Scott Miller, CEP’s Post

Companies that issue stock options often have questions regarding Incentive Stock Options, also known as ISOs. Here is some great information on the tax treatment of those awards from the team at OptionTrax. If you would like to learn more about ISOs or OptionTrax, feel free to reach out to me at jkunecki@optiontrax.com #OptionTrax #stockoptions #ISO #IncentiveStockOptions #tax #CFO #Controller #SECreporting #financialreporting #HR #Benefits #equityawards

Incentive Stock Options (ISOs) offer a unique tax advantage if you meet certain IRS requirements. 🌟 Key points: - Tax Treatment: Long-term capital gains rate if qualifying disposition, else ordinary income but no social taxes due - Tax on Grant Date: No - Tax on Exercise: No  - Tax on Sale of Security: Yes  - If qualifying disposition: long-term capital gains on difference between sale price and exercise price and possible AMT if qualifying) - If disqualifying disposition: ordinary income  - Tax Reporting Form: W-2 and Form 3921 - Tax Deduction: If a disqualifying disposition, tax deduction equals amount reported as employee’s income, no deduction if a qualifying disposition The application of long-term capital gains rates instead of ordinary income tax rates can result in significant savings for your employees Optimize your tax situation with ISOs. Reach out to learn more! #EquityCompensation #TaxStrategy #StockOptions

It is crucial for individuals to engage in strategic tax planning with their financial professionals, particularly considering the changes to the standard deduction and tax brackets for the year 2024. These modifications, affecting filers who do not itemize their deductions, will only be reflected in the tax returns filed in early 2025.Click below to learn more. https://hubs.la/Q02dlNnY0

Dive into 'Taxable Income' - it's the portion of your income subject to tax after deductions and allowances. Understanding this can aid in tax planning. Want to explore? Schedule a free consultation on our website. #TaxEssentials🔍 👉🏻 jt-accounting.co.uk

📊 Tax Update: Changes in Section 87A Rebate Dear Connections, I wanted to inform you about recent updates concerning income tax filing that may affect many of us, particularly those with specific types of income. The Income Tax Return (ITR) utility has been revised, impacting the availability of the Section 87A rebate. Previously designed to provide relief for taxpayers whose total income fell below a certain threshold, this rebate is now no longer applicable to: - Short-Term Capital Gains (STCG) under Section 111A from equity shares or equity-oriented mutual funds. - Other special rate incomes taxed under similar conditions. These adjustments underscore the importance of staying informed about changes in tax regulations to effectively plan and manage tax liabilities.

Maximize your tax savings by understanding Tax Credits and Deductions. Credits might be refundable, deductions lower your taxable income. Reach out to learn more. Visit: 🌐https://lnkd.in/g7y6tArK  or Call at: 📞404-419-6085   #TaxSavings #AtlantaFinance #ATLTaxPros #TaxTips #TaxPlanning #TaxHelp

Another great tax resource for 2024! It’s never too early to start planning tax reduction strategies, this key financial data can help guide you with any tax rates, deductions or credits you may want to consider. https://hubs.ly/Q02jJ3X80

The 2023/24 Tax Year is coming to an end on April 5th, so you don’t have long left to use your various allowances – such as your annual Capital Gains Tax allowance. This is especially important this year as your Capital Gains Tax allowance is being halved from £6,000 to £3,000 from April 6th. That means that now is the time to make the most of the bigger allowance. So if you have any assets or investments that could be liable to Capital Gains Tax, consider the different options you have to ensure that you keep as much of the gain as possible. We would be more than happy to offer you any guidance regarding your assets and the potential ways that you can pay as little Capital Gains Tax as possible. 

It is crucial for individuals to engage in strategic tax planning with their financial professionals, particularly considering the changes to the standard deduction and tax brackets for the year 2024. These modifications, affecting filers who do not itemize their deductions, will only be reflected in the tax returns filed in early 2025. Read on: https://hubs.li/Q02cGwL80

Tax Tips & Strategies Q&A Is a tax deduction better than a tax credit? Answer: Tax credits are more valuable than deductions. Deductions are only a deduction against your income, while a ‘tax credit’ is a credit against your overall taxes…and some are even refundable if you have more credit than tax. Example. $1,000 deduction versus a $1,000 credit. If you’re in a 20% tax bracket and you have $50,000 of income, the $1,000 deduction reduces your income to $49,000 and you just saved $200 in tax. ($1,000 x 20%) However, a $1,000 tax credit is a $1,000 tax savings! Tax Credits lower your tax, dollar for dollar. Whereas, deductions lower your income, saving you the tax on that income. Tax Credits are always better. Go to www.ppsaccounting.com for tax tools and resources #ppsaccounting #taxes #taxcredits #buildwealth #taxstrategies #taxtips