Welcome to the Sellers CPA Newsletter!
Dear valued clients and readers, Season's Greetings,
As we approach the close of 2024, it's time to prepare for the upcoming tax season with the latest insights and strategies. Here at Sellers CPA in Dadeville, AL, we aim to provide you with the expertise and guidance needed to navigate the complex world of taxes.
Recent Tax Law Updates:
Inflation Adjustments for 2025:
The IRS has updated tax brackets and standard deductions for inflation. For individuals, the standard deduction is now $13,850 for singles and $27,700 for married filing jointly. Ensure your tax planning reflects these new figures.
Meal Deduction Reversion:
Business meal deductions have returned to 50% from the temporary 100% rate. Accurate expense tracking is essential to maximize your deductions.
Child Tax Credit:
The credit remains at $2,000 per child, with adjusted phase-out limits.
Retirement Contributions:
The 401(k) limit has risen to $23,000 for those under 50, and $30,500 for those 50 and over. IRA limits are now $7,000 with a $1,000 catch-up for those over 50.
Personal Tax Filing Tips:
Early Preparation: Don't wait until the last minute. Start organizing your tax documents now.
Security First: Protect your financial identity with robust online security practices.
Life Event Adjustments: Changes in your life can affect your tax strategy. A meeting with us can help you adjust accordingly.
Business Tax Considerations:
Revisit Your Business Structure: Assess if your current business entity type is still optimal for tax purposes.
Expense Management: With the return to 50% meal deductions, detailed expense records are more critical than ever.
R&D Tax Credits: Explore eligibility for R&D credits to leverage tax benefits from innovation investments.
Why Partner with Sellers CPA?
Tailored Expertise: We customize our services to your unique financial narrative, offering insights beyond what generic software can provide.
Forward-Thinking: Our team keeps abreast of tax changes, ensuring your strategies are always up-to-date.
Community Knowledge: Being part of Dadeville, we offer insights that resonate with local business and personal financial contexts.
Closing Remarks:
As we celebrate the holiday season, let's also think ahead to financial clarity and success in the new year. At Sellers CPA, we're committed to turning tax season into an opportunity for financial optimization.
Happy Holidays and a Prosperous New Year from Sellers CPA!
We look forward to assisting you with your tax needs. For more information or to schedule a consultation, visit sellerscpa.net or call us at (256) 825-8259. Here's to a financially successful 2025!
This newsletter provides general information and should not be taken as financial advice. For personalized advice, contact our professionals at Sellers CPA.
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