How The One, Big, Beautiful Bill proposes to change the gift and estate tax exemption
Under the Tax Cuts and Jobs Act (TCJA), the federal gift and estate tax exemption amount is scheduled to revert to pre-TCJA levels after 2025. This has caused uncertainty for individuals whose estates may be exposed to gift and estate taxes. The good news is that the U.S. House of Representatives passed The One, Big, Beautiful Bill to permanently increase it to $15 million. The bill is now being considered by the U.S. Senate. Ask our estate planning advisors what this means for you.
When can seniors deduct Medicare premiums on their tax returns?
If you’re 65 or older and enrolled in basic Medicare, you may need to pay additional premiums to obtain the level of coverage you desire. These premiums can be significant. The good news? You might be eligible for a tax break on those premiums. However, claiming medical expenses on your tax return can be challenging. Contact our tax advisors with questions about Medicare premiums tax deductions
Are your nonprofit board meetings as focused as they could be?
Your nonprofit’s monthly board meetings may not be running as efficiently as possible. If that is true for you, you may want to consider planning agendas, assignments, and timetables. You may also want to consider following up with members after these meetings. Contact the nonprofit advisors at SEK for more information.
The One, Big, Beautiful Bill could change the deductibility of R&E expenses
The deductibility of research and experimental expenses is limited for businesses. However, The One, Big, Beautiful Bill may significantly improve the deduction. Here’s the story. Contact our business tax advisors with questions.
Individual tax breaks in 2025 and how The One, Big, Beautiful Bill could change them
Curious how The One, Big, Beautiful Bill could affect taxes for you and your family? Here are seven key tax breaks in the bill and what they could mean for you. Contact our tax advisors with questions.
An employee stock ownership plan can be a versatile business exit and estate planning tool
As the owner of a closely held corporation, a substantial amount of your wealth likely is tied to the business. To retain as much of that wealth as possible to pass to your family after you exit the business, consider an employee stock ownership plan (ESOP). It can enhance tax efficiency, support business succession goals and preserve wealth for future generations. Contact our advisors with questions.
Sierra Overmoyer receives AICPA’s 2024 Elijah Watt Sells Award
Sierra Overmoyer, CPA, Senior Associate at SEK, CPAs & Advisors, has been selected by the American Institute of CPAs (AICPA) as a recipient of the 2024 Elijah Watt Sells Award for exceptional performance on the Uniform CPA Examination.
What revenue numbers can reveal about your nonprofit’s financial health
Don’t wait for the next audit to review your nonprofit’s revenue stream. Consistent and predictable income is essential. Using auditor techniques, it’s possible to perform a detailed income analysis. Ask our nonprofit advisors for assistance.
5 tax breaks on the table: What business owners should know about the latest proposals
A bill in Congress — dubbed The One, Big, Beautiful Bill — could significantly reshape several federal business tax breaks. While the proposed legislation is still under debate, it’s already sparking attention across business communities. Here’s a look at the current rules and proposed changes for five key tax provisions and what they could mean for your business.
The advantages of a living trust for your estate plan
If you own substantial assets, you may want to consider setting up a living trust to bypass the probate process. Discover how a living trust can help you avoid probate, protect your privacy and simplify the transfer of your assets. Contact our estate planning advisors and tax consultants with questions.