Shoebox Financial Solutions

#taxtip Tax Day is fast approaching, but if you don't think you can meet the April 15 deadline, don't worry! Shoebox Financial Solutions can help you request a six-month extension before Tax Day, allowing you to avoid any penalties and interest. Remember, the deadline to file an extension is April 15. Don't wait until the last minute, book a virtual appointment with us today and let us help you with your tax needs. https://lnkd.in/gQCWUZAw #taxdeadline #taxseason #taxextension #taxfiling

#Taxtips What's the best way to borrow to make consumer purchases? Home equity loans used to be a popular option for many homeowners due to their tax-deductible interest. However, for tax years 2018 through 2025, interest on home equity loans is only deductible when the loan is used to buy, build or substantially improve the taxpayer's home that secures the loan. This means that if you take out a home equity loan for consumer purchases like a car or credit card debt, the interest is no longer tax-deductible. As a result, it's important to consider other borrowing options for consumer purchases.

#taxtips Attention small business owners! Are you worried about the financial commitment and administrative burdens involved in setting up a retirement plan for yourself and your employees? Look no further than the Simplified Employee Pension (SEP) plan. This plan offers relative ease of administration and the discretion to make or not make annual contributions, making it an attractive option for small businesses. Consider SEP as a viable retirement saving option for your small business today! #retirementplanning #smallbusiness #SEPplan

#taxtip What tax-deferred investments are possible if you're self-employed? If you're running a sideline or moonlighting business, you may still be eligible to set up and contribute as much as possible to a retirement plan. Luckily, there are several plans available to you. These include an individual or self-employment 401(k) plan, a SEP (Simplified Employee Pension), and the SIMPLE IRA plan. By taking advantage of these tax-deferred investment options, you can save money on taxes and invest in your future. Don't miss out on the opportunity to secure your financial future as a self-employed individual. #SelfEmployment #RetirementPlanning #TaxDeferredInvestments

#taxtips Eligible educators, did you know that you can deduct up to $300 of out-of-pocket classroom expenses on your 2023 federal income tax return? The best part….You don't have to itemize deductions to claim this benefit. Even if you claim the standard deduction, you can still take advantage of the educator expense deduction. Make sure to keep track of those receipts and take advantage of this deduction this tax season. #taxdeductions #educators #taxhelp #taxfiling

#taxtips It's important to know that political contributions, donations, or payments made by your business are NOT tax-deductible. While charitable donations are generally tax-deductible, donations made to political organizations or candidates are not. If you're considering making a political donation and want to know if the organization qualifies, the IRS provides a Tax-Exempt Organization Search Tool that you can use. Stay informed and make the most of your business's tax deductions! #politicaldonations #taxdeductions #businesstaxes

#taxtips What kinds of household workers are covered by nanny tax rules? Household workers include anyone who does work in or around your home such as babysitters, nannies, health aides, private nurses, maids, caretakers, yard workers, and similar domestic workers. In addition, the worker must be your employee, which means you can control not only what work is done, but how it is done. It does not matter whether the work is full-time or part-time, or that you hired the worker through an agency. On the other hand, if only the worker can control how the work is done, the worker is not your employee, but is self-employed. #nannytax #taxcompliance #taxes

#taxtips What Types of Tax Relief are Available for Costs of my Children's Higher Education? A wide variety of tax relief is available, but you'll need to choose which credit or deduction to claim or which savings plan to use based on your individual tax situation. You also can't use two different kinds of relief for the same item. For instance, you can't take the higher education credit and tuition fees deduction for the same student for the same year. You also can't take the American Opportunity Tax Credit and the Lifetime Learning Credit for the same student for the same year. There may also be limits based on adjusted gross income. Make sure to do your research and consult Shoebox Financial Solutions to make the most of the options available to you. #taxrelief #highereducation #savingsplan #taxes

#taxtips Are you considering purchasing an electric vehicle? Did you know that you could qualify for a tax credit of up to $7,500? Even if you're buying used, you may still be eligible for up to $4,000 in tax breaks. This year, you have the flexibility to choose between a nonrefundable credit on your tax return or transferring the credit to the dealer to lower the price of the car at the point of sale. Reduce your carbon footprint and save money with this tax credit. Don't miss out on this opportunity! Contact Shoebox Financial Solutions for tax help. #taxtips #taxdeductions #electriccars.

#taxtips Can you save on taxes by filing separately instead of jointly with your spouse? The answer is yes, but it depends on your situation. If one spouse has significant medical expenses, miscellaneous itemized deductions, or casualty losses, or if your incomes are about equal, then filing separately may be a smart move. By filing separately, the adjusted gross income "floors" for taking the listed deductions will be computed separately. This means that you may be able to claim more deductions that you wouldn't be able to if you filed jointly. Shoebox Financial Solutions can evaluate your options to ensure you make an informed decision. Check out our website at https://lnkd.in/gPPqUx9Q to sign up for our monthly newsletter or request a virtual appointment. #taxes #taxfiling #marriedfilingseparately