Washington & Co Inc.

?? New Video: Tax Considerations for Business Owners Selling Their Company! Hi, I’m Tiffany from Washington & Co Inc.! If you’re considering selling your business, understanding the tax implications is crucial. Here are a few key considerations: Sale Structure Matters: Asset sales and stock sales have different tax impacts. In an asset sale, each asset is taxed by type, possibly with depreciation recapture. A stock sale, however, usually results in capital gains tax at a lower rate. Consider a 1031 Exchange: If you plan to reinvest in another business or property, a 1031 exchange can help defer taxes. The way you structure your sale can greatly impact the taxes you pay, so thoughtful planning is essential. For tailored tax advice, reach out to us at Washington & Co! For help, visit: https://hubs.li/Q02Y5MVY0 #BusinessSale #TaxPlanning #WashingtonAndCo #1031Exchange #CapitalGainsTax #SellingABusiness

?? New Video: Top Tax Planning Tips for High-Income Earners! Hi, Tiffany from Washington & Co Inc. here! High-income earners, effective tax planning can help reduce your tax burden significantly. Here are a few strategies to consider: Income Deferral: Contribute to tax-deferred accounts like 401(k)s or IRAs to lower your taxable income now while building for retirement. Maximize Itemized Deductions: Use deductions like charitable donations, mortgage interest, and state/local taxes to reduce your taxable income. Watch for the AMT: The Alternative Minimum Tax often impacts higher earners; consulting a tax advisor can help you minimize its effects. With strategic planning, you can keep more of your income. For a personalized plan, contact us at Washington & Co! For help, visit: https://hubs.li/Q02Y5xCC0 #TaxPlanning #HighIncomeTaxTips #WashingtonAndCo #AlternativeMinimumTax #RetirementPlanning

?? Tax Benefits of a Health Savings Account (HSA) Hi, Tiffany from Washington & Co Inc. here! An HSA is a powerful tool that can help you save on taxes while setting money aside for future healthcare needs. Here’s why: Triple Tax Advantage: Contributions are tax-deductible, funds grow tax-free, and withdrawals for qualified medical expenses are also tax-free. Contribution Limits: For 2024, you can contribute up to $4,150 as an individual or $8,300 for a family, with an additional $1,000 catch-up if you’re 55 or older. Year-to-Year Rollover: Unlike other accounts, your HSA funds roll over each year, so you never lose what you don’t spend. HSAs are a smart way to reduce taxable income while planning for healthcare expenses. Need guidance on how an HSA can benefit your tax strategy? Washington & Co is here to help! For help, visit: https://hubs.li/Q02WnPZY0 #HSA #HealthSavingsAccount #TaxBenefits #WashingtonAndCo #HealthcarePlanning #TaxStrategy

?? New Video: How to Minimize Capital Gains Taxes When Selling Investments! Hi there, Tiffany from Washington & Co Inc. here! If you're planning to sell investments, here are some strategies to help you keep more of your returns and reduce capital gains taxes: Hold Investments for Over a Year: Selling after holding for over a year qualifies you for the lower long-term capital gains tax rate. Tax-Loss Harvesting: Offset gains by selling underperforming investments at a loss to reduce taxable income. Tax-Advantaged Accounts: Use IRAs or 401(k)s to defer taxes on investment gains. With careful planning, you can keep more of your investment returns. Need a personalized strategy to minimize capital gains taxes? Washington & Co can help! For help, visit: https://hubs.li/Q02Y5ynS0 #CapitalGainsTax #TaxPlanning #WashingtonAndCo #InvestmentStrategy #TaxEfficiency #TaxLossHarvesting

?? Tax Benefits of Charitable Contributions Hi, Tiffany here from Washington & Co Inc.! Did you know that donating to qualified charities can reduce your taxable income? Here’s how to maximize your deductions: Itemize Deductions: To claim charitable contributions, you must itemize rather than take the standard deduction. Qualified Donations: Contributions to eligible organizations are tax-deductible, including cash, property, and even appreciated assets like stocks. Record-Keeping: For donations over $250, be sure to keep an acknowledgment letter from the charity. By giving back, you can make a difference and save on taxes! Need help optimizing your charitable contributions? Washington & Co is here for you. For assistance, visit: https://hubs.li/Q02WnpFN0 #CharitableGiving #TaxDeductions #WashingtonAndCo #TaxPlanning #GiveBack #TaxBenefits

?? New Video: What You Need to Know About Estate Taxes! Hello, Tiffany here from Washington & Co Inc.! Estate taxes can significantly reduce the wealth you pass on to your heirs, but with strategic planning, you can help minimize the impact. Here are some key strategies: Federal Estate Tax Threshold: In 2024, the federal estate tax applies to estates over $12.92 million. Some states have their own estate taxes with lower thresholds. Annual Gift Tax Exclusion: Use the gift tax exclusion to give up to $17,000 per year, per recipient without triggering gift taxes. Irrevocable Trusts: Transferring assets through irrevocable trusts can help move wealth outside of your taxable estate. With the right plan, you can ensure more of your legacy goes to loved ones rather than taxes. Need guidance on estate tax planning? Washington & Co is here to help. For help, visit: https://hubs.li/Q02Y5N6M0 #EstatePlanning #EstateTaxes #WashingtonAndCo #WealthTransfer #GiftTaxExclusion #TaxStrategy #LegacyPlanning

