10 Ways Tax Professional Simplify Your Tax Filing Process
As a tax professional, I know firsthand how stressful tax season can be. It’s that time of year when everyone seems to be scrambling to gather documents, understand complicated forms, and make sure they’re doing everything right. But that’s where I come in. My job is to take that stress off your shoulders and make […]
2024 Tax Law Changes and Their Effects on Business Tax Planning
The economic environment has been incredibly unpredictable in recent years. The COVID-19 pandemic shook up traditional business practices but also opened new investment doors. Now, with persistent inflation and high interest rates, investment and tax planning strategies have become even more complex. The constantly shifting tax and regulatory landscape adds to the challenge. As a […]
State Tax Changes 2024 from 1 July 2024 – Everything You Need To Know
Summer has arrived, and many states are starting to roll out new tax policies that were passed earlier this year or are being phased in gradually. While most individual and corporate state tax changes kick in on January 1 for consistency, some key updates begin on July 1, aligning with the fiscal year start for […]
Can I convert my traditional IRA to a Roth IRA without penalty?
Converting a traditional IRA to a Roth IRA can be straightforward if you keep an eye on taxes. You can contribute to a traditional IRA at any age if you have earned income. But what if you’re 70½ or older? Can you still roll over money from a traditional IRA to a Roth IRA in […]
How to Calculate Taxes on Your Social Security Benefits?
You might be surprised to learn that Social Security benefits aren’t completely tax-free. Based on your income, up to 85% of your Social Security benefits could be taxed. This applies to retirement, survivor, and disability benefits from the Social Security trust funds, but not Supplemental Security Income (SSI). You’re more likely to pay taxes on […]
Tax Planning 2024: How to Utilize Grantor Retained Annuity Trust (GRATs) for Tax Savings
At our company BSE Accounting, we have often witnessed clients seeking effective strategies to preserve and transfer their wealth efficiently. One powerful tool that I frequently recommend, especially in the current tax environment, is the Grantor Retained Annuity Trust (GRAT). Here, today we will share our insights and experiences on how to utilize GRATs for […]
Tax Planning 2024: Understanding Intra Family Loans and Mortgages
As we approach the 2024 tax season, it’s crucial to delve into strategic tools like intra family loans and mortgages. These financial instruments not only facilitate wealth transfer within families but also provide potential tax benefits when structured correctly. As an expert in tax planning, I’ll guide you through the nuances, benefits, and potential pitfalls […]
Latest Tax Law Changes and How They Affect Your Tax Planning 2024
As we step into 2024, it’s crucial to stay abreast of the latest tax law changes that could significantly impact your financial planning. Navigating these adjustments can be daunting, but understanding the key changes can help optimize your tax strategy. Here’s a comprehensive overview from a tax expert’s perspective, presented as a personal narrative to […]
URGENT: Federal Reserve Cancels Recession, Prices Fall, Massive Pivot Ahead
Attention everyone! Just a few hours ago, a significant development occurred. The Federal Reserve has chosen to pause rate cuts indefinitely. Surprisingly, investors are now considering the possibility of an unexpected rate hike within the next year, assigning it a 20% probability due to rising inflation, falling stock prices, and global tensions. Today’s Federal Reserve […]
How Much Home You Can ACTUALLY Afford in 2024 (By Salary)
Introduction Today, I want to delve into a crucial question: How much home can you afford? It’s essential to live within your means, especially when considering a significant investment like a house. Let’s break down the numbers. Assumptions Before we dive in, let’s establish some assumptions: ● Loan Term: 30 years ● Property Tax: 1.25% […]