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Planning Your Estate? Don’t Overlook Income Taxes

RogerRossmeisl

But since many estates won’t currently be subject to estate tax, it’s a good time to devote more planning to income tax saving for your heirs. Important: Keep in mind that the federal estate tax exclusion amount is scheduled to sunset at the end of 2025. The post Planning Your Estate?

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Your Estate Plan: Don’t Forget About Income Tax Planning

RogerRossmeisl

Now, because many estates won’t be subject to estate tax, more planning can be devoted to saving income taxes for your heirs. Note: The federal estate tax exclusion amount is scheduled to sunset at the end of 2025. Beginning on January 1, 2026, the amount is due to be reduced to $5 million, adjusted for inflation.

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Transfer Minority Business Interests to Take Advantage of the Expanded Lifetime Estate and Gift Tax Exemptions Before 2026

Anders CPA

The looming sunset of the expanded lifetime estate and gift tax exemption will arrive on January 1, 2026. Gifting minority interests in the business over the next two years can help you maximize the potential tax benefit of the increased gifting thresholds. million for an individual and $27.22 million for individuals and $11.18

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Colorado Set to Join IRS Direct File Program in 2026

CPA Practice

By Nick Coltrain The Denver Post (TNS) Coloradans will soon be able to file their federal income taxes directly online for free under a program created by the Inflation Reduction Act.

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What the 1099-K Requirements Mean for Your Skagit County Small Business

SkagitCountyTaxServices

. – First quarter estimated tax payments for 2025 are due. – Sole proprietors and single-member LLCs must report business income and expenses on Schedule C and attach it to their personal income tax returns. Gallagher If tax legislation can change, it will change. Very Newton-esque.

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California Suspends NOLs and Limits Credit Utilization

Withum

To the extent that any NOL is denied as a result of the suspension, carryforward periods are extended three years for losses incurred in tax years prior to Jan. 1, 2024, two years for losses incurred in tax years beginning on or after Jan. 1, 2025, and one year for losses incurred in tax years beginning on or after Jan.

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Choosing a Business Entity: Which Way to Go?

RogerRossmeisl

Currently, the corporate federal income tax is imposed at a flat 21% rate, while individual federal income tax rates currently begin at 10% and go up to 37%. Individual rate caveats: The QBI deduction is scheduled to end in 2026, unless Congress acts to extend. appeared first on Roger Rossmeisl, CPA.