BNA CPAs & Advisors’ Post

Maximize your returns by navigating the tax filing process smoothly. Here are some best practices to consider: Firstly, organization is key. Keep all your financial documents, including W-2s, 1099s, receipts, and statements, in one place to streamline the filing process. Maintaining a digital or physical folder throughout the year can save you time and stress come tax season. Secondly, take advantage of available deductions and credits. Ensure you're aware of all potential deductions, such as charitable contributions, medical expenses, and retirement contributions. Additionally, explore tax credits for education expenses, childcare costs, and energy-efficient home improvements. Maximizing deductions and credits can significantly lower your tax bill or increase your refund. Next, accuracy is paramount. Double-check all information before submitting your tax return to avoid errors that could delay processing or trigger audits. Utilize tax software or consult with a tax professional to ensure accuracy and compliance with current tax laws. Finally, don't procrastinate. Start gathering your documents and preparing your return as early as possible to avoid the last-minute rush. Filing early not only reduces stress but also allows for timely resolution of any issues that may arise. By following these best practices, you can file your taxes confidently, optimize your returns, and minimize the risk of errors or penalties. Contact us to learn more: https://lnkd.in/dUE3g6nT #TaxFilingTips #FinancialPlanning #MaximizeDeductions #TaxPreparation #TheProAccountants

We welcomed to the world our first child on Easter Sunday! 🐣 As a CPA and a new girl dad, I’m keen to sharing these 5 impactful tips on how to secure your newborn's financial future from day one: 1. Unlock the Power of Earned Income for Your Newborn Surprisingly, babies can earn an income through modeling for advertisement or using their images on your business website, which is vital for setting up tax-advantaged savings like a Roth IRA in the baby’s name. Early earnings mean early investments in your child's retirement, leveraging the power of compound interest. 2. Raise A Boss with a Single Member LLC If your newborn has earned income, consider establishing a Single Member LLC (SMLLC) for them. This move isn’t just about making your baby their own boss; it’s a strategic tax planning tool. Operating through an SMLLC can optimize tax outcomes and save on certain taxes, like the self-employment tax. 3. Build Your Baby’s Credit Score Early Adding your child as an authorized user on your credit card, post-issuance of their Social Security Number, jump-starts their credit history. This proactive step aims for an excellent credit score, simplifying future financial endeavors. 4. Invest in Your Child’s Education with a 529 Plan A 529 plan is an essential tool for educational savings, offering tax-free growth and withdrawals for qualified expenses. Starting this plan early maximizes its benefits, aiding in your child's future educational pursuits without the burden of loans. 5. Strategic Tax Planning: Taking Advantage of Tax Credits and Deductions As new parents, you’ll become eligible for various tax credits and deductions, such as the Child Tax Credit and the Child and Dependent Care Credit. Understanding how to maximize these benefits can reduce your tax liability and provide more resources for your family and your new baby’s future needs. By adopting these strategies, you not only ensure a solid financial foundation for your newborn but also instill early lessons in financial management and independence. If you're a professional navigating the joys and challenges of parenting, I'd love to hear from you—let's share insights and experiences to enrich our financial planning strategies for our little ones. Join the conversation below! Disclaimer: boss baby pose was not coached nor image altered. DTLACPA An Accountancy Corporation - All Rights Reserved #bossbaby #newborn #financialliteracymonth

Plan for Your Grandchild’s Financial Future 📆 While you may be looking forward to spoiling your grandchild with stuffed animals and the latest toys, you can also give them the gift of financial security. 🎁Gifting: For 2024, the annual gift tax exclusion is $18,000, per-donor, per-recipient. If you’re married, you and your spouse could each gift $18,000 in 2024. If you want to combine your annual exclusions to give someone $36,000, you can choose to take advantage of "gift splitting". 📈Investing: There are many beneficial savings and investment options to gift to a grandchild. Knowing what account type and strategy to choose depends on your gifting goals. Gifting your grandchild a head start on retirement requires a different account type than paying for a wedding, making a down payment on a home, or saving for college. 🎓Directly Contribute to Education or Medical Expenses: With proper guidance, you can make tuition payments directly to an accredited educational institution on behalf of your family member and utilize the IRS unlimited tuition gift tax exclusion. Likewise, the IRS provides a gift tax Medical exclusion for payments made on behalf of an individual to a person or institution that provided medical care. Careful planning is needed for financial gifting strategies, as they may have substantial tax implications. #FinancialEducation #Investing #FinancialGoals #LegacyPlanning #WealthBuilders #FinancialIndependence #GiftOfEducation #FinancialPlanning #Grandparents

Happy Tax Tuesday ☀️ If you're a super mom, here's a few quick tax tips for you! 💻 Home Office Deduction: If you work from home, claim a portion of your rent or mortgage, utilities, and more. 👶 Childcare Expenses: Keep track of childcare costs while you work; you might qualify for the Child and Dependent Care Credit. 📈 Education Credits: Did you attend college in 2023 or invest in professional development courses! You may Qualify for a tax credit 🔥 Ready to maximize your mompreneur tax perks? 🌐🚀 Click the link below to speak with a member of our team 📞 https://lnkd.in/es3XyVuD

