If you made substantial gifts to your children, grandchildren or others last year, it’s important to determine whether you’re required to file a 2024 gift tax return. In some scenarios, even if it’s not required to file one, you may want to do so anyway. Requirements to file The annual gift tax exclusion was $18,000 […]
Author Archive: rudleradmin
Strategies to Manage Limits on the Business Interest Expense Deduction
Before the Tax Cuts and Jobs Act (TCJA), businesses were able to claim a tax deduction for most business-related interest expense. The TCJA created Section 163(j), which generally limits deductions of business interest, with certain exceptions. If your business has significant interest expense, it’s important to understand the potential impact of the deduction limit on […]
Mandatory FINCEN BOI Reporting Requirement – Deadline March 21, 2025
We want to bring to your attention an important update regarding the Financial Crimes Enforcement Network (FINCEN) Beneficial Ownership Information (BOI) reporting requirements. After significant legal back and forth in the courts, the mandatory BOI reporting requirement has been reinstated. Previously, these filings were voluntary due to a court injunction; however, that injunction has now […]
Five Essential Steps for Developing a Pay Transparency Strategy
In today’s information-rich world, businesses must adapt to increasing demands for transparency, particularly when it comes to compensation. Pay transparency, the practice of openly sharing pay structures and policies, is becoming a key factor in maintaining trust with employees, job candidates, and even the public. Despite this trend, many businesses still lack a formal pay […]
Am I Eligible to Itemize Deductions on My Tax Return
If you’re wondering whether you can itemize deductions on your tax return, you’re not alone. Many taxpayers, especially those who make charitable contributions or have other significant expenses, often question whether they should itemize or take the standard deduction. The key is to compare your potential itemized deductions—such as mortgage interest, state and local taxes, […]
How a Home Office Can Provide Tax Deductions for Business Owners
As a business owner, maximizing tax deductions is key to managing your finances efficiently, and one often overlooked opportunity lies in your home office. The IRS allows eligible business owners to deduct home office expenses, potentially reducing your taxable income significantly. However, it’s essential to fully understand the rules to ensure you comply with IRS […]
Are your employees facing issues from retirement plan leakage?
Small to midsize businesses today are often encouraged to help employees improve their financial wellness, and for good reason. Financially struggling workers tend to have higher levels of stress and anxiety, which can lead to decreased productivity and an increased likelihood of errors. Some might even decide to commit fraud. One key indicator of an […]
You might be eligible to make a deductible IRA contribution for last year before the deadline this year
If you’re preparing to file your 2024 tax return and find your tax bill higher than you would like, there may still be an opportunity to lower it. If you qualify, you can make a deductible contribution to a traditional IRA until this year’s April 15 filing deadline and benefit from the tax savings on […]
Is your business experiencing an excess business loss?
If an individual taxpayer experiences substantial business losses, unfavorable federal income tax could come into effect. Here is what to consider as you assess your 2024 tax situation. Disallowance rule The tax rules can get complicated if your business or rental activity throws off a tax loss — and many do during the early years. […]
Does your company have an effective IT modernization Strategy?
Information technology (IT) is always changing. As a small to midsize business owner, you’ve likely heard this so many times it’s become a bit repetitive. However, the rapid pace of technological advancement shows no signs of slowing down, and it seems many companies are uncertain if they can keep up. In October of last year, […]