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December 27, 2024
Unlock Your Child’s Future With a 529 Plan

If you’re planning for your child or grandchild’s college education, a 529 plan might be your answer. These tax-advantaged plans, named for the Internal Revenue Code section that provides for them, help you prepay for higher education costs, setting them up for success.  There are two types of qualified tuition programs: What are the tax […]

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December 27, 2024
Traveling as a Business Owner: How to Maximize Your Deductions

As a business owner, travel is part of the job—meeting clients, attending conferences, and checking on vendors. Knowing which travel expenses are tax-deductible can boost your bottom line. Manage your travel costs wisely so you can help stay compliant and maximize tax savings. What qualifies as business travel? When you’re away from your “tax home”, […]

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December 27, 2024
Vehicle Expenses Aren’t Just for Businesses: Here’s What You Can Deduct

When it comes to tax deductions for vehicle-related expenses, business driving often comes to mind. But, individuals can also deduct driving expenses in certain situations. Unfortunately, under current law, you may not be able to deduct as much as you could in previous years. How the TCJA changed deductions Before 2018, you could deduct miles […]

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December 23, 2024
Think Like an Auditor: Why Business Owners Should Look Beyond Profits

When reviewing their income statements, business owners tend to zero in on profits (or losses). But that narrow focus can cause mismanagement and missed opportunities. To get the full picture, you should analyze the entire statement from top to bottom. Think like an auditor  Approach your company’s income statement with an auditor’s mindset: skeptical, detail-oriented, […]

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December 18, 2024
Give Smart, Save Smart: How to Properly Document Your Charitable Donations

If you itemize deductions and donate to philanthropic causes, you may qualify to deduct your charitable donations—but there are important requirements you must meet. For instance, you must substantiate charitable gifts with proper documentation to satisfy the IRS. Failing to meet these substantiation requirements can cost you the deduction even if your charitable gift is […]

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December 16, 2024
How Do External Auditors Assess Audit Risks?

As year-end reporting wraps up, external auditors are working behind the scenes to prepare for audit season. Here’s how you can make the audit planning process go more smoothly. Audit risk assessment  Auditors can’t review every transaction, estimate, or document during their fieldwork. Instead, they customize their approach to minimize audit risks. The process kicks […]

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December 5, 2024
Building a Golden Nest Egg: The Solo 401(k) for Self-Employed Business Owners

If you own a small business with no employees other than your spouse, a solo 401(k) plan could be a smart choice for your retirement planning. It’s also a good option for those who are self-employed or business owners looking to upgrade from a SIMPLE IRA or Simplified Employee Pension (SEP) plan. Also known as […]

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November 26, 2024
Planning for 2025: Social Security Tax Changes Explained

With 2025 on the horizon, the Social Security wage base is rising. The Social Security Administration announced an increase to $176,100 for 2025, up from $168,600 in 2024. Earnings above this threshold won’t be subject to Social Security tax. Wages and self-employment income above this amount aren’t subject to Social Security tax. If your business […]

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November 26, 2024
Maximizing Tax Savings With Strategic Year-End Gifts

As 2024 draws to a close, it’s a great time to consider your financial and tax strategies. One smart approach is to make cash gifts before December 31, which can reduce your potential estate taxes while sharing generosity with loved ones. Current tax laws allow individuals to gift a specific amount each year without incurring […]

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