Monthly Newsletter for December 2024
Featured Articles
The U.S. Election Outcome Likely to Have Major Impact on Taxes Having won control of the White House, the Senate and the House of Representatives, Republicans will have the opportunity to move forward their vision for federal taxes. What might this mean?
Unlocking Tax Savings: The Benefits of a Cost Segregation Study A cost segregation study allows a business property owner to accelerate depreciation deductions. That, in turn, enables the owner to reduce current taxable income and increase cash flow.
Feeling Charitable? Be Sure You Can Substantiate Your Gifts As the end of the year approaches, many people give more thought to supporting charities they favor. To avoid losing valuable charitable deductions if you itemize, you’ll need specific documentation, depending on the type and size of your gift. Here’s a breakdown of the rules:
Tax Tips
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QuickBooks Tips
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Tax Due Dates
December 16
Calendar-year corporations: Pay the fourth installment of 2024 estimated income taxes, completing Form 1120-W for the corporation’s records.
Employers: Deposit Social Security, Medicare and withheld income taxes for November if the monthly deposit rule applies.
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Employers: Deposit nonpayroll withheld income tax for November if the monthly deposit rule applies.
January 10
Individuals: Report December 2024 tip income of $20 or more to employers (Form 4070).
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Please call us at (949) 251-0093 if you have any questions.
Afshin R. Maleki, CPA
4000 MacArthur Blvd., Suite 600 East Tower
Newport Beach, CA 92660-2517
(949) 251-0093
Any accounting, business or tax advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties. If desired, we would be pleased to perform the requisite research and provide you with a detailed written analysis. Such an engagement may be the subject of a separate engagement letter that would define the scope and limits of the desired consultation services.