024 tax year. If you wait until tax filing season, you'll generally be out of luck (but there are exceptions). Here are five proactive ideas to discuss with your tax advisor before you ring in the New Year.
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Roth IRAs can be a tax-smart way to save for retirement. Contributions to these accounts don't reduce your current-year taxable income, but qualified withdrawals are federal-income-tax-free. Unfortunately, annual Roth contributions are subject to income-based restrictions. However, a "backdoor" conversion option is available to almost anyone even billionaires. Here's how it works.
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Financial decisions often involve balancing potential risk with potential reward. For businesses that buy real estate, the choice of how to title each property should be made with an eye on all the implications. This article looks at some points you need to consider, with the help of your tax advisor.
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The latest studies show that Americans, on average, spend more than two hours per day on social media. While you may turn to Facebook and other platforms for news and updates from family members and local businesses, you generally shouldn't rely on them for tax advice. Here are some tax-related social media scams that unwary people have fallen for in recent years.
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Do you expect your business to report a loss for 2024? Losses sometimes happen, even to successful established businesses. The silver lining is that business losses may be tax deductible. However, your ability to claim a deduction is subject to various limitations. Here's an overview of these limits, along with some possible work-arounds to help maximize your deduction.
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The IRS recently announced increases for some retirement plan benefits for 2025. Some of the tax amounts are going up next year due to inflation adjustments, but others won't change or increase as much as in recent years. The changes include increased contribution amounts for 401(k) and SIMPLE plans. Take a look at how much you may be able to put away next year for retirement.
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Gift cards are a popular way to spread holiday cheer. During the 2023 holiday season, the National Retail Federation estimates that $30 billion was spent on gift cards in the United States. While these cards may be convenient and flexible, you should understand the potential downsides, including fees and expiration dates. Rules vary depending on the issuer and applicable laws.
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If your business buys tangible depreciable assets and places them in service before year end, they may qualify for first-year Section 179 depreciation deductions. Together with the bonus depreciation program, the deductions can significantly reduce business taxable income. Here's what you should know to take advantage of this tax-saving opportunity.
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As 2024 is nearing its end, now is a good time for businesses to consider year-end moves that can help reduce their tax bills. This article explores several year-end tax planning strategies for businesses to consider. A brief sidebar answers the question of whether companies can write off bad business debts.
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Are you planning to donate to charity before the end of the year? Deductions for charitable contributions are available only to taxpayers who itemize. While tax breaks aren't the sole consideration when donating to charities, they certainly sweeten the deal. Here's a classic strategy that many philanthropic people use to help ensure their donations count for tax purposes.
