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Enhance Retention and Lower Taxes: The Impact of Retirement Plans on Employee Satisfaction and Business Success
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!
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Enhance Retention and Lower Taxes: The Impact of Retirement Plans on Employee Satisfaction and Business Success
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!
Reduce Your Tax Bill with Higher Education Credits
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.
Act Before 2026: Use the Increased Unified Tax Credit to Minimize Gift and Estate Taxes
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.
Urgent Compliance Alert: 32 Million U.S. Entities Must File a BOI Report To Avoid Significant 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.