Services: Tax Planning and Preparation

Qualified Business Income (QBI) Deduction: Use It or 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. Here’s what you need to know to cash in on the QBI deduction. The Basics The QBI deduction can…

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Dos 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 every such expense is deductible. Here’s what to know about the expenses that you can — and can’t —…

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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 benefits to consider when you file your 2023 federal income tax return. 1. Head of Household Filing Status For…

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Nonprofit State of the Union: 2024 Industry Update for Tax-Exempt Organizations

Join GRF to kick off 2024 with a webinar exploring the outlook for nonprofits and associations. Our presenters will discuss the priority areas of focus that every organization should address in 2024 including implementation of new ASUs, identifying top risks, impacts of AI, anticipating tax changes, and best practices to consider for the new year….

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New Corporate Transparency Act Reporting Rules: What You Need to Know

New reporting rules go into effect on January 1, 2024, under the Corporate Transparency Act. This law, enacted in 2021, will require many small businesses to provide new details about beneficial owners who control the company. Hefty civil and criminal penalties may apply for failure to comply. Here’s a brief overview of the requirements.

2024-2025 FAFSA Form Now Available

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 date for applications was pushed back to December 31 for the 2024-2025 school year to give the U.S. Department…

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Setting up IRAs for Teens and Young Adults

More than half of 16-to-24-year-olds are employed, according to the most recent statistics from the U.S. Bureau of Labor Statistics. A job can teach your young adult child or grandchild how to be financially responsible. But why not encourage them to take it to the next level by saving for retirement? Teens and young adults…

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Top 10 Year-End Tax Considerations for Individuals, 2023

The year-end is a wonderful time to reflect what have been accomplished during the year, and how to strategize the remaining time to finish strong. For tax planning, the year-end provides an opportunity to review our financial standing for the year and consider key tax planning items for effective tax strategies. Here are 10 quick…

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Top 6 Year-End Tax Considerations for Business, 2023

Here is an overview of key tax planning strategies to consider this year, and a recap of business tax due dates and other key deadlines for 2023 taxes. 1. Time Income and Deductions Businesses using the cash method of accounting have some ability to affect the timing of year-end income and expenses. If you anticipate…

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