Noren, Nordling, and Associates PLLC

???50 Five-Star Reviews!??? Looking for an accounting firm you can trust??Noren, Nordling, & Associates?has officially earned?50 five-star reviews on Google—and we’re just getting started! ????? Our clients consistently praise our?expertise, reliability, and personalized service. Whether you need tax planning, bookkeeping, or financial guidance, we’re here to make your life easier. Join the many businesses and individuals who trust?Noren, Nordling, & Associates?with their finances. Experience the five-star service for yourself! Contact us today to see how we can help: nnacpa.com #5StarService #AccountingExperts #TrustedAdvisors #NNAAssociates #FinancialSuccess

???What Are Required Minimum Distributions (RMDs)???? If you have a retirement account like a traditional IRA or 401(k), once you hit age 73, the IRS requires you to?start withdrawing a minimum amount each year—this is called a?Required Minimum Distribution?(RMD). ?? Why? The IRS wants to tax the money you’ve been deferring for years. Here’s what you need to know: ? RMDs start at age 73 (for those turning 72 after Jan 1, 2023) ? They apply to traditional IRAs, 401(k)s, SEP IRAs, and more ? Missing an RMD can lead to a hefty?25% penalty??? ? Roth IRAs? No RMDs during your lifetime! ?? Not sure how much you need to take or when to start? That’s where we come in. At?Noren, Nordling, & Associates, we help you calculate and plan for RMDs so you stay compliant and make the most of your retirement savings. ?? Contact us today for RMD guidance you can trust. #RetirementPlanning #RMD #TaxTips #FinancialPlanning #NorenNordlingAssociates #IRSCompliance

???What to Think About as a Business Owner?After?Filing Your Taxes??? Tax season may be over—but your work as a business owner isn’t! Here’s what to focus on?after?you hit “submit”: ??Review Your Return?– Understand what went right (or wrong). Did you miss deductions? Overpay? ??Organize Financials Year-Round?– Don’t wait until next tax season. Keep clean books, save receipts, and track expenses monthly. ??Adjust Estimated Taxes?– Avoid surprises by updating your quarterly tax payments based on this year’s numbers. ??Plan for Growth?– Use insights from your return to budget smarter, increase profit, or reinvest. ??Schedule a Mid-Year Check-In?– Work with your accountant to review goals, tax strategy, and any business changes. ?? Proactive planning is the key to long-term financial success. Let?Noren, Nordling & Associates?help you stay ready—not just during tax season, but?all year long. ?? Contact us today for strategic support. #AfterTaxSeason #SmallBusinessTips #TaxPlanning #AccountingAdvice #EntrepreneurLife

???Top Tax Deductions for Micro Businesses & Startups!??? Running a small business? Don't leave money on the table! Here are some key tax deductions that can help reduce your taxable income: ??Startup Costs?– You can deduct up to?$5,000?in business startup expenses, including legal fees, market research, and advertising. If your total startup costs exceed $50,000, the deduction phases out, and remaining expenses must be amortized over 15 years. ??Home Office Deduction?– If you work from home, a portion of your rent, utilities, and internet may be deductible. ??Office Supplies & Equipment?– From laptops to paperclips, everyday business essentials are tax-deductible! ??Marketing & Advertising?– Website costs, social media ads, and branding expenses all qualify. ??Business Meals?– Enjoy that coffee meeting! A portion of your business-related meals can be written off. ??Professional Services?– Hiring an accountant or consultant? Those fees are deductible too! ??Auto Expenses?– If you use your vehicle for business, you may be able to deduct mileage or maintenance costs. ???Pro Tip:?Keeping good records is key to maximizing deductions and avoiding IRS issues. Not sure what you qualify for? Let?Noren, Nordling & Associates?help you navigate tax season the right way! ?? Contact us today! #SmallBusiness #StartupTaxTips #TaxDeductions #EntrepreneurLife #TaxSavings

???Why You Shouldn’t Do Your Own Taxes??? Sure, DIY tax software sounds easy—but are you really maximizing your deductions and avoiding costly mistakes? Here’s why hiring a tax professional is a?smart move: ??Avoid Errors & Audits?– A small mistake could trigger an IRS audit or penalties. Pros know the rules inside and out. ??Maximize Deductions & Credits?– You might be leaving money on the table without realizing it! ??Stay Compliant?– Tax laws change often. Experts keep up so you don’t have to. ??Save Time & Stress?– Your time is valuable! Let professionals handle the complex forms and calculations. ??IRS Technology & Audits?– The IRS now uses advanced technology to detect variances in returns, increasing the likelihood of notices and audits. ?? At?Noren, Nordling, & Associates, we ensure accuracy, compliance, and the best financial outcome for you. Don’t risk DIY mistakes—contact us today! ?? #TaxSeason #TaxTips #AccountingExperts #IRSAudit

