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 245

Tax income tax CPA 245

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 accounted accountant Account 52

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 216

Tax income tax CPA 216

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 184

CPA 184

Speaker: Aaron Berson

Managing spend is more than a cost cutting exercise – it's a pathway to smarter decisions that unlock efficiency and drive growth. By understanding and refining the spending process, financial leaders can empower their organizations to achieve more with less. Explore the art of balancing financial control with operational growth. From uncovering hidden inefficiencies to designing workflows that scale your business, we’ll share strategies to align your organization’s spending with its strategic g

Spend Management

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 188

Tax CPA business tax 188

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 130

Entertainment Gaming CPA Tax 130

RogerRossmeisl

DECEMBER 29, 2024

If your business is particularly busy, you may temporarily outsource some of its work to third-party contractors. Hiring contractors can be a cost-effective way to manage seasonal or even ordinary customer demands without hiring new employees or making other long-term investments. However, third parties can introduce some financial, legal and reputational risks.

Transportation 130

Transportation Legal CPA 130

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 188

Tax Washington CPA 188