Stephano Slack Promotes Richard Skinner, CPA, to Partner Stephano Slack, one of the region’s largest accounting firms, proudly announces the promotion of Richard Skinner, CPA, to the position of Partner. Rich, who has been with the firm for nine years, previously...
Curious about how cryptocurrency is taxed in 2024? With new IRS guidelines, understanding how to maximize your savings and stay compliant is more crucial than ever. Learn about capital gains, tax rates, and strategies to maximize crypto investments.
The home office deduction can reduce your tax liability if you’re self-employed or run a business from home. Find out how to deduct expenses like mortgage interest, utilities, and rent to maximize your savings.
Qualifying as a real estate professional offers significant tax benefits, such as deducting losses against nonpassive income and avoiding the 3.8% net investment income tax. Contact us to find out if you qualify and how you can benefit.
Boost your tax savings with retirement plans like SEPs, 401(k)s, and Roth options while increasing employee satisfaction and attracting top talent. Gain a competitive edge and take advantage of valuable deductions—contact us today to upgrade your benefits package!
You can lower your tax bill with the American Opportunity Tax Credit (AOTC) and the Lifetime Learning Credit (LLC). The AOTC offers up to $2,500 per student for the first four years of higher education, with a partial refund possible. The LLC provides up to $2,000 for various educational courses with no annual limit on claiming it, though income limits apply to both credits.
The unified tax credit allows individuals to reduce their tax burden by merging gift and estate taxes, providing flexibility in distributing wealth. The Tax Cuts and Jobs Act significantly increased the lifetime estate and gift tax exemption to $13.61 million for individuals or $27.22 million for married couples in 2024, but it is set to be reduced by half in 2026 unless Congress intervenes. High-net-worth individuals should consider taking advantage of the higher exemption by making larger lifetime gifts before the reduction to avoid future tax penalties.
Effective January 1, 2024, the Corporate Transparency Act (CTA) requires entities to report beneficial ownership information (BOI) to the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN). Failure to comply with the CTA carries significant civil and criminal penalties, including substantial fines and imprisonment.
32M companies are required to file a BOI report. Learn why and what you must do to comply.