The IRS issued IR-2023-203 announcing updated 2024 retirement contribution limits for individuals. For those employees who participate in 401(k), 403(b), and most 457 plans, the 2024 employee deferral amount has increased to $23,000, up from $22,500. The catch-up contribution for those aged 50 or over remains at
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The IRS has recently sent over 20,000 letters to taxpayers to disallow their Employee Retention Credit (ERC) claims. This first wave of letters targeted taxpayers who did not exist or had no paid employees during the eligibility period for this COVID credit. If the taxpayers disagree with
Read more →We wanted to bring your attention to a recent CNBC article discussing tax advantages offered by Health Savings Accounts (HSAs) and the potential for optimizing their use. To be eligible for these advantages, the individual must be currently participating in a High Deductible Health Plan (HDHP) that
Read more →Despite the absence of significant tax law changes, the enduring year-end strategy of deferring income and accelerating deductions to minimize tax liability remains effective. This approach continues to benefit most taxpayers, particularly those in lower to middle-income brackets. Additionally, consolidating deductible expenses into this or the next
Read more →Starting in 2024, a regulatory update will impact nearly all small businesses. The Corporate Transparency Act (CTA), enacted as part of the National Defense Act for Fiscal Year 2021, mandates that millions of entities report their beneficial ownership information (BOI) to the Financial Crimes Enforcement Network (FinCEN).
Read more →We wanted to provide you with essential information regarding the Arizona Individual Income Tax General Welfare Rebate, also known as the Arizona Families Tax Rebate, coming soon. Please take a moment to review the details below. Eligibility Criteria To qualify for the Arizona Families Tax Rebate, you
Read more →In today’s digital landscape, the exchange of personal information has become alarmingly common. Whether it’s sharing your Social Security number, date of birth, or home address for a gym membership or grocery discounts, individuals often believe they’re receiving something of value. However, these companies are not only
Read more →We want to bring to your attention an essential aspect of financial planning that is often overlooked but can have a significant impact on your future financial security: the strategy of deferring taxes until retirement. While conventional wisdom has encouraged us to defer tax liabilities for as
Read more →We’d like to inform you about a few updates for the year 2024 that could impact your financial situation. Social Security Tax In 2024, individual taxable earnings up to $168,600 annually will be subject to Social Security tax, marking an increase from $160,200 in 2023. This adjustment
Read more →In a recent update from the Arizona Department of Revenue (AZDOR), business owners are encouraged to take action to update their Transaction Privilege Tax (TPT) accounts and prepare for the upcoming 2024 TPT License renewal season. TPT accounts include sales tax and rental tax accounts, to name
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