Apr 1, 2025 | Business Planning, Closely Held Business, Tax News
Section 179 of the U.S. tax code offers a tax incentive to small and medium-sized businesses by allowing them to take a full deduction on tangible assets in the year items were purchased and put into service. The cost of such major purchases would generally have to be...
Mar 25, 2025 | Business Planning, Closely Held Business, Tax News
Section 199A of the Internal Revenue Code provides many owners of sole proprietorships, partnerships, S corporations and LLCs, as well as some trusts and estates, a deduction of up to 20% of income from a qualified trade or business, qualified real estate investment...
Mar 13, 2025 | Closely Held Business, Personal Financial Planning, Tax News
The IRS’s annual “Dirty Dozen” memo lists 12 scams you should watch out for. The education effort wants to protect you from tax traps like identity theft or being misled into claiming tax credits you’re not entitled to. Let’s look at...
Mar 4, 2025 | Business Planning, Closely Held Business
The Department of Labor announced in April 2024 that it would increase the salary threshold required to exempt a salaried bona fide executive, administrative or professional employee from federal overtime pay requirements. According to a DOL release, “Effective...
Jan 16, 2025 | Business Planning, Closely Held Business, Personal Financial Planning, Tax News
The U.S. tax code is complicated and often hard to understand, with many provisions, credits and disallowances. Let’s review a few credits that many people are interested in, as well as how to respond to the IRS if you get married — or get a taxes-due notice....
Jan 13, 2025 | Business Planning, Closely Held Business, Featured News and Events, Personal Financial Planning
Reposted from Northern Virginia Magazine, December 11, 2024 news article. This essay is part of Northern Virginia Magazine’s December cover story, How the Last 6 Decades Transformed Northern Virginia. It is important to understand where the regional economy is...
