by Ryan Burke, CPA, MSF | Nov 22, 2024 | Blog, Tax
The Inflation Reduction Act (IRA), enacted in 2022, created several tax credits aimed at promoting clean energy. You may want to take advantage of them before it’s too late. On the campaign trail, President-Elect Donald Trump pledged to “terminate” the law and...
by Ryan Burke, CPA, MSF | Oct 31, 2024 | Blog, Business, Tax
As we approach 2025, changes are coming to the Social Security wage base. The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $176,100 for 2025 (up from $168,600 for 2024). Wages and...
by Ryan Burke, CPA, MSF | Oct 9, 2024 | Blog, Tax
If you have a child or grandchild planning to attend college, you’ve probably heard about qualified tuition programs, also known as 529 plans. These plans, named for the Internal Revenue Code section that provides for them, allow prepayment of higher education costs...
by Ryan Burke, CPA, MSF | Sep 26, 2024 | Blog, Tax
With the arrival of fall, it’s an ideal time to begin implementing strategies that could reduce your tax burden for both this year and next. One of the first planning steps is to ascertain whether you’ll take the standard deduction or itemize deductions for 2024. You...
by Ryan Burke, CPA, MSF | Aug 30, 2024 | Business, Tax, Uncategorized
Partnerships are often used for business activities. So are multi-member LLCs that are treated as partnerships for tax purposes. A major reason is that these entities offer federal income tax advantages, the most important of which is pass-through taxation. They also...
