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Small Business Retirement Plan Options
If you're self-employed or own a small business, you've probably considered establishing a retirement plan. If you've done your homework, you likely know about simplified employee pensions (SEPs) and savings incentive match plans for employees (SIMPLE) IRA plans....
Maximizing the Qualified Business Income Deduction
The Qualified Business Income (QBI) deduction, otherwise known as Section 199A, was introduced under the Tax Cuts and Jobs Act of 2017. This deduction allows owners of pass-through entities to claim a deduction of up 20% of qualified business income.Qualified Business...
How to Handle Vacation Home Taxes: The Tax Implications of Having a Second Home
Owning a vacation home is a dream come true for many, providing a getaway spot for relaxation and a potential source of rental income. However, the tax implications can be daunting. This guide will answer the most common questions for those who own a second home, and...
Relief for Certain RMDs from Inherited Retirement Accounts for 2024
In early 2022, the IRS issued proposed regulations regarding required minimum distributions (RMDs) to reflect changes made by the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019. The IRS has held off on releasing final regulations so that it...
The Mid-Year Tax Checklist: What to Do for Your Taxes During the Summer
As summer sets in, it's the perfect time for high-net-worth individuals to perform a mid-year tax check-up. Mid-year tax planning can save you from surprises come tax season and ensure you’re on track to maximize your financial situation. Here's a comprehensive...
Breaking News: Georgia’s Changes to Tax Laws in 2024
The recent Georgia Legislative Session resulted in several pieces of legislation impacting taxes and tax planning for Georgia residents. Overall, the legislation was very tax-friendly for Georgia residents and businesses. Review our summary of the legislation and how...