Cherry Bekaert

NOVEMBER 28, 2023

There are several key tax considerations and tactical approaches for businesses to address while closing out 2023 and moving into 2024. From leveraging tax incentives to optimizing deductions, this guide offers insights into tax planning to help businesses make informed decisions and set a solid foundation for the upcoming year.

tax planning 64

tax planning Tax income tax tax return 64

ThomsonReuters

MARCH 5, 2024

As such, employers may need to research multiple tax plan approaches to forecast for the best possible outcome, and while the sunset date for these measures is more than one and a half years away, answers may come late in the game, leaving employers to scramble for solutions regarding this far-reaching law.

Tax 98

Tax payroll Expense Reimbursements Gaming 98

Withum

OCTOBER 17, 2024

This does not account for the impact of expiring bonus depreciation and interest expense limitations that will drive up the taxable income. The typical year-end tax planning point is to defer income and accelerate expenses where possible. In 2026, it reverted to roughly $6,000,000, adjusted for inflation per spouse.

Tax 52

Tax tax planning Real Estate Non-Profits 52

Withum

OCTOBER 18, 2023

However, unlike the reduced corporate tax rate, the QBI deduction is only temporary and no longer available after December 31, 2025. Coupled with the increased individual income tax rates that take effect after December 31, 2025, taxpayers will see an increase in their effective tax rate of 10%, going from 30% to 39.6%.

Tax 59

Tax tax planning tax preparation income tax 59

Anders CPA

APRIL 23, 2024

In the meantime, taxpayers should be aware of the potential tax implications of the sunset and plan accordingly with an advisor. TCJA Changes to Individual Income Taxes The TCJA provisions affected various aspects of individuals’ taxable income, deductions, credits and tax liabilities. million to $11.2

Tax 52

Tax income tax tax planning CPA 52

ThomsonReuters

JULY 7, 2022

Once you’ve had a chance to catch your breath following the spring busy season, it’s time to remind your clients that tax planning is where you can really add value. Here are 10 midyear tax planning moves that shouldn’t be overlooked this summer. #1—Adjust Want more planning ideas?

tax planning 98

tax planning Tax income tax Start-ups 98

KROST

NOVEMBER 24, 2020

Year-end planning for 2020 takes place against the backdrop of the 2017 Tax Cuts and Jobs Act (TCJA) and the 2020 CARES ACT. The TCJA had major changes in the tax rules for individuals. Taxes paid for property held for investment is still deductible in full and does not fall within the $10,000 overall limitation.

tax planning 52

tax planning Tax income tax Sales 52

KROST

NOVEMBER 24, 2020

In the last few months of the year, it is important to consider year-end tax planning opportunities, as many may provide both immediate and long-lasting financial benefits. The Protecting Americans from Tax Hikes Act of 2015 made the R&D credit permanent. Accelerating income and postponing deductions. California.

tax planning 52

tax planning Tax California income tax 52

Menzies

OCTOBER 30, 2024

No increase in taxes on ‘working people’ As promised, the Chancellor did not raise ‘taxes for working people’, i.e. income tax and employee’s National Insurance. Nor has the Chancellor increased VAT. However, employers in the tech sector will face an increase in employer’s National Insurance contributions.

Technology 59

Technology chartered accountant income tax Tax 59

CPA Practice

OCTOBER 15, 2024

Trump proffered no other possible pay-fors for his tax proposals, which include extending expiring provisions from the 2017 tax law, lowering the corporate tax rate to 15 percent for domestic manufacturers and exempting tips and overtime wages from income tax. Powell’s second term as chair is up in 2026.

income tax 59

income tax Tax corporation tax Manufacturing 59

Cherry Bekaert

OCTOBER 3, 2024

The looming expiration of the 2017 Tax Cuts and Jobs Act (TCJA) enacted during the Trump administration has become an important issue in the presidential campaign. Scheduled to sunset in 2025, the TCJA implemented significant changes to the tax code, including the reduction of personal income taxes and a simplified tax filing process.

Tax 105

Tax income tax tax preparation corporation tax 105

ThomsonReuters

DECEMBER 30, 2024

While many questions remain, now is the time to begin exploring some of the potential tax law changes and strategies for how tax and accounting professionals can stay up to date on changes as they unfold. This is up from $7,830 for tax year 2024. Estate tax credits The federal estate-tax exclusion amount increases to $13.99

Tax 111

Tax income tax tax planning accounting and finance 111

Withum

OCTOBER 17, 2024

With the Presidential election less than one month away, private and family-owned businesses are in limbo when dealing with 2024 year-end tax planning. However, the individual income tax policies that could increase pass-through owners’ federal income tax by over 30% are still uncertain.

income tax 128

income tax Tax New Hampshire tax planning 128