To file or not to file a gift tax return, that is the question
If you made substantial gifts of wealth to family members in 2024, you may have to file a gift tax return. The return is due by April 15 of the year after you make the gift, so the deadline for 2024 gifts is coming up soon. Contact the CPAs and tax advisors at SEK for more details.
Keep your nonprofit’s special event safe and successful
Most not-for-profits depend on special events to raise money, attract supporters and boost their profiles. But whether you’re hosting a formal dinner, golf tournament, holiday bazaar or other event, know that almost all special events encounter unexpected issues, if not downright emergencies. Contact the nonprofit advisors at SEK for help with creating a crisis management plan for your event.
How inflation will affect your 2024 and 2025 tax bills
Inflation has slowed down considerably in the last couple of years. What does this mean for your federal tax bill? Here are the inflation-adjusted amounts for several provisions in 2025, compared to 2024. Contact the CPAs and tax advisors at SEK with questions.
When can you deduct business meals and entertainment?
Business-related meal deductions can be valuable, but the rules can be complex. Under current law, your business can’t deduct most entertainment expenses. There are, of course, several exceptions. Contact the business tax advisors at SEK if you want more information.
How to set up a bookkeeping cycle in QuickBooks Online
Do you have a regular schedule you follow with your QuickBooks Online work? It can be a good strategy.
QuickBooks Online payroll update: Changes to W-2 printing and mailing
Beginning in January 2025 (for the 2024 tax season), QuickBooks Online Payroll will no longer include the cost of printing and mailing W-2 tax forms in its subscription. Instead, there will be a $4 fee per employee for this service.
Should a married couple use a joint trust or separate trusts?
If you’re married, you and your spouse must decide whether to use a joint revocable trust or separate revocable trusts. The right choice depends on your financial and family circumstances, applicable state law, and other factors. To determine which is right for you, contact the estate planning advisors at SEK.
Nonprofits: How to get foundations to say “yes” to your grant proposals
If your not-for-profit isn’t actively seeking grants from the many thousands of foundations in the United States, why not? In general, you’ll be the most successful at obtaining grants if you target foundations whose interests match your nonprofit’s mission and programs. Foundations usually like well-defined, data-driven projects that they can be confident will be completed. Contact the CPAs and nonprofit advisors at SEK for more suggestions.
Self-employment tax: A refresher on how it works
Do you own a growing, unincorporated small business, and are you concerned about high self-employment (SE) tax? The SE tax is how Social Security and Medicare taxes are collected from self-employed individuals. Contact the CPAs and tax advisors at SEK if you have questions or want more information about the SE tax and ways to reduce it by operating as an S corporation.
Get tax breaks for energy-saving purchases this year because they may disappear
The Inflation Reduction Act created several tax credits to promote clean energy. You may want to take advantage of them before it’s too late as the law may be repealed in 2025. Contact the CPAs and tax advisors at SEK before making a large purchase to check if it’s eligible.