Withum

DECEMBER 4, 2024

Doing so may enable you to claim larger deductions, credits, and other tax breaks for 2024 that are phased out over varying levels of adjusted gross income (AGI). Consider relocating your residency and domicile for the purpose of reducing or eliminating your state income tax. The current lifetime exemption is $13.61 million in 2025).

tax planning 52

tax planning Tax income tax tax return 52

ThomsonReuters

MARCH 7, 2024

Starting from tax years beginning after December 31, 2022, the 100% bonus depreciation deduction will gradually decrease by 20% each year until it reaches a complete phase-out by the end of the 2026 calendar year. By 2026, the bonus depreciation decreases to 20%.

accounting principles 98

accounting principles Tax tax planning accounted 98

CPA Practice

JUNE 16, 2023

Estate and gift tax considerations As of 2023, individuals can currently transfer up to $12.92 million (either during your life or as part of your estate) without triggering federal gift taxes or estate taxes. million, and a married couple can transfer a total of up to $25.84 Harvesting capital gains.

Tax 119

Tax income tax Non-Profits Education 119

ThomsonReuters

DECEMBER 19, 2024

In addition, brokers will be required to report gross proceeds from digital asset sales starting in 2026 for transactions occurring in 2025; and report tax basis information for certain digital asset sales made in 2026, beginning in 2027.

tax planning 52

tax planning Tax accounting and finance Technology 52

Menzies

OCTOBER 6, 2023

This new allowance enables companies to claim a 100% deduction for tax purposes in the year of spend on particular capital investments. This relief is of a temporary nature and will expire on 31st March 2026. As a result, potentially seeing significant tax savings.

corporation tax 59

corporation tax accounting and finance Tax Finance 59

CTP

SEPTEMBER 16, 2022

TCJA (in effect for tax years 2018-2025) limited the amount of debt covered to $750,000 (or $375,000 for married couples filing separately). If the TCJA tax laws are not extended, in 2026 the limitation will go back up to $1 million. Real Estate or Real Property Tax Deduction. You might be pleasantly surprised!

tax planning 52

tax planning Tax Real Estate Education 52

CTP

SEPTEMBER 16, 2022

TCJA (in effect for tax years 2018-2025) limited the amount of debt covered to $750,000 (or $375,000 for married couples filing separately). If the TCJA tax laws are not extended, in 2026 the limitation will go back up to $1 million. Real Estate or Real Property Tax Deduction. You might be pleasantly surprised!

tax planning 52

tax planning Tax Real Estate Education 52

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

FEBRUARY 29, 2024

The benefit to the Dodgers under this agreement is that under the MLB’s collective bargaining agreement, the calculation of the luxury tax under a deferred agreement is based on the present value of the contract and therefore the Dodgers would save annually $24 million of his annual $70 million salary towards the luxury tax threshold.

income tax 105

income tax Tax Sports payroll 105

Withum

FEBRUARY 29, 2024

The benefit to the Dodgers under this agreement is that under the MLB’s collective bargaining agreement, the calculation of the luxury tax under a deferred agreement is based on the present value of the contract and therefore the Dodgers would save annually $24 million of his annual $70 million salary towards the luxury tax threshold.

Tax 97

Tax income tax Sports payroll 97

CTP

OCTOBER 30, 2024

With the implementation of TCJA, that deduction has been suspended until 2026. The deduction covered the portion of these expenses that exceeded 2% of their adjusted gross income. If the TCJA provision is not extended, the opportunity to claim a deduction could become available within less than two years.

Tax 97

Tax Real Estate cpa firm tax return 97

ThomsonReuters

DECEMBER 27, 2024

Digital asset tax planning Clients engaging in digital asset transactions often need guidance on tax-efficient strategies. Developing a digital asset advisory framework While the immediate focus is on compliance with the 2025 and 2026 deadlines, the broader trend toward digital asset regulation is clear.

Real Estate 52

Real Estate tax planning accounting and finance tax preparation 52

Menzies

AUGUST 21, 2023

After the cessation of the “Super-deduction” capital allowance earlier this year, companies will have access to a new First Year Allowance, referred to as Full Expensing, that allows them to claim a 100% deduction for tax purposes in the year of spend on specific capital investments.

chartered accountant 52

chartered accountant tax planning corporation tax Construction 52

Withum

OCTOBER 18, 2023

What About Estate Planning? Perhaps some of the most important, and possibly the most tedious, tax planning that should be done before the 2025 taxable year-end has to do with estate planning. However, the exemption is set to return to $6 million per individual ($12,000,000 for married couples) starting in 2026.

Tax 59

Tax tax planning tax preparation income tax 59

Withum

OCTOBER 17, 2024

The typical year-end tax planning point is to defer income and accelerate expenses where possible. However, coming into 2025, it may make sense to do the opposite and pay some tax at the “lower” rates. Estate and Gift Taxes With estate and gift taxes, the TCJA doubled the exemption from 2018 to 2025.

Tax 52

Tax tax planning Real Estate Non-Profits 52

Menzies

JUNE 5, 2024

SAFE HARBOUR PROVISIONS There are certain transitional safe harbour provisions that can mitigate a Group’s exposure to a UK top-up tax. The transitional rules will apply through to 2026 and should assist qualifying Group’s in complying with the legislation. was written by Menzies Demi Fossitt and appeared first on Menzies LLP.

Finance 59

Finance Tax chartered accountant accounting and finance 59

CPA Practice

OCTOBER 30, 2024

Aprio , a top 25 business advisory and accounting firm, has released its 2024 End of Year Tax Update , highlighting 2024 tax updates and factors that will significantly impact tax planning for 2025 and beyond. Notably, the guide hones in on the planned sunset of provisions made to the 2017 Tax Cuts and Jobs Act (TCJA).

