Tax Tips & More
When Not to Get Married
Marriage is a life-changing decision, and it’s essential to consider how it impacts your financial and tax situation. Depending on your circumstances, getting married could simplify your taxes—or increase your tax burden. Here are key points to keep in mind.
2024 Last-Minute Vehicle Purchases to Save on Taxes
Do you need more 2024 tax deductions? Do you need a replacement business vehicle? If so, you can simultaneously solve or mitigate the first problem (needing more deductions) and the second problem (needing a replacement vehicle) if you can get your replacement vehicle in service on or before December 31, 2024.
2024 Last-Minute Year-End Retirement Deductions
The clock continues to tick. Your retirement is one year closer. You have time before December 31 to take steps that will help you fund the retirement you desire. Here are five things to consider.
3 Possible Ways to Deduct Your Dog or Cat
Dogs, cats, and other household pets are expensive. Owners spend an average of $1,270 to $2,800 to own a dog. Can you ever deduct these costs from your taxes?
Tax Deductions for Dues and Expenses of Being a Mason or a Lion
Based on IRS regulations, club dues are generally not deductible if the organization’s principal purpose is to conduct entertainment activities for its members. However, there are exceptions for civic and public service organizations.
Create Biz Deductions for Your Timeshare
Considering offering your timeshare to your employees as an incentive? Here are 2 potential methods to help you achieve tax deductions for your timeshare.
December 2024 Tax Due Dates
December 10: Tips for November 2024 Reported to Employer (Form 4070)
December 31: Contribution to employer-sponsored retirement plan for 2024 (401(k), 403(b), 457 or federal thrift savings plans)
December 31: Required minimum distribution (RMD) by individuals who are 74 or older at the end of 2024
January 2025 Tax Due Dates
January 10: Tips for December 2024 reported to employer
January 16: Estimated tax payment for 4th quarter of 2024
January 16: Farmers and fishermen pay estimated tax for 2024
January 31: Deadline to file and pay 2024 taxes in full if not making an estimated tax payment in January
February 2025 Tax Due Dates
February 10: Tips for January 2025 reported to employer
February 18: File Form W-4 to reclaim exemption from withholding for 2025