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Child Tax Credit Expansion Bill Advances in House, Senate Decision Pending
The House has passed the Tax Relief for American Families and Workers Act of 2024, focusing on expanding the child tax credit and providing benefits for businesses. However, its approval in the Senate remains uncertain due to conflicting opinions on crucial aspects.
Annual Audits vs. Fraud Detection: Bridging the Gap with Forensic Services
Annual financial audits only detect a small fraction of fraud. For thorough detection and prevention, businesses should consider specialized forensic services tailored to their specific needs. Our team can help!
It is important for sole proprietors to have a clear understanding of their tax obligations. This includes pass-through deductions, self-employment taxes, meticulous record-keeping, quarterly tax payments, health insurance deductions, and setting up a retirement plan.
George Troilo Joins Brinker Simpson & Company, LLC
Brinker Simpson & Company, LLC, Delaware County's largest locally owned, full-service public accounting firm, is pleased to welcome George Troilo to our team of professionals. George joins the Firm as an accounting associate in the Tax department.
Financial Insights & Tax Impacts of Short vs. Long-Term Rentals
Choosing between short-term and long-term rentals affects your income and taxes. Short-term rentals can earn more but involve complex tax rules, while long-term rentals offer a stable income with simpler tax planning. Getting advice from tax experts is crucial for making the best investment choice.
Tax Implications for Social Security Benefits: What You Need to Know
The IRS taxes Social Security benefits based on overall income and filing status, with specific guidelines determining the taxable portion. However, supplemental Security Income (SSI) is not taxed, reflecting its aim to assist those in need without additional financial burden.
It is important to identify potential business losses early on in order to plan for tax strategies that can help reduce the financial impacts. Some key tactics that can be used for managing tax burdens and supporting business recovery include utilizing asset sales to offset gains, adjusting depreciation, carrying forward losses, and revising quarterly tax payments.
This e-newsletter is for general informational purposes only and does not constitute legal, tax, accounting, investment, or professional advice. It should not replace professional consultation. Always seek advice from qualified professionals before making any decisions. The tax information provided is not intended for use in avoiding penalties. We do not guarantee the accuracy or completeness of this information and disclaim all warranties, express or implied.