Why Mid-Year Tax Planning Matters: If you had any life-changing events, or expect one before the end of the year, there is reason to review your finances and do some mid-year tax planning now. Life events include new jobs, second jobs, loss of a job, a new home, unemployment benefits, inheritances, unusual employment bonuses, etc. […]
Why a Mid-Year Review Matters for Rental Property Owners: Rental income and expenses for rental property owners can vary, and tax law changes may affect your deductions or reporting requirements. A mid-year review helps you maximize deductions and plan for any tax due. Action Steps: Reconcile Rental Income: Ensure all rental income is properly recorded, […]
Why a Mid-Year Review Matters: Stock-based compensation events—such as vesting of restricted stock units (RSUs), exercising stock options, or selling shares—can create significant and sometimes unexpected tax liabilities. Proactive planning can help avoid surprises, save taxes, avoid penalties, and help build your wealth. Action Steps: Review Upcoming Vesting and Exercise Dates: Identify any RSUs, stock […]
Why a Mid Year Review Matters: For many business owners that take paychecks, withholding is not enough to cover estimated taxes that come with business profits. For sole proprietors, this is especially true. As a result it is important to review your projected income and think about tax planning throughout the year. The IRS requires […]
On January 5, 2025, President Biden signed the Social Security Fairness Act into law. It ended the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO) retroactively to January 1, 2024. On February 25, 2025, the Social Security Administration announced it is immediately beginning to pay retroactive benefits and will increase monthly benefit payments to people […]
Yesterday, on December 23rd, 2024, a court ruling reinstated the reporting requirement that has existed for all of 2024. This rule had been suspended on December 3, 2024. Additionally, language that would have delayed the filing requirements for one year did not make it in the stripped-down budget bill that passed over the weekend. As […]
This affects ALL clients who own a corporation, partnership, or LLC who have not yet filed their Business Ownership Information Report, which had an original deadline of December 31, 2024. As a reminder, here is a link to our original article on filing requirements: flatironadvisors.com/new-beneficial-ownership-information-reporting-requirements. As of December 3, 2024, this filing requirement has been […]
As April 15th looms on the horizon, the collective anxiety surrounding tax season begins to peak. For many individuals, the mere mention of this date triggers a flurry of worry and stress. However, what if I told you that April 15th doesn’t have to be synonymous with panic and dread? Enter tax extensions – a […]
While millions of taxpayers are preparing and filing their taxes, Congress has been considering some retroactive tax law changes that may affect your tax returns for 2023. Yes, it is March of 2024 and yes, these changes could affect your returns that you will be filing, or may have filed, for 2023. What are the […]
Introduction The Corporate Transparency Act (CTA), enacted as part of the National Defense Authorization Act for Fiscal Year 2021, introduces a new beneficial ownership information reporting requirement for certain entities to report information about their beneficial owners. The BOI report is designed to provide transparency about who owns and benefits from an LLC or Corporation […]
