Year-End Charitable Giving Donating appreciated stock or other assets can provide a double benefit — a charitable deduction and avoidance of capital gains. Consider using a donor-advised fund to simplify contributions and lock in your deduction before December 31. Gifts & Generation-Skipping transfers You can gift up to $19,000 per [...]
💡 October isn’t just about extensions — it’s the month to plan ahead. File on time, avoid penalties, and start preparing for year-end deductions and retirement savings.
July 1, 2025 - D.C. is in full negotiation mode, and the latest House and Senate versions of the new tax bill include major proposed changes: ✔️ Expanded child tax credits✔️ New car loan interest deductions✔️ Bonus depreciation returns✔️ R&D write-offs restored✔️ SALT cap changes (again)✔️ Repeal of energy tax [...]
JUNE ACCOUNTING & TAX TIPS Check your YTD income Review your W-2 tax withholding Know your tax bracket Track busienss deductions now Estimated taxes are due June 15th Calculate remaining retirement contributions Track home office or business vehicle use
Big news for small business owners and U.S.-based entities: As of March 21, 2025, the BOI (Beneficial Ownership Information) filing requirement no longer applies to U.S. companies or U.S. persons under the Corporate Transparency Act (CTA). The Treasury Department and FinCEN issued a new rule that officially narrows the BOI [...]
Can you believe it’s almost April?! Here are your key tax updates and deadlines—please take a moment to review what's relevant to you: ⏳ S Corporations & Partnerships – Extensions If we filed an extension for your S Corporation or Partnership, your new deadline is September 15, 2025. Most of these extensions are [...]
Important Update Regarding BOI Filing: As of February 19, 2025, filing a Beneficial Ownership Information (BOI) report is now mandatory. This change is due to ongoing legal proceedings, and the final court decision remains unclear for small businesses. Current due date for existing businesses: March 21, 2025 By choosing to submit your [...]
Each tax season, many taxpayers hear the word extension and assume it means extra time to deal with everything related to their taxes. In reality, a tax extension is very specific in what it does—and what it does not do. Understanding this distinction can help avoid penalties, interest, and unnecessary [...]
With tax season in full swing, here are a few key reminders to help you stay on track. 📅 Tax Document Reminders Many tax forms, including 1099-Bs for investment accounts, won’t be available until late February. Be sure to check with your brokerage firm before sending partial documents. As you receive your tax [...]
The 2024 tax filing season begins January 27th 2025! Every year, AFSG provides you with detailed checklists to help you stay organized and up to date on the current tax laws. Below are links to our 2024 checklists, worksheets, and virtual appointment options. TAX CHECKLISTS From your phone, tablet, or [...]
