March 2024 Newsletter
The KL team has been working very hard this busy season & recently enjoyed some treats!
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Videos and Articles Search Results
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
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.
February 2024 Newsletter
We look forward to the opportunity to work with our clients again this tax season!!
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
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
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
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
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
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
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
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.
IRS Opens ERC Voluntary Disclosure Program
If you're a business owner who mistakenly claimed the Employee Retention Credit, find out how the new IRS Voluntary Disclosure Program can help you rectify the situation. Discover the eligibility criteria, benefits, and application process in our informative video.
December 2023 Newsletter
The KL team would like to wish you all the happiest of holidays, good cheer and a wonderful New Year! We recently celebrated at our annual holiday party!
Corporate Transparency Act/Beneficial Ownership Information Reporting
“Explore how the Corporate Transparency Act reshapes the landscape of beneficial ownership reporting. Uncover the implications and obligations your firm may face with this new regulation. Don’t miss out on this comprehensive guide to staying compliant and ahead of the curve.”
Tax, Retirement, and Social Security changes for 2024
Are you prepared for the tax, retirement, and Social Security changes coming in 2024? Stay ahead with our expert insights and start planning your financial strategies today.