?? Understanding Social Security Tax Implications ?? Social Security taxes are a key part of your paycheck, but do you know how they impact your financial future? Here’s what you need to know: ???What is Social Security Tax? A mandatory payroll tax under?FICA (Federal Insurance Contributions Act)?that funds Social Security benefits, including retirement, disability, and survivor benefits. ???Who Pays It? ? Employees: Pay?6.2%?of wages (up to the annual wage limit). ? Employers: Match the?6.2%?contribution. ? Self-Employed: Pay?12.4%?as part of?SECA (Self-Employment Contributions Act)?but can deduct half for tax purposes. ???2024 Wage Base Limit Only earnings up to?$168,600?are subject to Social Security tax. Income beyond this limit is?not taxed?for Social Security. ???Does Social Security Impact Your Taxes? Yes! If you receive Social Security benefits and have additional income, up to?85% of your benefits may be taxabledepending on your total income. ???Planning Ahead ? If self-employed, set aside funds for the full 12.4% tax. ? Be aware of tax implications if you collect Social Security while still working. ? Consider tax-efficient retirement strategies to reduce taxable Social Security benefits. Understanding Social Security taxes can help you make informed financial decisions! Need guidance? Our team at?Noren, Nordling, and Associates?is here to help. ?? #SocialSecurity #TaxPlanning #PayrollTaxes #RetirementPlanning #FinancialLiteracy

??Key Benefits of a 1031 Exchange: ??Tax Deferral?– Avoid immediate capital gains taxes and reinvest your full proceeds. ??Portfolio Growth?– Trade up to higher-value properties and expand your investment portfolio. ??Estate Planning Advantages?– If held until death, heirs may inherit the property at a stepped-up basis, eliminating deferred taxes. ??Diversification & Consolidation?– Exchange multiple properties for one (or vice versa) to align with investment goals. ???How Does a 1031 Exchange Work? 1???Sell Your Investment Property?– The property must be for business or investment purposes (not personal use). 2???Identify a Replacement Property?– You have?45 days?to identify potential new properties. 3???Close the Deal?– The new property purchase must be completed?within 180 days?of the sale. 4???Use a Qualified Intermediary (QI)?– Funds from the sale must be held by a third party, not the seller. 5???Meet "Like-Kind" Criteria?– The new property must be similar in nature but can be different in type (e.g., swapping an apartment building for commercial real estate). ??Important Rules to Keep in Mind: ???Personal residences don’t qualify?– Only investment/business properties. ???Strict timelines?– 45 days to identify, 180 days to close. ???Equal or greater value?– The new property must be of equal or higher value to avoid tax liabilities. A?1031 exchange is a strategic way to build wealth through real estate while postponing tax obligations.?If structured correctly, it can significantly enhance your investment power. Interested in learning how a 1031 exchange could work for you? Let’s connect! ?? #1031Exchange #RealEstateInvesting #TaxDeferral #WealthBuilding #InvestmentStrategy

???Why Every Sole Proprietor Should Hire a Bookkeeper??? Running your own business is exciting, but managing the financial side can get overwhelming. Here’s why hiring a bookkeeper is a smart investment: 1???Save Time?– Handling your own bookkeeping can be time-consuming and distracting from growing your business. A bookkeeper frees you up to focus on what you do best. 2???Accurate Financial Records?– A bookkeeper ensures your financial records are accurate, reducing the chances of errors and preventing costly mistakes when tax season arrives. 3???Tax Readiness?– Stay prepared for tax time with organized, up-to-date records. A bookkeeper helps you maximize deductions and minimizes the risk of audits. 4???Cash Flow Management?– With regular monitoring of your cash flow, a bookkeeper can help you make informed decisions, ensuring you have enough working capital to run your business smoothly. 5???Compliance?– Keeping up with financial regulations and tax laws can be complex. A bookkeeper ensures you're compliant and avoids penalties. Hiring a bookkeeper is an investment in your peace of mind and your business's success. Don't let the numbers hold you back – let a professional take care of it! #SoleProprietor #SmallBusiness #Bookkeeping #BusinessGrowth #FinancialSuccess

?? Max Out Your IRA by April 15, 2025! ?? Still haven’t contributed to your IRA for the 2024 tax year? You have until April 15, 2025, to do so—and here’s why you should act now: ?? Reduce Your 2024 Tax Bill – If you contribute to a Traditional IRA, you may be able to deduct your contributions, lowering your taxable income. This could mean paying less in taxes or even getting a bigger refund! ?? Tax-Free Growth – A Roth IRA doesn’t offer upfront deductions, but your money grows tax-free, and withdrawals in retirement are also tax-free. ? More Time in the Market – The sooner you invest, the longer your money has to grow through compound interest. Even a few extra months can make a difference! ?? 2024 Contribution Limits: ?? $7000 if you're under 50 ?? $8000 if you're 50 or older (thanks to the catch-up contribution!) ?? Pro Tip: Even if you already filed your 2024 taxes, you can still contribute until the April deadline! Don’t leave free money on the table—invest in your future today! ?? #IRA #RetirementSavings #TaxTips #SmartMoneyMoves Please consult your tax advisor!

???Unlock BIG Tax Savings with Cost Segregation!??? Did you know that a?cost segregation study?can help real estate investors?accelerate depreciation?and?significantly reduce taxes? ?? If you own commercial or rental property, this strategy could put?more cash in your pocket?NOW instead of waiting years to claim deductions! ???Key Benefits of Cost Segregation: ??Immediate Tax Savings?– Front-load depreciation & lower taxable income ??Increased Cash Flow?– Keep more money to reinvest or expand ??Faster ROI?– Write off property components over 5, 7, or 15 years instead of 27.5 or 39 years ??Bonus Depreciation?– Take advantage of?80% bonus depreciation?(phasing out after 2026!) If you own real estate and?haven’t done a cost segregation study, you could be leaving money on the table!????? Have questions? Drop them below! ?? #RealEstateInvesting #TaxSavings #CostSegregation #CashFlow #TaxStrategy We are one of the few firms that have a cost segregation specialist on staff!