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, […]
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 […]
If you are looking for last-minute tax-saving ideas for 2023, we have a few suggestions for you. While the most effective tax planning is done during the year where actions must normally be taken before December 31st, there are still things that can be done before you file your taxes in 2024. Here are some […]
Intuit’s Policy Update Intuit, the maker of QuickBooks Desktop and QuickBooks Online, recently announced significant changes to its QuickBooks Desktop software policy. The changes impact how users will access and use QuickBooks Desktop and could influence your decision on managing your accounting needs. Intuit will formally announce this change to retail customers in February 2024. […]
Looking for 2023 tax savings ideas for your small business? We have compiled a list of tax savings strategies you can still take advantage of before the end of the year. Click here for our guide. The guide includes the following 2023 tax savings tips for small businesses and their owners: Prepay Expenses Using the […]
The most effective tax planning is done during the year and actions must normally be taken before December 31st. But with the April 17th deadline approaching, there are still a few things you can do to save on your 2022 taxes. Here are some tax savings ideas for 2022 you can still make. IRA Contribution […]
If you are still hoping to do any year-end tax planning or projections, time is running short. In order to finish 2022 planning before the holidays, we will stop taking appointments on December 15, 2022. Active tax planning is a critical strategy for tax minimization. Our process begins with a thorough review and understanding of […]
