Advanced Tax Solutions, LLC

Companies are looking for very specific factors in their hiring process – and they’re not all what you’d expect. Direct experience in the field might not be essential to include on your resume anymore... IF you can use similar experiences to stand out. Have you seen success with this hiring tactic before? https://lnkd.in/gByfXvXa

Procrastinating on this is pretty much the financial equivalent of ignoring a leak in your roof – it might seem insignificant at first, but it sure won’t when you have rot in your attic… In general, procrastination isn’t a helpful habit. But it can actually cause you significant financial damage if it keeps you from filing your taxes. AND... saving your filing until the last minute makes it far more likely you’ll forget altogether or just decide to not do it. Once that happens, and you didn’t file taxes, interest and penalties start accruing quickly, turning a manageable tax bill into a growing pile of debt. So, what's one thing you can do today to fix this problem?

A common sentiment once you've hit a certain age and have no retirement savings is that you should expect to NOT retire. There's not much you can do at this point to catch up on savings, right? But it's NOT TRUE! Even if it seems like retirement isn’t possible for you, there are steps you can take starting now that will set you on the path toward a more stable financial future. It's not too late. But the imperative is to act NOW and act SMART. Ask us how to take advantage of the time you have left. Hit the like button if you’re ready to get started.

Want to know one year-end tax move to make for big savings? Let's talk transferring wealth with the gift tax exclusion. Making this move can strategically reduce your taxable estate while also helping those you love. In 2024, the annual exclusion is $18,000 per recipient without incurring a taxable gift. And spouses splitting gifts can double that to $36,000. Now, this is only one end-of-year tax moves that could be key to saving you on your tax bill. Want to know more? Comment "EOY2024" below.

Struggling to build an emergency fund? Ask yourself: What is my money actually going to each month? Then take a minute to look carefully at your expenses. Once you have a clearer financial picture, make a spending plan. Eliminate the unnecessary (subscriptions, too much eating out, luxury items). Then, automate the amount that goes into your fund each month so you won’t be tempted to use it on something else you “need” before depositing it. Have you built up an emergency fund already? Got anything to add to the above?

You want to step into 2025 tax-stress-free (we all do!). Here’s your end of the year tax fix-it list to accomplish that: 1. Gather all IRS notices. Read them carefully and make a list of deadlines and action items. 2. Round up your past tax returns. Are any missing? 3. Miss any estimated tax payments? Figure out how much you still owe and make a payment. 4. Check in on your IRS payment plan. Take care of past due payments. 5. Collect all of your income records, business expenses, and necessary documents to claim deductions. 6. If you got married, divorced, or added new dependents, make note of it and change your filing status. 7. Adjust your withholding if you’ve had underpayments before so you’re not hit with a big bill later. 8. Check that the IRS has your correct address (especially if you've moved in the last year). Need help with any of that? Send us a message.

The most wonderful time of the year…more like the most expensive time of the year. So, how do you make it through the holidays feeling like you’ve maintained (at least some of) your financial sanity? Whether you're a "November 1 is the official start of Christmas" or a "not until after Thanksgiving" type of person, keeping holiday spending in check is a priority. Here are a few ways to spread a little less holiday cheer with your wallet this year: ?? Set a little aside from each paycheck into a sinking fund. ?? Find out if your bank offers holiday savings accounts. ?? Price check for better deals at another store. ?? Go the DIY route with gifting. ??? Plan ahead to make the most of sales and coupons. Which one of these ideas is something you could implement this year?

With so much election buzz in your ear (specifically around tax policy), here's the straight answer on how each candidate's tax plans could impact your wallet. With a Trump administration... ?? Extended TCJA provisions = lowered income tax brackets, maintaining the higher standard deduction, reduced taxes for business owners (think QBI) and corporations ?? Taxes on Social Security benefits would end entirely. ?? Overtime hours worked would not be taxed. ?? A 10-20% tariff would be imposed on most imported goods -- a 60% tariff on goods specifically from China. With a Harris-led administration... ?? Increased child tax credit (from $2,000 to $3,600 for younger children; up to $6000 for a baby’s first year) ?? First-time homebuyer down payment assistance (aka $25,000 tax credit) ?? The deduction for small business startup costs would jump from $5,000 to $50,000 ?? Medicare taxes bumped up to 5% for those who make more than $400,000 annually ?? Raised corporate income tax rate (from 21 to 28%) ?? Raised capital gains tax (from 20 to 28%) for those who make 1 million or more annually. We're here in your corner to help guide you through, no matter the outcome.

Election season just took a new (possibly controversial) twist... Apparently, betting on who will be the next president is legal now. And it’s happening on Robinhood: https://lnkd.in/eYheJVF4 Users can trade candidate contracts with the race between Donald Trump and Kamala Harris down to the wire. Just a tip from your friendly tax professional: Any winnings are considered taxable income and should be accounted for when you file your 2024 taxes. Will this add a fresh perspective to the election…or blur the lines between finance and politics?

Are you leaving money on the table with your tax filing? Even the best software and most seasoned preparers can make mistakes on your tax return or miss taking advantage of deductions and credits you can and should claim. But we can take a second look -- we'll review your tax returns, even if someone besides us prepared them. A double-check here could save you from a disappointing return. If you want fresh eyes on tax filing where you feel like you overpaid or something was missed, give us a call. We'll make sure your return gets filed error-free and as in your favor as tax laws allow.