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All taxpayers, including small business owners and individuals from various income levels, should proactively prepare for their 2024 federal income tax returns. Learn some helpful tips to get ready and not stress - click on the link below. https://lnkd.in/gdbXCJJb #accounting #taxaccounting #taxseason

All taxpayers, including small business owners and individuals from various income levels, should proactively prepare for their 2024 federal income tax returns. Learn some helpful tips to get ready and not stress - click on the link below. https://lnkd.in/gdbXCJJb #accounting #taxaccounting #taxseason

Five Tax Myths - 1.There’s nothing I can do about the amount of tax I owe. The tax code is full of CHOICES we can make to insure we aren’t tipping the IRS. Withholdings, filing status, qualified accounts, business structure, timing of income, and the list goes on. 2.There’s nothing I should do about the amount of tax I owe. There are no awards for paying extra to the IRS. You should only pay what you owe and look for every opportunity to owe less. Proactive tax planning gives you more control over how your hard earned dollars are spent. 3. Getting a refund means I’ve won the tax game for the year. A refund is just an interest free loan to the IRS. It tells us nothing about how much the IRS kept. Taking intentional steps to reduce the total tax kept by the IRS is how we can get ahead and stop leaving the IRS a tip. 4.All CPAs are tax planning experts. CPAs spend a lot of their time on compliance and getting forms filed each year. Having a tax preparer can be a great resource, but it does not mean you have someone looking for proactive planning opportunities. You have to research what they do.   5. It’s too early to worry about my Retirement Tax. Many tax savings opportunities are capped annually on how much you can benefit from them. The earlier someone starts being intentional about taxes the better. #womenninspiringwomen #womensupportingwomen #womenandwealth #smartmoneystrategist

As tax season begins, it's crucial to stay informed about the latest IRS changes that could impact your tax return. Kiplinger’s recent article outlines seven key IRS changes that could impact your tax return this year—from adjustments to the Child Tax Credit to new 1099-K reporting thresholds and expanded free filing options. At NFP Insurance Solutions, we collaborate with tax and legal professionals to help clients navigate these changes, ensuring tax-efficient wealth transfer, liquidity planning, and financial security. The more you know, the better you can plan. https://lnkd.in/eNmXBbpm

👶 2024 Year-End Tax Planning Tip: Child Tax Credit 💰 As you plan for the year ahead, don’t forget about the #Child Tax Credit! For 2024, you can claim $2,000 for each “Qualifying Child” under 17 by the end of the tax year. Here’s what you need to know: • Income Phase-Out: The credit starts phasing out when your modified adjusted gross income (MAGI) exceeds $400,000 on a joint return or $200,000 for other returns. • Refundable Credit: The #refundable portion remains at $1,700. This means if your credit exceeds your tax liability, the IRS may refund you the difference! 💸 Make sure you take full advantage of this valuable #credit before the year ends! 🔗 For more Year End Tips, check out our blog post! https://buff.ly/3WX071Z #TaxPlanning #ChildTaxCredit #YearEndTaxTips #TaxSavings #RefundableCredit #FamilyFinance #VermontCPAs #DavisandHodgdon #VermontAccountant

The 2024-25 tax year brings several adjustments that could impact your financial planning and obligations. 💷 In this article we delve into the key changes that taxpayers need to be aware of. 👉https://lnkd.in/ddkSmDf7

Read one of our advisor's blog posts on the difference between tax credits and tax deductions. https://ow.ly/ALgy50TwAxv #millennialwealth #finance #financialeducations #personalfinance #financialplanning #taxcredit #taxdeductions #taxplanning

**Avoid Common Tax Pitfalls: No 'Self-Employment Tax Credit'** Tax season can be daunting for self-employed individuals. Let's clear up some myths and present valuable tips: **Common Myths:** 1. **Myth**: There is a 'Self-Employment Tax Credit'. **Fact**: No such credit exists. Self-employed individuals pay both employer and employee portions of Social Security and Medicare taxes. 2. **Myth**: All business expenses are fully deductible. **Fact**: Expenses must be ordinary and necessary. Personal or extravagant expenses are non-deductible. 3. **Myth**: Self-employed taxes are the same as employee taxes. **Fact**: Additional forms like Schedule C or Schedule SE are required. 4. **Myth**: Working from home always qualifies you for the home office deduction. **Fact**: The space must be used exclusively and regularly for business. **Key Tips for Self-Employed Taxpayers:** 1. **Keep Detailed Records**: Document all transactions, receipts, and expenses. 2. **Understand Available Deductions**: Know specific deductions like travel, office supplies, and health insurance premiums. 3. **Set Aside Funds for Taxes**: Reserve part of your income for quarterly tax payments. 4. **Consult a Tax Professional**: Ensure accuracy and compliance with expert guidance. 5. **Verify Information**: Confirm tax details against IRS guidelines and avoid anecdotal advice. Misconceptions like a self-employment tax credit can lead to audits and penalties. Stay informed and consult professionals to navigate self-employment taxes effectively. For personalized help, make sure to **[schedule a call with our team](https://lnkd.in/gAa4dwUG to optimize your tax strategy and ensure compliance. We’re here to help you save money and avoid pitfalls. Secure your financial future today!

Welcome to Tax tip Tuesday! Tax season doesn’t need to be…taxing. Here are some simple things taxpayers can do throughout the year to make filing season less stressful. ✔️ Organize your tax records. Create a system that keeps all important information together. Add you tax records to your files as you receive them. Organized records will make tax return preparation easier and may help you discover overlooked deductions or credits. ✔️ Identify filing status. Your filing status determines your filing requirements, standard deduction, eligibility for certain credits and the correct amount of tax you should pay. If more than one filing status applies to you, you can get help choosing the best one for their tax situation with the IRS’s Interactive Tax Assistant, What Is My Filing Status. Changes in family life — marriage, divorce, birth and death — may affect your tax situation, including their filing status and eligibility for certain tax credits and deductions. ✔️ Understand adjusted gross income (AGI). AGI and tax rate are important factors in figuring taxes. AGI is your income from all sources minus any adjustments. Generally, the higher your AGI, the higher your tax rate and the more tax they pay. Tax planning can include making changes during the year that lower your AGI. ✔️ Check withholding. Since federal taxes operate on a pay-as-you-go basis, you need to pay most of your tax as you earn income. You should check that you’re withholding enough from your pay to cover your taxes owed, especially if your personal or financial situations change during the year. To check withholding, you can use the IRS Withholding Estimator. If you want to change their tax withholding, you should provide their employer with an updated Form W-4. ✔️ Make address and name changes. You should notify the United States Postal Service, employers and the IRS of any address change. To officially change a mailing address with the IRS, you must compete Form 8822, Change of Address, and mail it to the correct address for your area. Report any name change to the Social Security Administration. Making these changes as soon as possible will help make filing their tax return easier. ✔️ Save for retirement. Saving for retirement can also lower your AGI. Certain contributions to a retirement plan at work and to a traditional IRA may also reduce taxable income. #tax #individualtax #irs

We just published a new blog post about the Recovery Rebate Credit, learn more from your friends at BEIR ACCOUNTING & INCOME TAX INC. Just click below.