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With so much election buzz in your ear (specifically around tax policy), here's the straight answer on how each candidate's tax plans could impact your wallet. With a Trump administration... 🍁 Extended TCJA provisions = lowered income tax brackets, maintaining the higher standard deduction, reduced taxes for business owners (think QBI) and corporations 🍁 Taxes on Social Security benefits would end entirely. 🍁 Overtime hours worked would not be taxed. 🍁 A 10-20% tariff would be imposed on most imported goods -- a 60% tariff on goods specifically from China. With a Harris-led administration... 🍁 Increased child tax credit (from $2,000 to $3,600 for younger children; up to $6000 for a baby’s first year) 🍁 First-time homebuyer down payment assistance (aka $25,000 tax credit) 🍁 The deduction for small business startup costs would jump from $5,000 to $50,000 🍁 Medicare taxes bumped up to 5% for those who make more than $400,000 annually 🍁 Raised corporate income tax rate (from 21 to 28%) 🍁 Raised capital gains tax (from 20 to 28%) for those who make 1 million or more annually. We're here in your corner to help guide you through, no matter the outcome.

Election season just took a new (possibly controversial) twist... Apparently, betting on who will be the next president is legal now. And it’s happening on Robinhood: https://lnkd.in/eYheJVF4 Users can trade candidate contracts with the race between Donald Trump and Kamala Harris down to the wire. Just a tip from your friendly tax professional: Any winnings are considered taxable income and should be accounted for when you file your 2024 taxes. Will this add a fresh perspective to the election…or blur the lines between finance and politics?

Are you leaving money on the table with your tax filing? Even the best software and most seasoned preparers can make mistakes on your tax return or miss taking advantage of deductions and credits you can and should claim. But we can take a second look -- we'll review your tax returns, even if someone besides us prepared them. A double-check here could save you from a disappointing return. If you want fresh eyes on tax filing where you feel like you overpaid or something was missed, give us a call. We'll make sure your return gets filed error-free and as in your favor as tax laws allow.

Employees have to spend $61 a day on this one thing… A recent survey from Owl Labs revealed that the migration back to the office from remote work is costing employees $61 on average every day (from gas, parking, and food expenses). Amazon and Dell are pioneering this shift, but they’re being met with resistance because of the burden it’s placing on employees. What are some ways an employer could make the pivot from remote work to in-office work more palatable for employees?

Your next paycheck could shrink as badly as your favorite t-shirt did in the washer if you’ve got tax debt on your hands. But you have options. Let me share one with you… If you're facing tax debt, The IRS can legally take up to 25 percent of your paycheck to settle it (yikes). What can you do to minimize the damage? You can file a Collection Due Process Appeal. As a taxpayer, you have the right to appeal the IRS's decision and attempt to negotiate a payment schedule with them. Talk to us about how you can get this process rolling.

Tax problem resolution… just a catch-all term for ‘beating the IRS’ right? Well, there’s a bit more involved in the process. If you’ve ever considered reaching out to a specialist to help you resolve your conflict with the IRS, it’s important for you to know exactly who you’re dealing with. Most people with tax problems think their only option is a long-term payment plan. But, depending on your situation, that may not be your only option. There are other ways for you to reduce penalties, avoid legal action, and even save on your total amount owed. Any tax resolution specialist you work with should take a holistic approach that goes way beyond basic payment plans. That's why we offer a whole toolbox full of strategies to untangle tax messes. Ready to resolve your tax issues? Let's talk (send a DM).

"...When “success” is a sprint, givers will often finish last. But when success is a marathon, givers often finish first." – Organizational Psychologist Adam Grant’s take on real intelligence. Everyone thinks it’s the smart people that can afford to be generous. But science says we’ve got it backward – it’s the generous that are truly smart. Why? Because people want to follow those who are kind. Effective leadership is selfless. And all business is built on relationships. Agree or disagree? Let’s hear your take.

What financial tasks are top of mind for you as the year wraps up? Two months (and some change) is all that’s left of 2024 – it’s time to double down on those year-end priorities. Grab a cup of coffee, reassess your annual financial goals, and figure out what steps you need to take to reach them. We’d love to hear how you’re prioritizing for EOY in the comments.

Debt relief isn’t just a quick fix. Before jumping into debt cancellation, take a moment to think beyond just the short-term relief. Sure, wiping out debt sounds great, but what happens next? Debt cancellation can impact your financial future in ways you may not have considered. For example, your credit score. Not to mention the potential tax consequences. Before you jump on the bankruptcy train, weigh the pros and cons. Take into account your long-term financial goals. Are you wanting to buy a home, save for retirement, build your kids' college fund, or even just get on stable ground with your money? Debt relief is an irreversible step in your financial journey. Make sure it's the right one. On the fence about it? Give us a call. We’re here to help you figure out your best way forward.

Think your only option for dealing with the IRS is a long-term payment plan? Well, it's not. There are other ways for you to reduce penalties, avoid legal action, and even save on your total amount owed. Tax resolution specialists (like us) typically take a more holistic approach that goes way beyond basic payment plans. We offer a whole toolbox full of strategies to untangle your tax mess and get you back on solid financial ground. Need help resolving your tax problems? DM us.