Rochford, Burns, Nasses & Associates

In business, debt is a necessary part of the process. It can actually help you to grow and provide capital to seize new opportunities. However, it’s important to remember that not all debt is good. https://bit.ly/4edvKL2

Under federal tax law, you can give a certain amount of money or assets annually without incurring gift tax. The 2025 annual gift tax exclusion is $19,000 (up from $18,000 in 2024). This means you can give up to that amount to as many people as you like tax-free. You must report gifts beyond the exclusion to the IRS on Form 706, but these gifts might still be tax-free under your lifetime gift and estate tax exemption - which is $13.99 million for 2025. Have questions? Contact us at (602) 863-2227.

Did you know the 2025 contribution limit for employees who participate in 401(k), 403(b), governmental 457 plans, and the federal government’s Thrift Savings Plan is $23,500? That’s up from $23,000 for 2024. The limit on annual contributions to an IRA remains $7,000. (Those age 50 or older can make additional catch-up contributions.) Questions about what else has changed this year? Contact us at (602) 863-2227.

Yep, it's true. While standard deductions may provide welcome tax breaks, there are a few scenarios where you may not be qualified to take it. Some examples include: if you are married filing separately and your partner chooses to itemize and then you must also itemize; you are filing a return as a trust, estate, or partnership; your returns cover a period less than a year due to accounting changes; or you are considered a ‘nonresident alien’ or ‘dual-status alien’ in the US. These can be tricky to work out on your own. Fortunately, we are just a call away – (602) 863-2227! Contact us for tax help today.??

A customer-focused business culture places the customer at the center of all your business decisions. This strategic approach helps your business build brand loyalty, customer satisfaction, and eventual business success. Have you incorporated any of these tips into your organization’s culture? https://bit.ly/3vtwKKp

It's advisable to begin saving money in a retirement account as soon as you can to increase your nest egg. The longer you put off saving, the less time your assets have to grow. Now may be a good time to discuss your retirement plans with a qualified financial advisor like us. We’d love to help you! Contact us today at (602) 863-2227.

Extra! Extra! Read all about it! The standard deduction amounts for 2025 have increased due to inflation. Don’t navigate the complicated tax world alone – let us be your guide!??Contact us at (602) 863-2227.

Businesses can deduct “ordinary and necessary” expenses they incur in the course of operations. If your business claims higher-than-average deductions for your industry, it might be a red flag that triggers an IRS audit. You could have to prove that certain expenses are ordinary and necessary by providing invoices, receipts, contracts and other documentation. Organizing your expense records to stand up to IRS scrutiny doesn't have to be complicated. Let us handle your numbers so you can focus on what matters - running your business. Schedule an appointment with us today at (602) 863-2227.

Traveling internationally for business goes hand in hand with unique tax challenges and opportunities. Be sure you’re maximizing your benefits and minimizing your risks by keeping detailed records and being aware of any local and foreign tax obligations. Stay on top of things through proper planning and informed decision making. https://bit.ly/4cVh1nl

Some gifts can be made tax-free without using up any of your $19,000 annual gift tax exclusion or $13.99 million lifetime exemption. Specifically, you can pay an unlimited amount for someone else’s tuition or medical expenses. To be tax-free, the payments must be made directly to the qualified educational institution or health care provider. Understanding the nuances of federal gift tax law can help keep taxes to a minimum - that's where we come in! Give us a call at (602) 863-2227 today.