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. For 2024 tax returns, it’s 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…
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 —…
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…
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…
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…
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…
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…
Year-End Bonuses: Tax Issues for Employers and Employees
Bonuses are an important part of rewarding employee performance, but they also raise a variety of tax issues for both employers and employees. Here’s what you need to know if you give or receive a bonus. Deducting Bonuses Paid to Employees Employers can generally deduct the cost of bonuses paid to employees before year end,…
Key Tax Planning Considerations for the 2023 Tax Year
It’s time for our most heavily attended webinar annually! As the calendar year draws to a close, now is the time to consider your 2023 tax liability and arm yourself with the right tax planning knowledge to finish the year on a high note. Join GRF’s tax experts for our annual tax planning webinar as…