Changes to the Social Security Wage Base for 2025
The 2025 Social Security wage base rises to $176,100. Prepare for payroll tax changes. Contact us for help with compliance and planning.
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Steve Julal
Nov 7
Deducting Vehicle-Related Expenses: What You Need to Know
TCJA limits vehicle deductions however, self-employed CAN claim work miles, while others can only claim medical, charity, & military moves.
Steve Julal
Nov 6
Cash Gift Giving: The Tax Benefits
As 2024 comes to an end, consider tax free gifts to reduce taxes. Couples can give $36K ($18K for singles). 'Tis the gift giving season.
Steve Julal
Nov 5
529 Plans for Your Child’s Educational Future
529 plans offer tax-free growth for education savings, covering K-12 and college costs. Withdrawals are tax-free for qualified expenses.
Steve Julal
Nov 4
Hobby vs Business: How will the IRS Evaluate My Business Activities
To deduct losses, you must prove your business is not a hobby. Profit intent must be shown through records, time, and expertise. Contact us
Steve Julal
Nov 1
Should You Separate Real Estate Ownership from Your Business?
Separating real estate ownership from your business may reduce double taxation and boost asset protection. Contact us to learn more.
Steve Julal
Oct 29
Key Tax Considerations for Partnership and LLC Operating Agreements
Draft partnership and LLC agreements to address key tax issues like guaranteed payments, partner liabilities, and retiree payouts. Read more
Steve Julal
Oct 25
Does your company offer Employee Assistance Programs (EAPs)? If so, be mindful of compliance and regulations.
EAPs support employees’ mental health but may require ERISA, COBRA, HIPAA, or ACA compliance. Legal guidance helps ensure full compliance.
Steve Julal
Oct 24
The Tax Consequences to Working Remotely
Remote work can cause double taxation and multi-state tax obligations. Employees and employers must be aware of these potential tax issues.
Steve Julal
Oct 22
Prepare your Business for an IRS Audit
By 2026, the IRS plans to increase its audit efforts. Stay prepared with organized records and be ready to address any red flags.
Steve Julal
Oct 21
Understanding your Obligations: Does your Business need to Report Employee Health Coverage?
Employers with 50+ full-time employees must file IRS Forms 1094-C and 1095-C to report health coverage and avoid ACA penalties. Contact us!
Steve Julal
Oct 16
Partnerships and Multi-Member LLCs: Key Tax Considerations
Partnerships and LLCs offer pass-through taxation, special allocations, and must plan for tax liabilities with proper agreements.
Steve Julal
Oct 15
Cash or Accrual Accounting: What’s best for tax purposes?
Your business may qualify for cash or accrual accounting. Each has benefits—contact us to find the best tax method for your situation!
Steve Julal
Oct 14
Understanding Taxes on Real Estate Gains
Selling real estate? You may owe up to 25% in taxes, plus 3.8% NIIT. Rules are complex—contact us with questions and we'll guide you!
Steve Julal
Oct 11
Prepare for Potential Tax Law Changes: How Upcoming Elections Could Impact U.S. Business Taxes
The 2024 elections could change U.S. business taxes as key parts of the TCJA expire in 2025. Stay informed on potential tax law updates.
Steve Julal
Oct 9
Lower your Tax Bill with Year-End Tax Strategies
Plan tax-saving strategies for 2024. Maximize deductions, delay income, contribute to retirement, and donate smartly from IRAs.
Steve Julal
Oct 8
Home Office Tax Deductions
Remote work is on the rise. Self-employed? You may qualify for tax deductions if you use your home office regularly and exclusively.
Steve Julal
Oct 7
Using the Electric Vehicle (EV) Tax Credit
Electric vehicles are on the rise, boosted by a $7,500 tax credit. Check if you qualify and learn how to take advantage of this incentive.
Steve Julal
Oct 3
Can Homeowners Deduct Seller-Paid Points as the Real Estate Market Improves?
Lower mortgage rates are exciting, and if you've recently bought a home, you might be able to deduct seller-paid mortgage points!
Steve Julal
Oct 2
Avoid Taxable IRA Withdrawals with Certain Charitable Donations
If you enjoy donating to charity and are required to take withdrawals from your traditional IRA, you might be able to save on taxes.
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