Tag: #advisory

Cost-of-living adjustments mean higher IRA and 401(k) contribution limits for 2024. IRA contribution limits for 2024 The contribution limits for a traditional or Roth IRA increased last year for the first time in four years, and the limits are going up again for 2024. You can contribute a maximum of $7,000 (up from $6,500 for 2023). Catch-upRead more…

AI-cyber scams are coming at us. According to online protection company McAfee we get hit with nearly five shady emails, four fraudulent “smishing” texts, and at least three attempted social media scams every single day. Billions lost to online scams Americans lost $10.3 billion to online scams last year and we are on pace toRead more…

The IRS has stopped processing new employee retention tax credit claims as of September 14. Due to an increase in ERC tax credit scams, fraud and to protect honest business owners, the IRS won’t process new employee retention credit (ERC) claims for the foreseeable future. The immediate moratorium on new ERC claims processing was announced Read more…

Businesses and tax-exempt organizations should watch out for telltale signs of misleading claims involving the Employee Retention Credit. Scammers and unscrupulous promoters continue to run aggressive broadcast advertising, direct mail solicitations and online promotions for the credit. Many of these ads wildly misrepresent and exaggerate who can qualify for the ERC, which is sometimes alsoRead more…

If you itemize your deductions you may be able to deduct expenses you paid that year for medical and dental care for yourself, your spouse and your dependents.  You may deduct only the amount of your total medical expenses that exceed 7.5% of your adjusted gross income. Deductible medical expenses may include but aren’t limitedRead more…

  PPL is requesting that you create an ID.me account with the IRS. Creating an ID.me account is beneficial to you and to PPL. One of the benefits of creating an ID.me account is your ability to electronically sign a Power of Attorney authorizing PPL to communicate with the IRS on tax related matters. 1)      View,Read more…

Owing a small business can be overwhelming at times. Bookkeeping for small business owners can be even more overwhelming. Below are 10 bookkeeping tips to help you manage your bookkeeping. Tip # 1.  Keep your business and personal finances separate. Comingling business and personal finances is a common mistake made by small business owners. NotRead more…

The Internal Revenue Service today issued the 2023 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes. Beginning on January 1, 2023, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 65.5 cents perRead more…

The thresholds for each tax rate are adjusted annually for inflation. The IRS has released  the 2023 thresholds (click here for the 2023 inflation adjustments).  Given the high inflation rates of late, the thresholds will increase at a greater rate for 2023 than they have in recent years. This is good for taxpayers, since itRead more…

What if you lose money on your investments? A tax loss can be a valuable asset if you use a strategy called “tax loss harvesting,” which is based on the ability to offset capital gains with capital losses so that you only pay tax on your net capital gains. However, there’s a certain sequence youRead more…