?? A Startling Discovery in Our Client Data Last week, our team made a remarkable finding during our year-end analysis: In 2024 alone, we've helped businesses claim over $8.5 million in tax credits. But here's what keeps me up at night - this is just a fraction of what's available. After 17 years of diving deep into thousands of tax returns, I've noticed a pattern: The most profitable companies aren't just good at making money - they're experts at keeping it through strategic tax credit optimization. Here's the reality: Every day, businesses like yours walk past money that's legally theirs to claim. Why? Because the complexity of tax credits makes them easy to miss, even for experienced financial teams. That's why I'm hosting a candid conversation about tax credit opportunities: - "Capitalizing on Tax Credits Before Year-End: Opportunities You Don't Want to Miss" - ?? November 20, 2024 ? 1:30 PM EST In this session, I'm pulling back the curtain on: - The "hidden in plain sight" credits most businesses overlook - Time-sensitive strategies you must implement before December 31st - Real examples of how businesses like yours transformed tax credits into growth capital - The documentation framework that makes auditors smile This isn't another theoretical tax seminar. It's a practical roadmap built from nearly two decades of helping businesses like yours capture millions in overlooked tax credits. Think about it: What could your business do with its share of tax credits in 2025? With only six weeks left in 2024, now is the time to act. Every day of delay could mean missed opportunities that can't be reclaimed. ?? Secure your spot: [https://lnkd.in/g4rdEyv8] P.S. The tax credit landscape changes constantly. What worked last year might be leaving money on the table today. Join us to stay ahead of the curve. #TaxStrategy #BusinessGrowth #TaxCredits #FinancialPlanning #BusinessSuccess #TaxSavings #SmartBusiness #BusinessOwner #CFO #Entrepreneurship

?? New Video: Maximizing Year-End Tax Deductions! Hi, everyone! Tiffany here from Washington & Co Inc. As the year draws to a close, now’s the time to review your finances and reduce your taxable income with a few strategic moves: Accelerate Deductions: Consider prepaying expenses like mortgage interest or property taxes. Business Purchases: Business owners, take advantage of Section 179 and bonus depreciation by purchasing equipment or supplies before year-end. Charitable Donations: Contributions to qualified charities are tax-deductible, so give back and save! Just be sure to keep documentation. For guidance on optimizing your year-end tax strategy, Washington & Co is here to help. For help, visit: https://hubs.li/Q02Y5Jgx0 #YearEndTaxTips #TaxDeductions #WashingtonAndCo #CharitableGiving #Section179 #BonusDepreciation #TaxPlanning

?? Tax Tip: How to Claim the Home Office Deduction! Hi, Tiffany here from Washington & Co Inc.! If you use part of your home exclusively for business, you might qualify for the home office deduction. Here’s what you need to know: Eligibility: Your home office must be used exclusively and regularly for business purposes. Deduction Methods: The simplified method allows you to deduct $5 per square foot of office space (up to 300 sq. ft.). The actual expenses method lets you deduct a portion of home expenses (like utilities and rent/mortgage interest) based on the office’s percentage of your home. Keeping thorough records is key to ensuring you get the maximum benefit. If you need help deciding which deduction method is right for you, Washington & Co is here to assist! For guidance, visit: https://hubs.li/Q02Wnp0y0 #HomeOfficeDeduction #TaxTips #WashingtonAndCo #SmallBusinessTax #TaxPlanning #WorkFromHome

?? New Video: Understanding Tax Implications for Retirement Withdrawals! Hi, Tiffany here from Washington & Co Inc.! When you start withdrawing from your retirement accounts, whether it’s a 401(k), traditional IRA, or pension, those funds are generally considered taxable income and taxed at your ordinary income tax rate. Here are a few tips for a tax-smart retirement withdrawal strategy: Strategic Withdrawals: Control your annual withdrawals to stay within a lower tax bracket, minimizing your tax burden. Roth IRAs: Since Roth IRAs are funded with after-tax dollars, withdrawals in retirement are tax-free, making them a powerful tool. Required Minimum Distributions (RMDs): Remember, RMDs start at age 73 for most accounts. Missing them can lead to steep penalties, so planning is essential. If you’d like personalized guidance on a tax-efficient retirement withdrawal strategy, Washington & Co is here to help! For help, visit: https://hubs.li/Q02Y4N030 #RetirementPlanning #TaxStrategies #WashingtonAndCo #401k #IRA #TaxEfficiency #RetirementWithdrawals