NinetyFive CPA, LLC

An update on the Corporate Transparency Act (CTA), which requires certain legal entities in the US to report beneficial ownership information (BOI) to the Financial Crimes Enforcement Network (FinCEN). Important Note:?As of December 26, 2024, a federal court has issued an?injunction temporarily halting the implementation?of the CTA. See link below:???? https://lnkd.in/gGyXHjax Next Steps: Stay Informed:?The future of the CTA remains uncertain. We are closely monitoring the legal developments and will keep you informed of any significant changes. If you have any questions regarding the CTA or require assistance with preparing the required forms once the injunction is lifted or if the law is ultimately modified, please do not hesitate to contact us. We can discuss your specific situation and provide information on our fees for these services. For the most up-to-date information?on the status of the CTA, please visit the FinCEN website at:?https://fincen.gov/boi Consult with Us:?If you have any questions regarding the CTA or require assistance with preparing the required forms once the injunction is lifted, please do not hesitate to contact our office. We can discuss your specific situation and provide information on our fees for these services. We will continue to monitor the situation closely and provide further updates as they become available.

Whether you are relaxing at home or on a vacation, we wish everyone a prosperous and a joyful new year as you enter 2025. As the year draws to a close, we want?to remind you of some important year-end tax planning considerations. Key Tax Planning Tips: 1. Maximize Charitable Contributions:?Consider making year-end donations to your favorite charities. Charitable contributions can significantly reduce your taxable income (Note: YOU MUST ITEMIZE to take advantage of this, so please consult me before making charitable donations). 2. Harvesting Capital gains/losses: Dec 31 is the last trading day of the year, please use any tax loss harvesting to reduce your taxable income if needed. Hold off on selling any gains until 1st trading day of 2025. 3. Review and MAKE Business Expenses (if applicable):?Ensure you've documented all eligible business expenses, including travel, meals, and equipment purchases. 4. Deferring Income:?If possible, defer income into the next year to reduce your current tax liability. 5. Accelerating Deductions:?Consider accelerating eligible deductions into the current year to maximize your tax savings. Don't Forget: Gather Tax Documents:?Start gathering all necessary tax documents, such as W-2s, 1099s, and investment statements?(January 2025) Schedule Your Year-End Tax Consultation:?Contact us schedule a year-end tax consultation. We can help you review your financial situation and identify potential tax-saving strategies. We wish you a happy and prosperous holiday season!

Happy Holidays from NinetyFive CPA LLC! ?? Wishing you and your loved ones nothing but joy and good health this season. Need help with year-end tax planning or financial advisory? We're here for you. Visit us at: www.ninetyfivecpa.com

IRS Announces Significant Tax Changes for 2025. See full press release here: https://lnkd.in/gcjGDx4m Stay ahead of the curve with NinetyFiveCPA. The IRS has recently unveiled substantial tax law modifications that will take effect in 2025. Key Changes: 1. Increased Standard Deductions: Benefit from higher tax-free income. 2. Alternative Minimum Tax (AMT) Adjustments: Fewer taxpayers may be subject to AMT. 3. Enhanced Earned Income Tax Credit (EITC): Eligible families can claim a larger credit. 4. Unchanged Retirement Contribution Limits: Maximize your retirement savings. Schedule a consultation with NinetyFive CPA, LLC today to discuss how these changes may impact your tax liability and explore strategies to optimize your financial situation. #taxtips #taxplanning #2025taxes #taxseasonprep #NinetyFiveCPA

?? A heartfelt thank you goes out to all our clients, both new and recurring, for contributing to another successful tax season at NinetyFive! It's been a pleasure to connect with so many new clients and earn their trust in providing top-notch service. We truly value your business and eagerly anticipate continuing to serve you in the future. Cheers to our continued partnership! ?? #TaxSeasonSuccess #Gratitude #ClientAppreciation