Linkenheimer LLP CPAs & Advisors

As a business owner, you may travel to visit customers, attend conferences, check on vendors and for other purposes. Understanding which travel expenses are tax deductible can significantly affect your bottom line. Properly managing travel costs can help ensure compliance and maximize your tax savings. #travel #expenses #deductions https://lnkd.in/g8zrmdnZ

As the year draws to a close, it’s the perfect time to review your financial and tax strategies. Whether you’re looking to benefit loved ones or support charitable causes, there are several ways to make tax-efficient financial decisions before December 31. This guide highlights two key strategies:?annual exclusion gifts?to reduce your taxable estate and?qualified charitable distributions (QCDs)?to maximize the tax benefits of your charitable contributions. #gifts #charitablecontributions https://lnkd.in/ghVZZEZr

For small business owners, gaining a solid understanding of financial statements—balance sheet, income statement, statement of changes in equity, and statement of cash flows—is crucial. Financial statements provide insights into the business’s financial health, cash position, and profitability, and are prepared using specific accounting methods that impact how information is recorded and reported.? #financialstatements To read our guide: https://lnkd.in/gD3nDNJs

As the 2025 tax season approaches, the IRS encourages all taxpayers to take an important step to safeguard their identity by signing up for an Identity Protection Personal Identification Number (IP PIN). This simple yet crucial step can provide an added layer of security, helping protect against tax-related identity theft. The IRS encourages taxpayers to sign up for?IRS Online Account, which provides a quick and easy way to obtain an IP PIN. Signing up early will ensure taxpayers have extra safety by having an IP PIN to electronically file their returns when the filing season begins in 2025. #irspin https://lnkd.in/gUV-6UST

The recent drop in interest rates has created a buzz in the real estate market. Potential homebuyers may now have an opportunity to attain their dreams of purchasing property. “The recent development of lower mortgage rates coupled with increasing inventory is a powerful combination that will provide the environment for sales to move higher in future months,” said National Association of Realtors Chief Economist Lawrence Yun. If you’re in the process of buying a home, or you just bought one, you may wonder if you can deduct mortgage points paid on your behalf by the seller. The answer is “yes,” subject to some significant limitations described below. #realestate #interestrates https://lnkd.in/gzrU_ttJ

Starting January 1, 2024, most U.S. entities must comply with the Corporate Transparency Act’s (CTA) Beneficial Ownership Information (BOI) reporting requirement, implemented by FinCEN to enhance financial transparency and combat crime. This requirement mandates corporations, LLCs, and similar entities to report information about their beneficial owners—individuals who hold significant control or at least a 25% ownership stake. Required disclosures include each beneficial owner’s name, address, date of birth, and a unique identification number, such as from a passport or driver’s license.? Entities that are newly formed or registered in 2024 in the U.S. must file their BOI reports within 90 days of creation (effective 2025 new entities will only have 30 days), while existing entities must comply by January 1, 2025.? https://lnkd.in/gPRrfz-4

It’s an ideal time to begin making moves that could reduce your tax bills for 2024 and 2025. If you itemize deductions, you may be able to deduct medical expenses, state and local taxes up to $10,000, charitable donations, and eligible mortgage interest. But these deductions won’t save taxes unless they’re more than your standard deduction ($29,200 for joint filers, $14,600 for singles and $21,900 for heads of household). You may be able to work around deduction limits by bunching discretionary medical expenses and charitable gifts into the year they’ll do some tax good. For example, if you itemize for 2024 but not 2025, you may want to make two years of charitable contributions this year. https://lnkd.in/dQsW3NFV

In the fast-paced world of business, having a succession plan is not just a good practice; it’s a necessity. As business owners, departure is certain be it through retirement, sale, or unexpected events. This demands proactive planning to ensure the continuity and stability of your business. Succession planning is the process of identifying and developing new leaders to replace old leaders when they leave, retire, or pass away. Here’s why it’s essential for your business. https://lnkd.in/g7uzxSrG

Meet our Featured Client: Ooh La Luxe For the full interview: https://lnkd.in/e5taJBfn Ooh La Luxe, a fashion-forward boutique curated by twin sisters Cristina and Michelle Wilson, brings a unique blend of California chic and bohemian style to the modern shopper. Founded in 2008 as Ooh La Loft, the brand quickly gained popularity, leading to the launch of Ooh La Luxe and their own clothing line. Known for their carefully curated collections of trendy, effortlessly cool pieces, the boutique serves a diverse clientele both online and at their three Northern California locations. With a strong focus on locally designed fashion, Ooh La Luxe offers an eclectic mix of apparel, from casual basics to statement-making boho designs, all reflective of their vibrant Californian roots. What inspired you to pursue a career in your current field, and how did you get your start in this industry? I have always loved fashion and clothing. I knew from a young age that I want to have my own business. During college, we had a coffee cart business, but I knew that I wanted to pursue a business that I was passionate about and that was clothing. I didn’t have any experience in this industry I learned as I went, and we started out by Thrifting clothing and selling secondhand. What do you consider to be the most important skills or qualities for success in your role, and how have you developed those skills over time? I would say the most important skills for success is resilience and the ability to do things even when you’re scared. There are a lot of ups and downs when you have a business,?you can’t give up and need?to keep going.

Meet our Featured Employee: Anya Cunningham For the full interview: https://lnkd.in/ggqiMYhv Anya began her career in public accounting in 2007 and joined Linkenheimer team in 2012. She provides tax planning and consulting services to businesses in various industries.?Anya is dedicated to helping clients achieve business success by helping them establish practical and sound tax and financial processes. Focused on services for small to medium sized businesses, Anya is committed to delivering tax, financial and advisory services that meet each client’s unique objectives. In her spare time, Anya enjoys spending time with her husband Brandon and two sons Max and Jack. Anya also enjoys traveling, hiking, hot Pilates, yoga, meditation and spending time with friends and family here in Sonoma County and her native Ukraine, among many other things. What are some of your personal values or beliefs that you try to bring into your work, and how do those inform the way you approach your role? One of my main values is integrity, and I always strive to be honest and transparent in everything I do. I believe in doing what’s right for the client, even if it’s not the easiest path. I also value relationships I have with both my clients and our team. Clear communication and trust are key to building those relationships, and they play a huge role in how I approach both client work and teamwork every day. I try to stay thoughtful and proactive, always looking for ways to add value and support the people around me. Can you tell us about a person or experience that has had a significant impact on your life or career path, and how that has influenced your outlook on work and life in general? I’ve been lucky enough to work with a few incredibly intelligent and strong women who inspire me every day. Their leadership, guidance and support have had a deep and lasting impact on both my career and personal life. They’ve taught me the importance of resilience, clear communication, and leading by example. Their influence continues to shape how I approach challenges, make decisions, and grow both professionally and personally.