Top Five Terrible Reasons Why Business Owners Don’t Have a Succession Plan
Many business owners procrastinate putting a well-conceived succession plan in place. The reasons are understandable. It can be difficult to plan for your replacement and deal with your mortality. Here are five of the top reasons why business owners don’t have an exit strategy, along with the reasons why it’s best to make a proactive…
Estate Tax Planning: What You Need to Know from Now to 2026
Estate planning is an essential part of financial management, and with major changes expected in 2026, individuals with significant assets should take proactive steps to minimize their tax burden. Estate and Gift Tax Exemptions For 2024, the federal estate and lifetime gift tax exemption is $13.61 million per person ($27.22 million per couple). However, without…
Tax Alert: New “tech tax” and other increases take effect in Maryland
The Maryland legislature passed its annual budget and reconciliation bill (HB 352) on April 7, 2025. This budget bill introduces new and increased taxes across a range of individual and business taxpayers. A key provision in the budget is a “tech tax” – the expansion of the definition of “taxable services” to include various software…
Planning Your 2024 Personal Taxes: Key Considerations for This Year and Beyond
For the 2024 and 2025 tax years, individual taxpayers should be mindful of upcoming changes, especially with the scheduled expiration of provisions from the Tax Cuts and Jobs Act (TCJA) in 2026. Understanding how these changes may impact your tax liability is essential for strategic planning. Income Tax Brackets & Capital Gains For 2024, individual…
Business Tax Planning: Preparing for Tax Reporting Year 2024 and Beyond
For business owners, tax planning is more critical than ever. With the phase-out of certain tax benefits and possible changes to the Tax Cuts and Jobs Act (TCJA), understanding your tax obligations and opportunities can help you maximize savings. Qualified Business Income (QBI) Deduction The QBI deduction (Section 199A) allows pass-through businesses (S-Corps, partnerships, sole…
New Form 1099-K Reporting Thresholds for 2024 Tax Year: What You Need to Know
If you receive 1099-K forms for payments you received in 2024, changes to the form are here. The American Rescue Plan Act of 2021 reduced the filing threshold for third-party settlement organization’s reporting obligations for form 1099-K to $600 per recipient. This was a significant change from the $20,000 or 200 transaction thresholds previously in…
2024 Tax Strategies: Navigating a Pivotal Year
2024 was a turning point for tax planning, with the election and potential shifts in administration poised to impact tax policy for estates, businesses, and individuals. Join GRF’s tax experts as we unpack the key tax strategies for navigating this transformative year. Key takeaways: Impacts of the election on tax policies. Expectations of the next…
Strategies to Reduce Your 2024 Tax Liability
Why pay more taxes than you have to? We highly recommend tax planning now to reduce your 2024 tax liability and help minimize surprises come April. Here are a few tax tips to consider before the end of 2024. 1. Review your investment portfolio. Since capital loss carryforwards do not expire, you could use any…