Bennett Financials

?? What Middle-Class Taxpayers Need to Know for 2025 ?? Big changes may be on the horizon as several provisions from the 2017 Tax Cuts and Jobs Act are set to expire in 2025. What does this mean for middle-class taxpayers? Our CEO and founder, Arron Bennett, shared his insights in a recent article, highlighting the four key areas the tax code incentivizes: ?? Business ? Energy ?? Charities ??? Real Estate For those relying on W-2 income or maxing out 401(k) contributions, Arron suggests it might be time to explore investment strategies in these areas to take advantage of the tax benefits. ?? Read the full article to get ahead of these potential changes and make smarter moves for your financial future ?? https://lnkd.in/g76-P2Xz #BennettFinancials #TaxPlanning #MiddleClassTaxTips #2025TaxChanges #TaxStrategy #BusinessGrowth #FinancialInsights #ArronBennett

??Want to Maximize Your 2024 Tax Deductions? Here’s a Smart Tip! The IRS has a tax-deduction safe harbor rule that allows cash-basis taxpayers to prepay up to 12 months of qualifying expenses—and deduct them this year, no questions asked. ?? What counts as qualifying expenses? ?? Lease payments for business vehicles ?? Office or machinery rent ?? Business and malpractice insurance premiums Example in Action: Let’s say you pay $3,000/month in office rent. By prepaying $36,000 on December 31, 2024, to cover all of your 2025 rent, you can: ? Deduct the full $36,000 on your 2024 taxes (the year you paid). ? Your landlord reports it as income in 2025 (the year they receive it). It’s a win-win: you lower your taxable income this year, and your landlord gets their rent upfront. But don’t wait—this strategy only applies if you pay before year-end, and payments can’t extend beyond 2025! #TaxPlanningTips #BusinessTaxDeductions #SaveOnTaxes #SmallBusinessFinance #IRSCompliance #TaxStrategy #YearEndPlanning #BennettFinancials

Arron Bennett, CEO and founder of Bennett Financials, was recently featured in an article discussing potential tax changes in 2025 under the new administration. ???? While no one can predict with certainty which campaign promises will come to fruition, Arron shares his expert insights on what California retirees might expect with a Republican-controlled House and Senate. Stay informed, stay ahead. Read the article to learn how these potential changes could impact your taxes and financial planning ?? https://lnkd.in/ggeZE_6M #BennettFinancials #TaxPlanning #TaxChanges2025 #ExpertInsights #FinancialPlanning #CaliforniaRetirees #StayInformed #FutureOfTaxes Photo: Goodboy Picture Company / Getty Images

If you own your own business and operate as a proprietorship, hiring your spouse to work as your employee is one of the smartest tax moves you can make. Here are four benefits for hiring your spouse that can maximize your tax savings: 1. Pay benefits, not wages. The way to save on taxes is to pay your spouse with tax-free employee benefits, not taxable wages. Benefits such as health insurance are fully deductible by you as a business expense, but not taxable income for your spouse. Also, if you pay a spouse only with tax-free fringe benefits, you don't need to pay payroll taxes, file employment tax returns, or file a W-2 for your spouse. 2. Establish a medical reimbursement arrangement. The most valuable fringe benefit you can provide your spouse-employee is reimbursement for health insurance and uninsured medical expenses. 3. Provide benefits in addition to health coverage. There are many other tax-free fringe benefits you can provide your spouse in addition to health insurance, including education related to your business, up to $50,000 of life insurance, and de minimis fringes such as gifts. 4. Treat your spouse as a bona fide employee. If you have any questions, leave them in the comments below ??

?? Need more 2024 tax deductions AND a replacement business vehicle? Here's how to hit two goals with one purchase before December 31, 2024. Let’s break it down: 1. Drive Your Vehicle by Year-End To qualify for tax deductions, the vehicle must be placed in service (owned and driven) by December 31, 2024. Drive at least one business mile to meet the requirement. 2. Tax-Saving Options by Vehicle Type: ?? SUVs, Crossovers, or Vans (GVWR 6,001 lbs+): 1. 60% bonus depreciation 2. Up to $30,500 Section 179 expensing 3. 5-year MACRS depreciation schedule Note: No luxury vehicle depreciation limits ?? Example: A $100,000 heavy SUV used 90% for business can generate up to $70,960 in 2024 deductions! ?? Pickup Trucks (GVWR 6,001 lbs+ & 6-ft+ bed): 1. 60% bonus depreciation 2. Section 179 expensing up to $1,220,000 3. 5-year MACRS depreciation Note: No luxury vehicle depreciation limits ?? Example: A $55,000 qualifying truck used 91% for business allows a $50,050 write-off with Section 179 expensing. ?? Electric Vehicles: 1. Potential tax credit of up to $7,500 for all-electric or plug-in hybrid vehicles. Why Act Now? Don’t wait—ensure compliance by purchasing and driving your vehicle before year-end. The right business vehicle can maximize your tax savings and keep your business moving forward. ?? #TaxPlanning #BusinessVehicle #TaxDeductions #2024TaxStrategy #Section179 #BonusDepreciation #ElectricVehicles #BusinessGrowth

Save 90% on taxes? Yes, please! Solving a financial puzzle is exactly what we did: freeing up funds for further growth. Our tailored business roadmap guided him toward success, leading to his acquisition by a private equity firm. We offer free consultations - let's see how much we can save for you ?? https://lnkd.in/g54ZwANQ #taxsavings #businessgrowth #privateequity #financialsuccess

Understanding the journey from start to finish is key to effectively positioning your business's financial growth strategy. Analyzing data allows you to forecast accurately and align resources for success. ?? #DataAnalysis #BusinessStrategy #ForecastingSuccess

Tired of the same old tax advice? ?? Traditional CPAs often suggest basic deductions like 401(k)s or IRAs, which only get you so far. Bennett Financials is here to change that with advanced tax strategies that go beyond basic compliance. Imagine leveraging tax-saving techniques usually reserved for big corporations—Bennett’s approach can yield 5-8 times more tax savings for each dollar invested! Instead of a one-size-fits-all plan, they create a customized strategy to help you reinvest and grow your business. Ready to level up your tax game and keep more of what you earn? Check out the full article to learn how Bennett Financials is redefining tax planning for small and medium-sized businesses. ?? #BennettFinancials #TaxPlanning #BusinessGrowth #AdvancedTaxStrategies #SMBs #FinancialFreedom #LevelThePlayingField #TaxStrategy

?? Are you a CFO looking to elevate your company's financial strategy? Check out this insightful excerpt on the importance of building a network of experts in tax planning, wealth management, risk mitigation, and more. Let's streamline your financial operations and maximize profits together! ???? #CFO #FinancialStrategy #BusinessAdvisory #WealthManagement #RiskMitigation

Understanding our clients' goals and maintaining open communication is key to their success. As trusted advisors, celebrating their wins together is crucial. ?? Let's be the strategic partners our clients can rely on for support and celebration! ?? #ClientSuccess #TrustedAdvisor #CommunicationSkills