Tax 59

Tax business tax tax planning tax services 59

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.

Tax 52

Tax income tax tax planning CPA 52

Menzies

MAY 11, 2023

If you are considering the purchase of a significant new piece of plant, tax planning can play an important part in reducing the long-term cost of the investment helping to boost both cash flow and profitability. The company could recover up to 25% of the cost as a reduction in the corporation tax bill for the year of spend.

Manufacturing 40

Manufacturing corporation tax accounting and finance chartered accountant 40

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

Tax 52

Tax Start-ups tax planning CPA 52

CPA Practice

DECEMBER 13, 2023

The West Virginia Society of Certified Public Accountants (WVSCPA) is offering an Introduction to Crypto Currency and Tax Planning. The Kentucky Society Certified Public Accountants (KYCPA) announced their newest board members, whose terms began in July 2023 and will continue through 2026.

West Virginia 40

West Virginia CPA Kentucky Virginia 40

ThomsonReuters

MARCH 9, 2023

In this post, we will highlight 3 of our top resources included in our Tax Season Toolkit : Year-End Tax Planning for individuals and businesses, How APIs can help transform your practice, and a Case Study detailing how GoSystem Tax RS and GoFileRoom helped a firm. What’s new? •

Tax 59

Tax Account accounted accountant 59

Anders CPA

APRIL 14, 2022

There are some tax planning strategies that can be used to protect the first DSUE. Married couples should first consider what the expected value of their estate will be over the lifetime and if they expect their estate to be subject to estate taxes. million exemption amount is set to expire in 2026.

Tax 59

Tax tax return tax planning Legal 59

KROST

FEBRUARY 23, 2021

In a Qualified Opportunity Fund, there are three tax incentives for reinvesting capital gains which are significantly different than the 1031 exchange incentives: Recognition of capital gains are deferred until the Qualified Opportunity Fund is sold or exchanged or December 31, 2026, whichever occurs earliest.

Real Estate 52

Real Estate Delaware Tax tax planning 52

Withum

FEBRUARY 26, 2024

Journal entry approval Tax Updates for Dealers Always a well-attended session is the tax update, where accountants and CFOs alike look to kick tax planning into gear for the upcoming year. Require your team to take vacation time. There are a few new topics for the year that deserve attention.

cpas 52

cpas Tax Start-ups Sales 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

The deferred gain is then recognized on the earlier of the date which the qualified opportunity investment is disposed or December 31, 2026. Previously, noncorporate taxpayers were not allowed to deduct excess business losses for tax years beginning after December 31, 2017, and ending before January 1, 2026.

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. This year has brought unique challenges and significant change.

tax planning 52

tax planning Tax California income tax 52

CPA Practice

OCTOBER 18, 2023

Now, I’m thinking that that 2029 date is late, I’m thinking we’re gonna see some of this first breakage occurring in 2025 and 2026. And you know, when I think about tax strategies, and tax planning, we can optimize tax strategies by analyzing large data sets. But now, think about quantum powered AI doing that.

Technology 126

Technology Account accounted accountant 126

Menzies

OCTOBER 30, 2024

Happily the Chancellor announced no changes to the Business Asset Disposal Relief lifetime allowance of £1m, however tax planning may become important for those in tech looking to exit soon as the capital gains tax rate on disposals eligible for BADR is increasing from 10% in April 2025 to 14%, and then to 18% in April 2026 where it will stay.

Technology 59

Technology chartered accountant income tax Tax 59

Menzies

NOVEMBER 25, 2024

The tax saving amounted to a maximum of 40%. The Chancellor has announced that from 6 April 2026, the relief will be capped so that the 100% relief from IHT will only be given on the first £1million of qualifying assets. Are there tax planning opportunities to consider at this stage to mitigate the tax exposure?

Agriculture 52

Agriculture Tax chartered accountant tax planning 52

Accounting Today

JANUARY 15, 2025

The Internal Revenue Service ended 2024 with new regulations on reporting cryptocurrency transactions, amendments for outdated provisions and more.

Tax 94

Tax tax planning 94

CPA Practice

OCTOBER 15, 2024

The CRFB estimated Trump’s tariff plans would raise $2.7 trillion, bringing down the net 10-year cost of Trump’s tax plans to $7.5 A new forecast by the Tax Foundation, which typically favors free-market policies and tax cuts, found that Trump’s plans would cost $7.8 trillion of that.

income tax 59

income tax Tax corporation tax Manufacturing 59

Cherry Bekaert

OCTOBER 3, 2024

Personal Exemptions Personal exemptions would return in 2026 if the TCJA were to sunset. While the fate of the TCJA is still uncertain, being aware of potential tax changes and their impact is important for both businesses and individual taxpayers. It is anticipated that the deduction would be $5,300 per taxpayer and each dependent.

Tax 105

Tax income tax tax preparation corporation tax 105

KROST

FEBRUARY 15, 2021

If a decedent were to die in 2021, with an estate of $11,700,000 there would be zero tax due on the estate and a full step up in tax basis on all assets to the value on the decedent’s date of death. Under the current tax law, the higher estate and gift tax exemption will “Sunset” on December 31, 2025. About the Author.

Tax 60

Tax Entertainment Real Estate Sports 60

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. Trump has proposed to reduce the corporate income tax rate from 21% to 20%; 15% for companies that manufacture in the U.S.

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. In 2026 the same couple with that same taxable income of $110,000 will see their federal tax bill grow to $15,013, or approximately $2,000 or 16%. million in 2032.

income tax 128

income tax Tax New Hampshire tax planning 128