Itemized Deductions Series – Part 2: Deductions and Medical Expenses
When evaluating the tax benefit of medical expense payments, it is important to know that you must incur significant medical expenses before the first dollar becomes deductible. On Federal, taxpayers must meet a 7.5% of adjusted gross income (AGI) threshold before they receive any benefit. So, for a taxpayer with $200,000 of income, uncovered medical…
Read More
Itemized Deductions Series – Part 1: The Basics
Itemized Deductions: From Common and Easy to Unusual and Tricky For most taxpayers, questions about what is deductible far outnumber the questions about what is taxable. Why? Most income is reported on standard documents —W-2’s, K-1’s and 1099’s. The recordkeeping for deductions mainly falls on the taxpayer. While certain deductions are reported on IRS forms…
Read More
Is Your Retirement Plan Viable?
Most retirement discussions begin with how large a nest egg is needed for retirement and an estimate of the correct percentage withdrawal rate. While these questions are important, they are generalizations that don’t answer the most important questions. The Big Question Focusing on what your investments will generate is important but does not mean you’ll…
Read More
Why Businesses Should Review Fidelity Coverage
Employee embezzlement, the act of an employee misappropriating company funds or assets for personal gain, is a pervasive risk that businesses cannot afford to ignore. While organizations often implement internal controls and monitoring mechanisms to mitigate this risk, no system is foolproof. Fidelity coverage, a specialized type of insurance that protects businesses against losses caused…
Read More
Protect Personal and Company Information From Scammers
Various government agencies, along with law enforcement, are reporting an uptick in security-related scams. It is important to be aware of potential scams and discuss them with elderly family members, who are often victims. Social Security Related Scams Criminals continue to impersonate agency personnel in an attempt to obtain personal information or money. Scammers might…
Read More
BOI Reporting Injunction Reinstated Again – Enforcement Paused
The Fifth Circuit Court of Appeals reinstated the CTA injunction on December 26th. This follows a reinstatement of the CTA filing deadline on December 23rd. So, as of December 26th, the filing requirement is on hold. The following alert was issued by FinCEN via their website: In light of a recent federal court order, reporting companies…
Read More
Maximize Real Estate Depreciation Deduction with A Cost Segregation Study
Cost segregation creates a unique opportunity for building owners to minimize taxable income by maximizing depreciation expense in the year or years following the purchase or development of a building. Cost segregation is a method of allocating building costs to components with a shorter depreciable life, which increases the depreciation deduction in the early years…
Read More
Take Advantage of 401K and IRA Catchup Contributions
As retirement approaches, maximizing your savings becomes crucial. For individuals aged 50 or older, catch-up contributions to 401(k) and IRA accounts offer a valuable opportunity to boost retirement funds and reduce current tax liability. Understanding Catch-Up Contributions Catch-up contributions are additional amounts you can contribute to your retirement accounts beyond the standard annual limits. For…
Read More
Dent Moses Offers Free Shred Service for Clients
Beginning now through January 15, Dent Moses has extra shred bins on-site to help our clients dispose of old financial and tax records. All you need to do is bring your unwanted documents to our office, and we will place them in one of our secure shred bins. If you have more than you can…
Read More
Time to Review Beneficiary Designations
It is important to take time to update beneficiary designations on bank accounts, life insurance policies, investment accounts, IRAs, etc. While these are often adjusted alongside updates to wills and estate planning documents, it’s easy to overlook them. Take a moment to check that your designations reflect your current wishes—especially if it’s been a while…
Read More