Ways to manage the limit on the business interest expense deduction
Current tax law generally limits deductions of business interest, with certain exceptions. Unless your company is exempt, your maximum business interest deduction for the tax year equals the sum of 1) 30% of your company’s adjusted taxable income (ATI), 2) your company’s business interest income, if any, and 3) your company’s floor plan financing interest, if any. If your company is affected by the business interest deduction limitation, contact our business tax advisors to see if you can avoid it or reduce the impact.
Can I itemize deductions on my tax return?
With the 2024 tax deadline approaching you may wonder if you can itemize deductions. You can if the total of your allowable itemized write-offs for the year exceeds your standard deduction allowance for the year. The basic standard deduction allowances for 2024 are: $14,600 for single taxpayers, $29,200 for married joint filers and $21,900 for heads of households. Itemized deductions include charitable contributions, mortgage interest, state and local taxes, and medical expenses. Other rules and limits apply. Contact the tax advisors at SEK with questions.
How to effectively coach employees
Employee coaching is one of the most impactful ways to develop your team, improve performance, and foster a positive workplace culture.
What your nonprofit should know about credit loss reporting rules
How much do you know about a relatively new accounting standard that applies to credit losses of nonprofits that follow Generally Accepted Accounting Principles? If your organization is subject to the current expected credit loss (CECL) rules, you need to get up to speed. Such accounting is complex, so consider engaging our nonprofit accounting professionals for help.
Managing products and services in QuickBooks Online
QuickBooks Online can keep you in the know about what you have available to sell, and it can manage the forms and transactions you need to do business with your buying audience. Here’s a quick look at some of the basics.
Yes, you still need an estate plan even if you’re single, without children
There’s a common misconception that only married couples with children need estate plans. In fact, estate planning may be even more important for single people without children. Why? Because for married couples, the law makes certain assumptions about who should make financial or medical decisions on their behalf should they become incapacitated and who should inherit their property if they die. Contact the estate planning advisors at SEK with your questions.
If you run a business from home, you could qualify for home office deductions
If you’re self-employed and run your business from home or perform certain functions there, you might be able to claim deductions for home office expenses against your business income. There are two methods for claiming this tax break: the actual expense method and the simplified method.
Put your nonprofit’s cybersecurity system to the “pen” test
How well does your nonprofit’s cybersecurity program protect you from hacking? Penetration (pen) testing helps find vulnerabilities so you can, if necessary, strengthen your defenses. Contact our nonprofit advisors for assistance with your nonprofit.
Do you have the right amount of life insurance coverage?
Life insurance plays a vital role in your estate plan because its proceeds can provide for your family in the event of your untimely death. The amount of life insurance that’s right for you depends on you and your family's circumstances, so it’s critical to review your life insurance policy regularly. Contact our estate planning advisors for life insurance planning assistance.
If you didn’t contribute to an IRA last year, there’s still time
If you’re gathering documents to file your 2024 tax return and you’re concerned that your tax bill may be higher than you’d like, there might still be an opportunity to lower it. If you qualify, you can make a deductible contribution to a traditional IRA right up to the April 15, filing date and benefit from the tax savings on your 2024 return. Contact the CPAs and tax advisors at SEK to get the most out of your tax return and for more tax tips.