RogerRossmeisl

DECEMBER 29, 2024

If youve reached age 70, you can make cash donations directly from your IRA to IRS-approved charities. These qualified charitable distributions (QCDs) may help you gain tax advantages. QCD basics QCDs can be made from your traditional IRA(s) free of federal income tax. In contrast, other traditional IRA distributions are wholly or partially taxable, depending on whether youve made nondeductible contributions over the years.

Tax 247

Tax income tax CPA 247

Insightful Accountant

DECEMBER 29, 2024

Learn how to create, manage, and track your projects and tasks using the Work tab in QuickBooks Online Accountant.

quickbooks 52

quickbooks Account accounted accountant 52

RogerRossmeisl

DECEMBER 29, 2024

Youre not alone if youre confused about the federal tax treatment of business-related meal and entertainment expenses. The rules have changed in recent years. Lets take a look at what you can deduct in 2024. Current law The Tax Cuts and Jobs Act eliminated deductions for most business-related entertainment expenses. That means, for example, that you cant deduct any part of the cost of taking clients out for a round of golf or to a football game.

Entertainment 221

Entertainment Gaming CPA Tax 221

RogerRossmeisl

DECEMBER 29, 2024

Inflation can have a significant impact on federal tax breaks. While recent inflation has come down since its peak in 2022, some tax amounts will still increase for 2025. The IRS recently announced next years inflation-adjusted amounts for several provisions. Here are the highlights. Standard deduction. What does an increased standard deduction mean for you?

Tax 208

Tax income tax CPA 208

Speaker: Melissa Hurrington

Finance isn’t just about the numbers. It’s about the people behind them. In a world of constant disruption, resilient finance teams aren’t just operationally efficient. They are adaptable, engaged, and deeply connected to a strong organizational culture. Success lies at the intersection of people, culture, adaptability, and resilience. Finance leaders who master this balance will build teams that thrive through uncertainty and drive long-term business impact.

Finance

RogerRossmeisl

DECEMBER 29, 2024

There are three commonly accepted techniques for valuing a closely held business: the cost (or asset-based) approach, the market approach and the income approach. Valuation professionals routinely consider all three approaches before deciding which is most appropriate for the circumstances or choosing to use a blend of approaches. Some people mistakenly assume that the cost approach will always undervalue a business or business interest.

CPA 208

CPA 208

RogerRossmeisl

DECEMBER 29, 2024

If you own a growing, unincorporated small business, you may be concerned about high self-employment (SE) tax bills. The SE tax is how Social Security and Medicare taxes are collected from self-employed individuals like you. SE tax basics The maximum 15.3% SE tax rate hits the first $168,600 of your 2024 net SE income. The 15.3% rate is comprised of the 12.4% rate for the Social Security tax component plus the 2.9% rate for the Medicare tax component.

Tax 208

Tax CPA business tax 208

RogerRossmeisl

DECEMBER 29, 2024

As a small business owner, managing health care costs for yourself and your employees can be challenging. One effective tool to consider adding is a Health Savings Account (HSA). HSAs offer a range of benefits that can help you save on health care expenses while providing valuable tax advantages. You may already have an HSA. Its a good time to review how these accounts work because the IRS has announced the relevant inflation-adjusted amounts for 2025.

Tax 200

Tax tax return CPA Account 200

RogerRossmeisl

DECEMBER 29, 2024

The Inflation Reduction Act (IRA), enacted in 2022, created several tax credits aimed at promoting clean energy. You may want to take advantage of them before its toolate. On the campaign trail, President-Elect Donald Trump pledged to terminate the law and rescind all unspent funds. Rescinding all or part of the law would require action from Congress and is possible when Republicans take control of both chambers in January.

Tax 215

Tax Washington CPA 215