The following chart provides some important federal tax information for 2024, as compared with 2023. Social Security/ Medicare 2024 2023 Social Security Tax Wage Base $168,600 $160,200 Medicare Tax Wage Base No limit No limit Employee portion of Social Security 6.2% 6.2% Employee portion of Medicare 1.45% 1.45% Individual Retirement Accounts 2024 2023 Roth IRA Individual, […]
Important Tax Figures for 2024 Read More »
You may have a former personal residence that you’ve converted into a rental property. As you probably know, rental property owners are allowed to deduct costs to produce rental income, including depreciation. Deductions are allowed when a property is held out for rent, whether it is actually rented or not. One Tax Court case clarifies
Deductions When Turning a Personal Residence into a Rental Read More »
Your business may soon have to comply with new reporting requirements that take effect on January 1, 2024. Under the Corporate Transparency Act (CTA), enacted in 2021, certain companies will be required to provide information related to their “beneficial owners” — the individuals who ultimately own or control the company — to the Financial Crimes
Does Your Business Have to Comply with New Corporate Reporting Rules? Read More »
As December 31st approaches, now is an excellent time to consider planning actions that could lower your tax bill for this year and possibly next. Despite major tax changes from recent years generally remaining in place, including lower income tax rates and larger standard deductions, the time-tested approach of deferring income and accelerating deductions to
2023 HVC Year-End Tax Planning Letter Read More »
