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QBI Deduction: Use It or (Possibly) Lose It

The qualified business income (QBI) deduction is available to eligible individuals through 2025. After that, it’s scheduled to disappear, unless Congress passes legislation to extend it. With 2024 underway, it’s now use-it-or-lose-it time for the write-off.…
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Navigating the Risks of Check Fraud

Although digital transactions are growing exponentially, check fraud remains a persistent threat to you and your business. The Federal Reserve processed just over 19 billion paper checks in 1993, compared to 3.4 billion in 2022. While…
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Do’s and Don’ts for Business Expense Deductions

As tax season heats up, companies of all kinds and sizes will be on the hunt for ways to reduce their tax bills. One of the most common ways is through business expense deductions, but not…
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Can You Claim Your Parent as a Dependent?

If you pay over half the cost of supporting a parent, your parent is considered your dependent for federal income tax purposes. This treatment potentially entitles you to some significant tax breaks. Here are four potential…
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How Employer-Issued ISOs May Affect Your Taxes

Employer stock options are a potentially valuable asset for recipient employees, especially those who work for start-ups or high-growth companies. For example, many Silicon Valley millionaires reaped sizable windfalls by exercising their employer stock options. Here’s…
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The SECURE 2.0 Act

The SECURE 2.0 Act, enacted late in 2022, creates new tax-saving opportunities for retirement savers — in some cases, with assistance from employers. Several provisions already kicked in during 2023, while others have made their debut…
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Tax Breaks for Employer-Paid Education Expenses

Is your business struggling with a shortage of skilled workers in today’s tight labor market? One possible option is to invest in education programs to upskill your current employees. This strategy can help bridge the skills…
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There’s a new threshold for electronically filing information returns!

Does your business file 10 or more information returns with the IRS? If so, you must now file them electronically. This is a significant rule change that went into effect on January 1, 2024, for 2023…
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Free Application for Federal Student Aid (FAFSA)

The window of opportunity for filling out the Free Application for Federal Student Aid (FAFSA) is open. In the recent past, the FAFSA was available on October 1 for the upcoming school year. But the start…
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Important federal tax information for 2024

The following chart provides some important federal tax information for 2024, as compared with 2023. Social Security/ Medicare 2024 2023 Social Security Tax Wage Base $168,600 $160,200 Medicare Tax Wage Base No limit No limit Employee…
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