Verity CPAs

Unexpectedly owing the IRS after filing your taxes? It’s not just about catching up—adjusting your withholding now can help prevent future surprises. With the IRS’s withholding calculator and guidance from Verity CPAs, you can stay on top of tax changes, account for life updates, and secure a more predictable financial outcome at tax time. Whether you've recently married, bought a home, or seen changes in your income, now’s the time for a “paycheck checkup.” Let us assist you! Contact Verity CPAs at info@verity.cpa or 808.546.5026. #TaxTips #WithholdingAdjustment #VerityCPAs #FinancialPlanning

Today, we honor the courage, dedication, and sacrifice of all who have served. Verity CPAs proudly salutes our veterans for their service and commitment to our nation. Thank you for your strength and bravery. #VeteransDay

Are taxes eating into your mutual fund returns? At Verity CPAs, we believe in smart, tax-efficient investing to help you keep more of what you earn. Here’s how to avoid common tax traps: Avoid Year-End Buys: Purchasing funds before they distribute capital gains leads to taxes on gains you didn’t benefit from. Choose Tax-Efficient Funds: Index and passively managed funds typically generate fewer taxable gains. Track Your Basis: Avoid double taxation by keeping an eye on your cost basis, especially if you reinvest dividends. We’re here to guide you through a tax-smart investment strategy that fits your unique goals. 📊 Reach out to Verity CPAs at info@verity.cpa or 808.546.5026 to start optimizing your portfolio. #InvestmentStrategies #TaxEfficiency #MutualFunds #VerityCPAs

Happy Halloween from Verity CPAs! 👻 This spooky season, we’re here to keep your finances free of any unexpected scares. Just like a well-crafted costume, your financial plan should be a perfect fit—no tricks, only treats! Whether you’re an individual or a business, our team navigates the twists and turns of the financial world with confidence. From tax planning to audit services, we bring clarity and expertise, keeping you on track all year round. Wishing you a safe, fun, and fiscally responsible Halloween! 🎃 #HappyHalloween #VerityCPAs #NoTricksJustTreats #Finance

Solo Business Owner? A Solo 401(k) Could Maximize Your Retirement Savings If you’re a sole proprietor, a Solo 401(k) can help you build retirement savings while lowering your tax bill. With contribution limits of up to $76,500 for those over 50 in 2024, this plan gives flexibility to contribute more in high-income years and scale back when needed. While setup requires minimal admin work, high-income earners and those with employees might consider other options. For help evaluating your retirement plan options, reach out to Verity CPAs at info@verity.cpa or 808.546.5026. #Solo401k #RetirementPlanning #SmallBusiness #VerityCPAs

Smart Tax Planning Strategies for 2024 With marginal tax rates up to 37% in 2024, it’s more important than ever to plan strategically. Here are three key tax-saving strategies for the year ahead: Reduce or Eliminate Taxes: Opt for tax-efficient investments like municipal bonds, growth stocks, and qualified dividends. These income sources often receive favorable tax treatment, including long-term capital gains rates of 15% on gains held over a year. Postpone the Payment of Taxes: Maximize retirement contributions to accounts such as 401(k)s or IRAs, deferring taxes to a future date when you may be in a lower bracket. Shift the Tax Burden: Take advantage of the increased tax-free gift limits in 2024, now at $18,000 per person annually. Additionally, use the lifetime gift exclusion to transfer larger amounts tax-free. These strategies can have a profound impact on your tax burden and overall financial health. For expert tax guidance and personalized financial strategies, contact Verity CPAs at info@verity.cpa or 808.546.5026. Let’s ensure 2024 is a financially sound year for you!

Tax Proposals on the Campaign Trail: What You Need to Know As election season heats up, tax policy has become a key topic of debate. Kamala Harris proposes raising taxes on unrealized gains for the wealthiest Americans and increasing capital gains rates for high-income earners. On the other hand, Trump is focused on extending the Tax Cuts and Jobs Act, lowering corporate taxes, and cutting more taxes for small businesses. Both candidates have promised changes, but the details are still evolving. Interested in how these proposals could impact you or your business? Contact Verity CPAs at info@verity.cpa or 808.546.5026 to discuss your financial strategy. #Election2024 #TaxProposals #VerityCPAs #FinancialPlanning

🚨 IRS Launches Regulatory Initiative Targeting Partnership Tax Loopholes 🚨 The IRS is focusing on large, complex partnerships using basis-shifting transactions to reduce their tax liability. With proposed regulations and reporting requirements on the horizon, partnerships need to tread carefully to stay compliant. Key changes include: -Blocking inappropriate tax benefits. -Requiring partnerships to report basis-shifting transactions exceeding $5 million. -Challenging transactions that lack economic substance. Stay ahead of these changes and ensure compliance with Verity CPAs. Our team specializes in helping businesses navigate complex tax regulations. 📧 Contact us at info@verity.cpa | ☎️ 808.546.5026 #TaxStrategy #IRSRegulations #PartnershipTax #VerityCPAs

Maximize College Financial Aid: Tax Strategies for Parents Here’s an important financial aid tip for parents: The way you manage assets can affect your child's aid eligibility. Retirement plans and IRAs don’t count for college aid purposes, but assets in your child's name do—at a rate of 20%, versus just 5.6% for assets in a parent's name. Keeping savings in your own name, especially during the critical last two years of high school, can improve your chances of qualifying for aid. Also, remember that merit-based awards are available even for well-off families if students meet certain academic benchmarks. And contributing to retirement accounts doesn’t just save on taxes—it can also preserve your family’s financial aid eligibility. Need guidance on optimizing your college savings strategy? Contact Verity CPAs at info@verity.cpa or 808.546.5026 today to get started! #FinancialPlanning #TaxStrategy #CollegeAid #VerityCPAs

How to Avoid the IRS Penalties from Misclassifying Independent Contractors Many businesses use independent contractors to cut costs, but the IRS is paying closer attention to how these workers are classified. Misclassifying freelancers as employees can lead to penalties, back taxes, and more. With the rise of gig work, it’s critical to follow best practices and protect your business from costly mistakes. What can you do? Set clear boundaries: Ensure your independent contractors sign agreements stating that they’re responsible for their own taxes and don’t receive employee benefits. Consistent treatment: Treat all workers doing similar tasks either as contractors or employees — not both. Proper documentation: Don’t forget to issue Form 1099-NEC for contractors paid $600 or more. Limit benefits: Avoid offering perks to contractors that are typically reserved for employees, such as office space or equipment. By taking these steps, you can safeguard your business from potential audits or penalties. Contact Verity CPAs at info@verity.cpa or 808.546.5026 for help in managing your workforce classification properly.