July 1, 2025 - D.C. is in full negotiation mode, and the latest House and Senate versions of the new tax bill include major proposed changes: ✔️ Expanded child tax credits✔️ New car loan interest deductions✔️ Bonus depreciation returns✔️ R&D write-offs restored✔️ SALT cap changes (again)✔️ Repeal of energy tax [...]
JUNE ACCOUNTING & TAX TIPS Check your YTD income Review your W-2 tax withholding Know your tax bracket Track busienss deductions now Estimated taxes are due June 15th Calculate remaining retirement contributions Track home office or business vehicle use
With tax season in full swing, here are a few key reminders to help you stay on track. 📅 Tax Document Reminders Many tax forms, including 1099-Bs for investment accounts, won’t be available until late February. Be sure to check with your brokerage firm before sending partial documents. As you receive your tax [...]
The 2024 tax filing season begins January 27th 2025! Every year, AFSG provides you with detailed checklists to help you stay organized and up to date on the current tax laws. Below are links to our 2024 checklists, worksheets, and virtual appointment options. TAX CHECKLISTS From your phone, tablet, or [...]
Important Reminder: The fourth quarter estimated tax payment deadline is January 15, 2025. It’s crucial for gig workers, business owners, retirees, or those with investment income to make sure they meet their federal and state tax obligations. Missing payments or underpaying will result in penalties. If you’re unsure about how [...]
The Internal Revenue Service announced today the annual inflation adjustments for tax year 2025 including more than 60 tax provisions that will impact taxpayers when they file their returns in 2026. Notable changes for tax year 2025 The tax year 2025 adjustments described below generally apply to income tax returns [...]
In light of the recent federally declared disasters, we want to extend our thoughts to those affected. The IRS has extended certain tax deadlines for individuals and businesses in impacted areas. If you’ve been affected, you may have more time to file your tax returns or make payments. Please check [...]
Important Reminder: The third quarter estimated tax payment deadline is September 16, 2024. It’s crucial for gig workers, business owners, retirees, or those with investment income to make sure they meet their federal and state tax obligations. Missing payments or underpaying will result in penalties. If you’re unsure about how [...]
The Internal Revenue Service (IRS) has recently addressed some common misconceptions surrounding Form 1099-K, aiming to clear up confusion and assist taxpayers in understanding their obligations. With changes and myths circulating, it’s crucial to know the facts about receiving and reporting via Form 1099-K. In November 2023, the IRS [...]
Understanding the Tax Implications of Bonuses Receiving a bonus from your employer is not just a sign of recognition for your hard work; it's also a boost to your income that can have various tax implications. Unlike regular wages, bonuses are taxed under specific rules that you should be aware [...]
