Take Advantage of Retirement Accounts to Lower Your Tax Liability Year-end tax planning isn’t just about reducing your taxable income; it’s about setting yourself up for long-term financial success. Leveraging retirement accounts like 401(k)s and Health Savings Accounts (HSAs) can significantly impact both your future retirement and your immediate tax situation. Here’s everything you need to know to maximize these opportunities. 401(k) Plans: Your Tax-Advantaged Retirement Tool A 401(k)...
13 days ago • 2 min read
Family Payroll Perks: How Hiring Your Kids Can Lower Your Taxes! Looking for a way to cut taxes while benefiting the whole family? Hiring your kids to work in your business can be a surprisingly effective tax-saving strategy. Here’s how bringing your children onto the payroll can benefit your bottom line—and theirs! Why Consider Hiring Your Kids? 1. Tax-Free Income for Your Children For 2024, your child can earn up to $13,850 without paying federal income tax if this is their only income....
20 days ago • 1 min read
Maximize Your Tax Savings with a Cost Segregation Study If you’ve recently purchased, constructed, or renovated a building, you may be leaving significant tax savings on the table! A Cost Segregation Study is a powerful tax strategy that enables property owners to accelerate depreciation deductions, resulting in increased cash flow and reduced tax liabilities. What is a Cost Segregation Study? A Cost Segregation Study is a detailed analysis that identifies and reclassifies assets within a...
27 days ago • 1 min read
IRS 2025 Tax Updates: Essential Information for Tax Filers We hope this newsletter finds you well. The IRS has recently released its Revenue Procedure 2024-40, outlining the inflation adjustments for 2025 that will impact tax returns filed in 2026. Here are the key changes you need to know: Standard Deductions for 2025 Single Taxpayers & Married Filing Separately: $15,000 (up $400 from 2024) Married Couples Filing Jointly: $30,000 (up $800 from 2024) Heads of Household: $22,500 (up $600 from...
about 1 month ago • 1 min read
Real Estate Professional Status: Qualifications and Tax Benefits In the ever-evolving world of real estate, understanding the intricacies of tax implications is crucial for both investors and homeowners. One important designation that can significantly impact your tax liability is the Real Estate Professional Status (REPS). This newsletter explores what it takes to qualify for REPS and how it can help clients reduce their tax burden. What is Real Estate Professional Status? Real Estate...
about 1 month ago • 1 min read
Maximizing Deductions for Self-Employed Individuals Working from Home As the landscape of work continues to evolve, many self-employed individuals are leveraging the flexibility of working from home. However, navigating tax deductions can be complex. At RSK Tax and Consulting, LLC, we’re here to help you identify and maximize your deductions to keep more of your hard-earned income. Key Deductions for Home-Based Self-Employed Workers Home Office Deduction The home office deduction allows you...
about 2 months ago • 2 min read
The Potential Expiration of the Tax Cuts and Jobs Act (TCJA): What You Need to Prepare For The Tax Cuts and Jobs Act (TCJA) of 2017 brought significant changes to the tax code for individuals, families, and businesses. However, many of its provisions are set to expire at the end of 2025, which could mean higher taxes and fewer deductions for millions of Americans. Here's a breakdown of the potential changes and how they could affect you. 1. Higher Personal Income Taxes The TCJA reduced tax...
about 2 months ago • 3 min read
Tax Tips for Newly Established Businesses In this edition, we’ll explore common tax issues faced by newly established businesses. Starting a new venture is exciting, but the tax landscape can be complex. Here are some essential topics to help you navigate this important aspect of your business. 1. Choosing the Right Business Structure The business structure you select—be it a sole proprietorship, LLC, corporation, or partnership—has significant implications for your tax obligations. Each...
2 months ago • 2 min read
Maximize Your Savings: Top 5 Tax Deductions You Shouldn’t Miss! As tax season approaches, it’s the perfect time to ensure you’re making the most of your deductions. Tax deductions can significantly reduce your taxable income, meaning more money in your pocket! Here are the top five deductions you shouldn’t overlook: 1. Standard Deduction For the 2024 tax year, the standard deduction is: $14,600 for single filers $29,200 for married couples filing jointlyThis deduction simplifies the filing...
2 months ago • 1 min read