𝗖𝗔𝗡 𝗬𝗢𝗨 𝗖𝗔𝗦𝗛 𝗜𝗡 𝗢𝗡 𝗔𝗡𝗬 𝗢𝗙 𝗧𝗛𝗘𝗦𝗘 𝗪𝗘𝗜𝗥𝗗 𝗧𝗔𝗫 𝗗𝗘𝗗𝗨𝗖𝗧𝗜𝗢𝗡𝗦? Lying awake at night trying to come up with last minute deductions? Consider these weird deductions allowed by the IRS: 1. If your doctor orders Weight loss programs they may be deductible. 2. Beauty enhancements needed to earn income, such as breast implants for strippers. 3. Cats keeping your business rat-free and guard dogs may be a business deduction. 4. If you pay for childcare to enable your volunteer work, you may have a 1040 deduction. 𝗜𝗳 𝘆𝗼𝘂 𝗻𝗲𝗲𝗱 “O𝘂𝘁𝘀𝗶𝗱𝗲 𝗧𝗵𝗲 𝗕𝗼𝘅” 𝘁𝗮𝘅 𝘀𝘁𝗿𝗮𝘁𝗲𝗴𝘆 𝗮𝗻𝗱 𝗽𝗹𝗮𝗻𝗻𝗶𝗻𝗴, 𝘄𝗲 𝘄𝗲𝗹𝗰𝗼𝗺𝗲 𝘆𝗼𝘂 𝘁𝗼 𝘁𝗮𝗸𝗲 𝗮𝗱𝘃𝗮𝗻𝘁𝗮𝗴𝗲 𝗼𝗳 𝗮 𝗳𝗿𝗲𝗲 𝗱𝗶𝘀𝗰𝗼𝘃𝗲𝗿𝘆 𝘀𝗲𝘀𝘀𝗶𝗼𝗻 𝗯𝘆 𝘃𝗶𝘀𝗶𝘁𝗶𝗻g New Client Application or https://lnkd.in/g4mBQ8xG.

Halloween is around the corner, Thanksgiving will be here in a blink, and then it’s Christmas Eve—we’ll already be thinking about 2025. As we get ready for the holidays, one thing quietly lingers in the back of our minds: TAXES. 🧾 For busy medical professionals, it’s important to stay ahead of the curve—so here are a few easy strategies to save on taxes for 2024. You can thank me later 😉 Before diving into strategies, make sure you have a clear picture of your numbers: → Year-to-date profit from your practice or side gig → Year-to-date W-2 income + estimated total for 2024 → Year-to-date withholding + tax projection → Estimated taxes paid so far Now, let’s start with the low-hanging fruit. These are simple, actionable tips that could save you four to five figures, depending on your tax bracket. 1) Maximize Retirement Contributions → Contribute to your 401(k) [For 2024, the contribution limit is $23,000 for employees under 50, with an additional $7,500 for those 50 and older.] → Take advantage of any employer matches 💰 → If you’re self-employed, check out IRAs, SEP-IRAs, or SOLO Ks 2) Utilize Tax-Advantaged Accounts → HSAs: Great for covering out-of-pocket medical expenses → FSAs: Can also help with medical and dependent care costs → 529 Plans: Save for future education expenses 3) Plan for Deductions → Track deductible expenses (think medical education, work expenses, etc.) → Consider bunching deductions to maximize their impact → Donate to charity and keep those receipts 📜 Once you’ve checked off these basics, you can move on to advanced strategies that could save you even more—but they’re a bit more complex and require working with a tax strategist. If you’re paying a high five-figure or six-figure tax bill, exploring advanced strategies could save you up to 30% or more. Don't forget to like and ♻️ share. #MaureenDecker #PrimeFinancials #TaxPlanning #MedicalProfessionals #TaxSavingTips #HSAs #RetirementPlanning

Spoiling grandkids with a splurge is fast and fun. Passing on wealth to them? That calls for careful planning. The article below explores some important considerations – from monetary distributions to tax implications. Learn more now. https://bit.ly/49hbK8T #WesternSouthernFamily

Spoiling grandkids with a splurge is fast and fun. Passing on wealth to them? That calls for careful planning. The article below explores some important considerations – from monetary distributions to tax implications. Learn more now. https://bit.ly/3vElqvs #WesternSouthernFamily

Spoiling grandkids with a splurge is fast and fun. Passing on wealth to them? That calls for careful planning. The article below explores some important considerations – from monetary distributions to tax implications. Learn more now. https://bit.ly/3VSmHbq #WesternSouthernFamily

Leaving a big IRA to your kids?—Why this strategy is coming to an end Before the last major tax reform act, if a married couple died, they could leave their IRAs and 401(k)s to their adult children who could begin taking small payouts, known as Required Minimum Distributions (RMDs). #BigIRA #StretchIRA #FinancialPlanning #LymanJackson