Due

APRIL 29, 2024

As noted by SoFi, its platform allows employers to offer up to “$5,250 in double tax-exempt student loan contributions every year through 2025,” which means neither the employer nor the employee pays tax on those payments. Even with more generous health insurance plans , healthcare expenses can quickly add up.

Deductions 75

Deductions Small Businesses 75

Lendio

APRIL 26, 2023

Remember that unlike a deductible, which decreases a business’ taxable income, a credit reduces the amount of total tax owed to the IRS. Businesses have until April 2024 to amend their 2020 tax filing and until April 2025 to amend their 2021 filing to apply for the ERTC. ERTC is a credit , i.e., free money off your tax bill.

Small Businesses 98

Small Businesses Deductions 98

Lendio

JANUARY 30, 2023

Likewise, the 2022 ERC will not lapse until April 15, 2025. However, an IRS notice confirms that the ERC is subject to deduction disallowance rules. That prevents you from taking a deduction on your income tax return for wages used to claim the ERC. For quarters in 2021, the deadline is April 15, 2025.

Deductions 52

Deductions Small Businesses 52

Lendio

JUNE 6, 2023

That means you can subtract it directly from your business’ payroll tax liability, making it even more profitable than a tax deduction. For quarters in 2021, you have until April 15, 2025. The ERC is a fully refundable payroll tax credit. If your ERC exceeds the amount you owe, you could even get a tax refund!

Nonprofit Organizations 52

Nonprofit Organizations Deductions Small Businesses 52

Lendio

JUNE 6, 2023

You can deduct it from your payroll tax liability and pocket any excess amounts. As a result, it’s even more beneficial than a tax deduction, which can only reduce your taxable income. For quarters in 2021, the deadline is April 15, 2025. The ERC works as a refundable tax credit. What are Qualified Wages?

Nonprofit Organizations 52

Nonprofit Organizations Deductions Small Businesses 52

Abrigo

JUNE 9, 2016

As the AICPA’s “ CPA Horizons 2025 ” report noted, CPAs overwhelmingly believe they will need to provide a greater variety of services in the coming years. Offering some of these specialty advisory services creates opportunities to retain and cross-sell existing clients and to attract new clients looking for value-added services.

Deductions 60

Deductions Current Receivables 60

Lendio

JUNE 6, 2023

That makes the ERC significantly more impactful than a tax deduction and too valuable an opportunity to miss. The deadline is April 15, 2024, for quarters in 2020 and April 15, 2025, for those in 2021.

Small Businesses 52

Small Businesses Deductions Default 52

Due

JANUARY 27, 2023

When determining how much housing you can afford, a common rule of thumb is that you should spend no more than 30% of your gross monthly income before taxes and other deductions. The SECURE Act 2.0 , however, requires automatic enrollment beginning in 2025 for all new 401(k)s and 403(b)s. Maintain a reasonable debt load.

Credit Scoring 105

Credit Scoring Credit and Collections Credit Card Companies Default 105

Due

JANUARY 17, 2023

With some exceptions for small businesses, workers will be automatically enrolled into newly created 401(k), and 403(b) plans in 2025. Starting in 2025, Secure 2.0 In addition, these amounts will be indexed for inflation after 2025. There will now be reductions in Medicare Part B premiums and deductibles. or roughly 5.5%.

Deductions 105

Deductions Credit and Collections Small Businesses 105

Fundera

DECEMBER 17, 2018

The new tax code sets into motion new deductions and credits that will affect each small business’s tax liability differently. The way you’ve structured or incorporated is extremely important, since it’ll determine the deductions and credits you’re eligible for under the Tax Cuts and Jobs Act. Pass-Through Deduction.

Small Businesses 100

Small Businesses Deductions 100

Fundera

OCTOBER 4, 2018

Wages and salary, including the owner’s salary, are generally considered deductible expenses, so you won’t have to pay taxes on that. Owners of S-corporations and other pass-through entities (like LLCs, sole proprietorships , and partnerships) will be able to deduct 20% of business income on their personal tax returns.

Deductions 76

Deductions Default Small Businesses Accounting Firms 76

Fundera

FEBRUARY 19, 2018

The new tax code sets into motion new deductions and credits that will affect each small businesses’ tax liability differently. The way you’ve structured or incorporated is extremely important, since it’ll determine the deductions and credits you’re eligible for under the Tax Cuts and Jobs Act. Pass-Through Deduction.

Small Businesses 100

Small Businesses Deductions 100

Due

JUNE 20, 2023

These changes are temporary and are expected to expire in 2025. It is also interesting to note that the percentage of the charitable deduction as a percentage of adjusted gross income increases with income. For example, individuals with an adjusted gross income of over $10 million have a charitable deduction of 9.3%.

Deductions 119

Deductions 119

Loomis Sayles Credit Research

OCTOBER 23, 2024

Taxes : Major reforms passed in the Tax Cuts and Jobs Act of 2017 are set to expire at the end of 2025, as well as further phase-out of corporate tax cuts, setting the country up for a “fiscal cliff,” that is, a severe fiscal contraction that could damage the economy.

Deductions 114

Deductions Small Businesses 114