Tax season can be stressful, especially if you’re worried about penalties. Whether you’re an individual or a small business owner, IRS penalties can add up quickly, turning a simple oversight into a costly mistake. Understanding what triggers these penalties—and how to avoid or reduce them—can save you time, money, and frustration. In this article, we’ll...
What do you get the wealthy client who has everything? The answer, according to savvy money managers, might surprise you: a loss-making investment. This seemingly counterintuitive strategy is the basis for Wall Street’s latest tax-saving innovation—tax-aware long-short strategies. These approaches are gaining traction among the ultra-wealthy, combining hedge fund tactics with personalized portfolio management to...
Retirement is your reward for a lifetime of hard work, but keeping more of your savings in retirement requires strategy. Many Baby Boomers unknowingly leave tax dollars on the table by missing out on tax-savvy moves. You’ve built up a lifetime of savings—now it’s time to make sure they work for you. Let’s break down...
As tax professionals, we know that changes in leadership often bring shifts in tax policy, affecting everything from deductions and exemptions to estate taxes and business regulations. With President Donald Trump’s recent re-election, we may see updates to tax policy based on his prior administration’s actions and new proposals. For individuals and businesses alike, understanding...
As the year draws to a close, it’s crucial to take stock of your financial situation and make strategic moves to minimize your tax liability. With a little planning and foresight, you can take advantage of various tax-saving opportunities. Here are some last-minute strategies to consider before the year ends. Itemizing Deductions and Medical Expenses...
As the year draws to a close, small business owners have a unique opportunity to implement strategies that can significantly reduce their tax liability for the upcoming year. By taking proactive steps in the final months, businesses can not only minimize their tax burden but also streamline their financial operations. Here’s a comprehensive guide on...
Dear Valued Clients and Friends of the Firm, We want to share and remind you of a valuable opportunity available for St. Louis County residents aged 62 and older—a real estate tax freeze on your 2025 real property bill and beyond! If you or someone you know qualifies, this program can help lock in your annual...
Dear Clients, We are writing to inform you about a recent legal development regarding the Corporate Transparency Act (CTA) and its requirement for businesses to report beneficial ownership information (BOI) to the Treasury Department. On Tuesday, December 3, 2024, Judge Amos L. Mazzant III of the U.S. District Court for the Eastern District of Texas...
Starting Jan. 1, 2024, a significant number of businesses were required to comply with the Corporate Transparency Act (“CTA). The CTA was enacted into law as part of the National Defense Act for Fiscal Year 2021. The CTA requires the disclosure of the beneficial ownership information (otherwise known as “BOI”) of certain entities from people...
To Our Clients and Friends, The end of the tax year is almost upon us, so it’s a good time to think about things you can do to reduce your business’s 2024 federal taxes. With the presidential election coming up, there’s a chance for changes in Congress. We know there will be a...