The IRS recently announced adjusted contribution limits for retirement accounts in 2025, addressing inflation's impact on retirement savings. These adjustments, outlined in Notice 2024-80, affect a range of retirement plans, including 401(k) plans, 403(b) plans, individual retirement arrangements (IRAs), and the federal government’s Thrift Savings Plan (TSP). 401(k) and Similar Plans See Increased Contribution Limit Starting in 2025, individuals can... read more »
As the third quarter draws to a close, businesses should take a moment to review their financial health. The third quarter is a pivotal time for analyzing your financial performance, making necessary adjustments and preparing for year-end tax obligations. Third-Quarter Financial Review The third quarter offers an opportunity to evaluate your business’s financial position. This includes reviewing income statements, balance... read more »
As the third quarter of the fiscal year progresses, businesses find themselves navigating a critical period that demands close attention to their financial operations. For clients working with Corporate Capital Inc., this time is pivotal for ensuring that their Bookkeeping is accurate, accounting processes are thorough and tax filing preparations are well underway. By focusing on these key areas now,... read more »
As the third quarter of the year rolls on, businesses and individuals alike must turn their attention to crucial financial tasks: bookkeeping, accounting, and tax preparation. This period is particularly critical as it offers an opportunity to implement strategic tax planning while also ensuring compliance with upcoming tax deadlines. Below, we will explore some essential bookkeeping practices, the latest tax... read more »
Planning for the future is essential for everyone, but if you are child-free you also often have unique considerations that require more tailored financial and life strategies. Here are some critical aspects to evaluate when it comes to financial considerations for a child-free lifestyle. 1-Retirement Planning -Savings Goals: Without children to potentially support you in your twilight years, you will... read more »
The IRS recently issued an urgent warning to taxpayers about the increasing prevalence of tax scams, particularly those that lure individuals into filing for inflated refunds. These scams often involve misleading advice that leads to false claims for various credits, including the Fuel Tax Credit, Sick and Family Leave Credit and Household Employment Taxes. Understanding these scams and their implications... read more »
Are you part of the ever-growing army of self-employed professionals, freelancers, gig workers or small business owners? If so, tax season can be a daunting prospect. The good news is, that with the right guidance and a bit of organization, you can navigate the intricacies of tax filing like a pro. In this guide, we are excited to walk you... read more »
Now more than ever, it's crucial for individual taxpayers to understand the recent adjustments and new laws affecting tax filings. 2024 brings several significant changes, from adjustments in tax brackets and deductions to the introduction of new credits and the expiration of pandemic-related provisions. Today we are providing a comprehensive overview of these changes and their potential impact on individual... read more »
As the April deadline approaches, many people find themselves in the familiar scramble to file their taxes. If you're reading this, you're likely in search of guidance to navigate this crunch time efficiently. Fret not, for even at the eleventh hour, there are strategies to not only file your taxes accurately but also maximize your returns. Here's a concise guide... read more »
In a landmark move towards enhanced corporate transparency, the 2021 Corporate Transparency Act ushered in a new era for businesses operating in the United States. Effective January 1, 2024, filing the Beneficial Ownership Information Report (BOIR) became a mandatory requirement, imposing significant consequences for non-compliance. This blog explores the key aspects of the BOIR, the consequences of failing to file,... read more »
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