The Republicans will soon control the White House and both chambers of Congress, which will likely open the door for major tax legislation next year. Here are some thoughts on how this power shift could affect the taxes of small businesses and their owners. Extension of TCJA Provisions The Tax Cuts and Jobs Act (TCJA), […]
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Smart Tax Strategies for Older Taxpayers
Good things come to those who wait. Older taxpayers may be entitled to some age-based tax breaks. Here are the details of some of them. 1. Catch-Up Contributions to Retirement Accounts Estate Tax For 2018 through 2025, the Tax Cuts and Jobs Act (TCJA) effectively doubled the unified federal gift and estate tax exemption amount from […]
Which TCJA Changes for Individuals Are Permanent under Current Tax Law?
The landmark Tax Cuts and Jobs Act (TCJA) was passed in late 2017, but the law is still in the headlines today. Most TCJA provisions that affect individual taxpayers are scheduled to expire after 2025. However, there are six noteworthy exceptions that will remain on the books after 2025, unless Congress passes additional legislation to override them. Disallowed […]
Federal Court Lifts Ban on Noncompete Agreements
The nationwide ban against noncompete agreements for most employees and independent contractors has been overturned by the U.S. District Court for the Northern District of Texas. The ban, which was scheduled to take effect on September 4, 2024, was mandated under a new final rule issued by the Federal Trade Commission (FTC) in April 2024. The […]
Business Owners: Failure to Substantiate Donations Can Be Costly
Charitable donations can provide businesses with significant tax savings. But for gifts over a certain amount, they must obtain a contemporaneous written acknowledgement of their donations to qualify for a charitable contribution deduction. Failing to do so can prove costly. An S corporation learned that lesson the hard way when the IRS and the U.S. Tax […]
What Can Your Small Business Do Now to Lower Taxes for 2024?
Summer is a good time to take stock of how your small business is doing this year and consider options for reducing your 2024 federal income tax bill. Thankfully, it appears there won’t be any significant unfavorable federal tax changes that will take effect next year. If that’s an accurate prediction, the 2024 tax planning environment […]
