Gordon Law Group

This Thanksgiving, we'd like to take a moment to express our gratitude to our clients, many of whom have been with Gordon Law for 10+ years! Whether you need help with a stressful tax or legal issue, or simply want to stay compliant, we understand that you're trusting our team with an extremely important aspect of your life. Your trust means everything to us, and we hope to repay it with truly exceptional customer service. Thank you for choosing Gordon Law. Our office will be closed tomorrow for the holiday. We hope you enjoy time with your family and loved ones! ????

Black Friday and Cyber Monday aren’t just for personal shopping—smart business owners know it’s the perfect time to invest in their business and score deals on essential purchases. But before you start buying, let’s talk about how these expenses could impact your taxes. ?? Some purchases—like software subscriptions, office supplies, or smaller equipment—can typically be deducted in full this year, directly reducing your taxable income. ?? For bigger-ticket items, like computers, machinery, or furniture, depreciation rules apply, meaning the deduction is spread out over multiple years. But... ?? You may be able to deduct the full cost upfront this year using Section 179. While this can reduce your immediate tax liability, keep in mind that it means you won’t have deductions for that item in future years—something to weigh carefully depending on your long-term financial goals. The key? Make purchases that align with both your business needs and your tax strategy. If you want to ensure you’re making smart decisions now and heading into tax season prepared, let’s connect. Our tax planning services can help you maximize your savings—and early signups for tax preparation are open now.

Do you know how much your business REALLY made this year? Many small business owners just rely on their bank balance to see how business is going, but this doesn't give you a complete picture. To truly understand your profits, you need proper bookkeeping and accounting. If you're behind on your books, now’s the perfect time to catch up—not just for this year, but to set your business up for success in the year ahead: ?? Make your April tax filing simple and stress-free. ?? Get clear on your numbers so you can plan with confidence. ?? Learn where your money is really going to make better financial decisions. ?? Get tailored insights that help you grow. Ready to turn things around? Our team is here to help you clean up your books and create strong financial foundations in 2025! #bookkeeping #accounting #taxpro #smallbusinesstips

Tax season might feel far away, but the steps you take in the next few weeks could have a big impact on what you owe (or get back) next year. Don’t wait until it’s too late to get organized! Here are a few actions to consider before December 31: ? Review your books: Make sure all income and expenses are recorded accurately. Staying organized now can prevent headaches later. ? Plan major purchases: Thinking about buying equipment or other big-ticket items? Doing it before year-end can help you offset taxable income. ? Delay collections: If you have high income this year, you may wish to delay invoices until January. ? Evaluate retirement contributions: Max out contributions to retirement plans if you can. This could lower your taxable income. ? Check estimated taxes: If you’re self-employed, confirm you’ve paid enough to avoid penalties. ? Clean up your balance sheet: Write off bad debts or obsolete inventory to improve your financial position. Need support? Gordon Law is always happy to help with tax planning, accounting, and compliance. Let’s close out the year with confidence! #smallbusinesstaxes #taxplanning #taxprofessional #CPA

If you thought crypto accounting was hard before, just wait till you learn about the IRS's new cost basis rules. ?? Starting January 1, 2025, there’s no more “universal wallet” tracking for digital assets. Now, every wallet you hold needs its own cost basis tracking—no exceptions. ?? What does this mean for taxpayers? ?? ?? More detail, more precision, and more time spent on record-keeping. ?? Make sure your tax pro can guide you through the transition period. ?? If you've been using DIY software, consider hiring a pro in 2025. This is a major shift that impacts every #cryptocurrency investor, especially if you use multiple wallets or exchanges. Preparing your records now can save serious hassle down the line as IRS audits increase. Let’s make sure your reporting is airtight, wallet by wallet. #cryptotax #cryptoaccounting #taxprofessionals #form1099da

? Only 6 more weeks to harvest crypto losses and lower your next tax bill! We've helped many clients lower their tax bills by $100,000 or more using this year-end strategy. A word of caution: Make sure you know the cost basis of the specific asset(s) you're selling. Without proper accounting, you could actually trigger more taxes instead of saving! That's why our team developed our own in-house tool to help guide clients through advanced tax loss harvesting strategies. Learn more about our favorite year-end tax tip on our blog!

Important changes coming to crypto tax reporting in 2025! ?? The IRS is replacing the “universal wallet” cost basis method with wallet-by-wallet tracking. This means you’ll need separate records for every wallet, every trade, and every asset transfer. Here’s how this impacts you: ? Each wallet needs individual tracking. No more pooling everything together! ?? IRS audits are ramping up. Staying organized is more important than ever. ?? Safe harbor opportunity. Through the end of 2024, you can reallocate your cost basis across wallets to help with the transition. This means there's still a short window to use tax-advantaged allocation! Start early to avoid the scramble. Setting up wallet-specific records now means you’re ready to report correctly and stay compliant as the IRS increases crypto tax enforcement. Reach out to the Gordon Law team if you have questions.

With the election behind us, tax reform is almost certainly on the horizon. Historically, each new administration has introduced significant changes to the tax code within the first 1-2 years, shaping how businesses and individuals approach their taxes. Here’s a quick look back: ? Biden Administration (2021–2024): Expanded credits for clean energy, reintroduced a higher corporate tax rate, and increased IRS funding for enhanced tax enforcement. ? Trump Administration (2017–2021): Passed the Tax Cuts and Jobs Act, which reduced corporate tax rates, doubled the standard deduction, and limited state and local tax deductions. ? Obama Administration (2009–2017): Increased top income tax rates for high-income earners and introduced various tax credits aimed at middle- and lower-income households. ? Bush Administration (2001–2009): Reduced income tax rates across the board and cut capital gains taxes to stimulate economic growth. ? Clinton Administration (1993–2001): Raised the top income tax rate and introduced the Child Tax Credit to support working families. Each administration has brought new priorities to the tax code, and the same is likely with our incoming president. As the economy and technology evolve, we can hope to see targeted reforms that address the unique challenges of digital assets like cryptocurrency. Stay tuned, as we’ll continue advocating for crypto tax reform that brings clarity, simplicity, and fairness to all taxpayers.

The IRS is coming for crypto! Closing the crypto tax gap has become a priority for the IRS, meaning more audits and scrutiny.

Looking for ways to offset your crypto taxes this year? Here are a few legal ways to reduce your crypto taxes. https://loom.ly/3Qs8mF0