J. Hunter Company

11/05/2024

Taxpayers earning income not subject to mandatory withholding, like business profits or investment gains, are encouraged to make quarterly estimated tax payments to avoid the significant estimated tax penalty, manage cash flow, and prevent liquidity issues.

Taxpayers earning income not subject to mandatory withholding, like business profits or investment gains, are encouraged to make ...

11/02/2024

For 2025, employees aged 50 and older can contribute up to $31,000 to most retirement plans with a catch-up limit of $7,500, while employees aged 60 to 63 have a higher catch-up limit of $11,250 under SECURE 2.0.

IR-2024-285, Nov. 1, 2024 — The Internal Revenue Service announced today that the amount individuals can contribute to their 401(k) plans in 2025 has increased to $23,500, up from $23,000 for 2024.

10/28/2024

Knowing Numbers: October 2024

10/23/2024

While itemizing personal tax deductions can benefit those with substantial mortgage interest, medical expenses, or charitable contributions, the significance of this task was reduced by tax law changes, which raised the standard deduction.

While itemizing personal tax deductions can benefit those with substantial mortgage interest, medical expenses, or charitable ...

10/11/2024

With an aim to efficiently drive sales and profitability, early-stage marketing strategies include content marketing, industry-specific advertising, social media, referrals, partnerships, and networking.

With an aim to efficiently drive sales and profitability, early-stage marketing strategies include content marketing, ...

10/08/2024

For tax purposes, gifts generally do not need to be reported by the recipient, but the donor must file a gift tax return if the gift exceeds the annual exclusion per recipient.

For tax purposes, gifts generally do not need to be reported by the recipient, but the donor must file a gift tax return if the gift ...

09/27/2024

Deciding whether to hire employees or use contractors depends on factors like the nature of the work, control needed, resources available, legal requirements, and tax reporting differences, with each option having its own advantages and challenges. https://tinyurl.com/3me2tvj3

09/24/2024

Inflation, a rise in prices, can lead to various economic risks such as reduced purchasing power, increased uncertainty, higher interest rates, distorted resource allocation, asset bubbles, social unrest, and income inequality. https://tinyurl.com/y74h3j64

09/20/2024

Starting this year, most small business entities must file a Beneficial Ownership Information (BOI) report with FINCEN, identifying individuals who own or control the company, to promote transparency and combat financial crimes. https://tinyurl.com/4zmp7d6s

08/22/2024

A self-directed IRA allows real estate investment with potential tax benefits, but it involves complexity, strict regulations, and potential risks, making it more suitable for experienced real estate investors rather than lay investors. https://tinyurl.com/ykkhfd2k

08/19/2024

For start-ups with limited capital and straightforward operations, it's often best to manage finances using a separate business account and spreadsheets, delaying the need for bookkeeping software and corporate registration until the business grows more complex. https://tinyurl.com/3fjf3rh2

08/16/2024

Whether your Social Security benefits are taxable depends on your combined income, with up to 85% of benefits potentially subject to federal tax if certain thresholds are exceeded, though many states do not tax Social Security. https://tinyurl.com/3s9298st