12/31/2024
Natasha O Edwards
Above the line deductions that will be beneficial for your business .
* Offering a HSA (Health Savings Account) or MSA account is more affordable than your think.
Not only will you retain employees you will benefit from the deduction when you file your personal and business taxes.
* Simple IRA and SEP accounts
Are you self-employed? Did you know you have many of the same options to save for retirement on a tax-deferred basis as employees participating in company plans?
Here are some highlights of your retirement plan options.
Simplified employee pension (SEP)
Contribute as much as 25% of your net earnings from self-employment (not including contributions for yourself), up to $69,000 for 2024 ($66,000 for 2023, $61,000 for 2022, $58,000 for 2021, $57,000 for 2020 and $56,000 for 2019).
And guess what you can claim an above the line
deduction on your personal taxes.
*Charity donations
( Every business should have a charity, but you knew that.)
Have a designated charity or a charity for your organization is important and the benefits are amazing. Not only will you get a discount but you will be a vital asset to your community.
Slagging off in 2025 is no longer allowed. We offer beneficial services and support to our customers as well a much needed service to our communities.
If you want to more information and helpful tips
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