Gelman LLP, CPAs & Business Advisors

Thinking of selling assets? Planning ahead for long-term capital gains could lead to major tax savings. Get strategic and keep more of your money.

Wondering When You’ll Get Your 2025 Tax Refund? Tax season is here and if you're eager to find out when you can expect your refund, check out this 2025 Tax Refund Date Estimator. ?? Estimate your refund date now: https://bit.ly/3Fl5d2Y

Did you make significant gifts to your children, grandchildren or other heirs last year? If so, it’s important to determine whether you must file a gift tax return by April 15 (Oct. 15 if you file for an extension). The annual gift tax exclusion was $18,000 in 2024 (increasing to $19,000 in 2025). Generally, you’ll need to file a return if you made gifts in 2024 that exceeded the $18,000-per-recipient gift tax annual exclusion (though there are exceptions in certain situations). But it may be desirable to file a gift tax return even if you aren’t required to. Contact us if you’re unsure whether you must (or should) file a 2024 gift tax return. ?? 714-667-2600 ?? [email protected]

?? Stay Alert: Tax Season Scams Are on the Rise! As tax season continues, so do the scams. Fraudsters are getting more sophisticated, using phishing emails, fake IRS calls, and identity theft to target taxpayers. Protect yourself by verifying any suspicious communications and working with a trusted tax professional. ?? Learn more about staying safe this tax season: https://bit.ly/41Dl9Ga

Tax credits can directly reduce your bill. Make sure you’re claiming all eligible credits like the Child Tax Credit! #TaxCredits #TaxPlanning

Beware of Tax Scams! ??The IRS has released its Dirty Dozen list of tax scams for 2025, warning taxpayers to stay vigilant against fraudsters looking to steal personal and financial information. From phishing emails to fraudulent tax preparers, these threats can put you at risk. ? Protect your data ? Verify tax professionals ? Stay informed about common scams Read the full IRS report to safeguard yourself this tax season: https://bit.ly/41mfqTW

You can itemize deductions if the total of your allowable itemized write-offs for the year exceeds your standard deduction allowance for the year. Otherwise, you must claim the standard deduction. The basic standard deduction allowances for 2024 are: $14,600 for single taxpayers, $29,200 for married joint filers, and $21,900 for heads of households. Additional standard deduction allowances apply if you’re age 65 or older or blind. For 2025, the basic standard deduction allowances are $15,000, $30,000, and $22,500, respectively. Itemized deductions include charitable contributions, mortgage interest, state and local taxes, and medical expenses. Other rules and limits apply.

Tracking your monthly expenses is key to maintaining financial health. Whether you're managing personal finances or running a business. Check out these 5 essential tips to keep your spending in check and make informed decisions! ?? Set a budget & stick to it ?? Use expense-tracking apps ?? Review statements regularly ?? Categorize your expenses ?? Identify areas to save Want to take control of your finances? Read the full article here: https://bit.ly/4kdNiv1

Self-employed? Don’t forget to track your business expenses! From travel to office supplies, they could be deductible. #SelfEmployed #TaxTips #BusinessExpenses

The Association of Certified Fraud Examiners (ACFE) defines occupational fraud as: “The use of one’s occupation for personal enrichment through the deliberate misuse or misapplication of the employing organization’s resources or assets.” The ACFE’s “Occupational Fraud 2024: A Report to the Nations” reveals some not-so-fun facts about construction industry fraud. For example, construction ranks fourth in “Top 5 median losses by industry,” with a median loss of $250,000. And the top three forms of occupational fraud are corruption (52% of cases), billing schemes (38%) and noncash misappropriation (25%). A strong internal control system is critical to preventing fraud.