Nov 18, 2024 | Tax Talk Tuesdays
Qualified Opportunity Zones (QOZs) offer tax incentives to spur investment in economically distressed areas. Established by the Tax Cuts and Jobs Act (TCJA), this program encourages taxpayers to invest capital gains in these zones through Qualified Opportunity Funds...
Nov 11, 2024 | Tax Talk Tuesdays
Offering a company-sponsored retirement plan is one of the most effective ways to attract and retain top talent. Qualified plans, like pensions and profit-sharing options, defer employee taxes until they receive distributions, either at retirement or upon leaving the...
Nov 4, 2024 | Tax Talk Tuesdays
Required minimum distributions (RMDs) generally begin at age 73 for traditional IRAs, SIMPLE IRAs, SEP IRAs, and other retirement plans, serving to limit how long tax-deferred accounts can grow without withdrawals. An RMD is the minimum amount you must withdraw each...
Oct 29, 2024 | Tax Talk Tuesdays
If you’re self-employed, paying for your own health insurance can be a significant expense. However, the IRS offers a valuable tax break that can help reduce this burden. By claiming the self-employed health insurance deduction, you can deduct the cost of premiums for...
Oct 22, 2024 | Tax Talk Tuesdays
Health Savings Accounts (HSAs) are valuable financial tools offering a variety of benefits, including substantial tax savings, investment opportunities, and flexible spending options for healthcare. Maximizing your HSA contributions in 2024 can be a smart way to...
Oct 15, 2024 | Tax Talk Tuesdays
Real estate investors and contractors who have purchased, renovated, or constructed a building should explore conducting a cost segregation study to unlock accelerated depreciation benefits. This strategy provides tax savings for new acquisitions and existing...
Oct 8, 2024 | Tax Talk Tuesdays
Electric, plug-in hybrid, and fuel cell electric vehicles purchased new in 2023 or after may be eligible for a federal income tax credit of up to $7,500. The credit availability will depend on several factors, including the vehicle’s Manufacturer Suggested...
Sep 30, 2024 | Tax Talk Tuesdays
As cryptocurrency becomes increasingly mainstream, the IRS maintains clear guidelines for taxing digital assets in 2024. Cryptocurrencies, like Bitcoin or Ethereum, are treated as property, meaning capital gains taxes apply when sold, exchanged, or used. The tax rate...
Sep 23, 2024 | Tax Talk Tuesdays
A home office deduction may be available for taxpayers who run a business from home or are self-employed and use part of their home for business purposes. The home office deduction is available to both homeowners and renters. To qualify, the home office generally must...
Sep 10, 2024 | Tax Talk Tuesdays
Qualifying as a real estate professional offers substantial tax benefits, such as deducting losses against nonpassive income and avoiding the net investment income tax. However, this status alone does not automatically classify rental real estate activities as...
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