Insights: Tax Services
How inflation will affect your 2024 and 2025 tax bills
Inflation can have a significant impact on federal tax breaks. While recent inflation has come down since its peak in 2022, some tax amounts will still increase for 2025. The IRS recently announced next year’s inflation-adjusted amounts for several provisions. Here are the highlights. Standard deduction. What does an increased standard deduction mean for you? A…
Read MoreEmployers: In 2025, the Social Security wage base is going up
As we approach 2025, changes are coming to the Social Security wage base. The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $176,100 for 2025 (up from $168,600 for 2024). Wages and self-employment income above this amount aren’t subject to Social Security tax. If your business…
Read MoreFrom flights to meals: A guide to business travel tax deductions
As a business owner, you may travel to visit customers, attend conferences, check on vendors and for other purposes. Understanding which travel expenses are tax deductible can significantly affect your bottom line. Properly managing travel costs can help ensure compliance and maximize your tax savings. Your tax home Eligible taxpayers can deduct the ordinary and…
Read MoreMaximize your year-end giving with gifts that offer tax benefits
As the end of the year approaches, many people start to think about their finances and tax strategies. One effective way to reduce potential estate taxes and show generosity to loved ones is by giving cash gifts before December 31. Under tax law, you can gift a certain amount each year without incurring gift taxes or…
Read MoreThe nanny tax: What household employers need to know
Hiring household help, whether you employ a nanny, housekeeper or gardener, can significantly ease the burden of childcare and daily chores. However, as a household employer, it’s critical to understand your tax obligations, commonly called the “nanny tax.” If you hire a household employee who isn’t an independent contractor, you may be liable for federal…
Read MoreWest Virginia Tax Rate Reduction
By: Miri Hunter, CPA, CVA, CGMA The West Virginia State Tax Department has announced that effective January 1, 2025, the personal income tax rates will be reduced by 4%, which will bring the top rate down from 5.12% to 4.92%. The tax rate is a graduated tax rate which based…
Read More2024 Year-End Tax Planning Guide
At Suttle & Stalnaker, PLLC we are dedicated to helping you maximize your income through various tax-saving strategies. We are excited to share our 2024 Year-End Year-Round Tax Planning Guide. There are numerous tax developments to consider for the current tax year. However, keep in mind that this resource is intended to provide general suggestions…
Read MoreMake year-end tax planning moves before it’s too late!
With the arrival of fall, it’s an ideal time to begin implementing strategies that could reduce your tax burden for both this year and next. One of the first planning steps is to ascertain whether you’ll take the standard deduction or itemize deductions for 2024. You may not itemize because of the high 2024 standard…
Read MoreIRS Update – Hurricane Helene Victims
By: Tricia Clark, CPA The IRS has provided filing relief to those affected by Hurricane Helene. Individuals and businesses in the entire states of Alabama, Georgia, North Carolina and South Carolina, and parts of Florida, Tennessee and Virginia will qualify. The relief is in the form of an extension of time to file and/or pay until…
Read MoreHelp ensure your partnership or LLC complies with tax law
When drafting partnership and LLC operating agreements, various tax issues must be addressed. This is also true of multi-member LLCs that are treated as partnerships for tax purposes. Here are some critical issues to include in your agreement so your business remains in compliance with federal tax law. Identify and describe guaranteed payments to partners…
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