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April 2024 Newsletter

April 2024 Newsletter

Kushner LaGraize sincerely appreciates the opportunity to serve our clients during this tax season. We are privileged to work with you and appreciate your trust in us. Our goal will always be to provide our clients with prompt and personalized quality service.
Proactive Tax Strategies for High-Earning Taxpayers

Proactive Tax Strategies for High-Earning Taxpayers

The IRS has issued clear warnings about its increased scrutiny of high-net-worth individuals, especially those using risky tactics to reduce tax obligations. This video provides strategies for optimizing your financial situation while staying within the bounds of the law. 
The CTA ruling: implications for beneficial ownership reporting in the wake of legal challenges

The CTA ruling: implications for beneficial ownership reporting in the wake of legal challenges

The U.S. District Court for the Northern District of Alabama recently ruled that the Corporate Transparency Act exceeded Congress's legislative powers listed in the Constitution. Learn about the ruling and how this might affect the reporting requirements for your business.
Financial reset: strategizing for a prosperous year ahead

Financial reset: strategizing for a prosperous year ahead

Set your financial targets for the year with this comprehensive guide that uses the SMART framework. Learn about strategies for debt repayment, evaluating your emergency fund, and early tax planning. If you need more guidance, our office is ready to provide personalized advice.
Building sustainable wealth: 5 key considerations for emerging high earners

Building sustainable wealth: 5 key considerations for emerging high earners

Get valuable insights on how to build sustainable wealth as an emerging high-earner. This article dives deep into managing lifestyle creep, understanding income tax, and making tax-efficient investments. Learn how to leverage everyday expenses to lower your tax bill and preserve wealth.
Rollout of the IRS’s $1 billion penalty relief program

Rollout of the IRS’s $1 billion penalty relief program

The IRS is offering a penalty relief program to taxpayers affected by its operational difficulties during the pandemic. Find out if you qualify for this program that is expected to impact around 5 million tax returns.
From partnerships to side gigs, who really owes self-employment taxes?

From partnerships to side gigs, who really owes self-employment taxes?

Explore the impact of a recent legal shift that broadens the scope of self-employment taxes, including limited partners and gig workers. Learn how everyday activities could land you in the self-employment tax bracket and how to avoid potential penalties.
Self-employed? Here’s how to pick between a SEP IRA and Solo 401(k) for your retirement

Self-employed? Here’s how to pick between a SEP IRA and Solo 401(k) for your retirement

Explore two popular retirement plans, SEP IRA and Solo 401(k), for the self-employed in this overview, focusing on their benefits, drawbacks, and the strategic considerations for choosing between them. Learn about higher contribution limits, flexibility, and tax advantages these plans offer. Get insight into which plan best fits your retirement goals and business structure.
Financial analysis of leasing vs. purchasing a vehicle

Financial analysis of leasing vs. purchasing a vehicle

Understanding the financial differences between leasing and purchasing a vehicle can save you a significant amount of money. This article provides a detailed breakdown to help you make an informed decision.
Understanding the Backdoor Roth IRA

Understanding the Backdoor Roth IRA

Are you a high-income earner seeking ways to optimize your retirement savings? Get a full grasp of how the Backdoor Roth IRA can be an effective tool for you.
January 2024 Newsletter

January 2024 Newsletter

Please be aware that the filing deadline for all Federal W-2s is January 31, 2024. Please make an effort to distribute these forms to employees before the end of January, so there is time for any potential errors to be corrected before filing these forms with the Social Security Administration. The January 31st deadline also applies to providing recipients with their Forms 1099-MISC and Forms 1099-NEC. Forms 1099-NEC are required to be filed with the IRS by January 31st, and Forms 1099-MISC are required to be filed with the IRS by February 28th if filing by mail and March 31st if filing electronically.
New IRS Regulations Increase Electronic Filing Requirements For Forms W-2 and 1099

New IRS Regulations Increase Electronic Filing Requirements For Forms W-2 and 1099

The IRS has released new regulations expanding mandatory electronic filing requirements, affecting businesses and individuals filing 10 or more returns annually and streamlining the tax filing process. The Information Returns Intake System (IRIS) aids in this transition, offering error detection and an easy platform for uploading and editing forms. Failure to comply with these electronic requirements could result in penalties, underscoring the need to familiarize with the new regulations.
Early retirement withdrawals: avoiding the 10% penalty

Early retirement withdrawals: avoiding the 10% penalty

Uncover potential circumstances under which you can tap into your retirement savings early without facing hefty penalties. From qualifying plan specifics to the latest updates in IRA rules, this article is your go-to resource for penalty-free withdrawal strategies.
IRS announces 2024 standard mileage rates

IRS announces 2024 standard mileage rates

The IRS has announced the 2024 Standard Mileage Rates. Understand how these rates will affect your deductions for business, medical, moving, or charitable driving expenses. Explore this article to stay informed and plan ahead for your 2024 tax returns.