Fall Quarterly Newsletter
President’s Message
We hope that everyone is enjoying the change of seasons. In this newsletter we are providing some year-end tax planning ideas, our thoughts as to how taxes will be affected by the election, and the FinCEN BOI filing requirements for businesses. Feel free to contact our office if you have any questions.
Year-End Tax Planning
As we approach the end of the year there are some things you can do to save taxes.
· You can do some energy improvements to your home such as adding insulation, replacing exterior doors, replacing a furnace, A/C, or water heater.
· Contribute to a 529 college saving account for someone (does not need to be for your child) where you can deduct up to $1,500 if you are single and $3,000 on your Minnesota tax return if you are married filing jointly. Other states offer this tax savings as well so please reach out if you have any questions.
· Employers begin their open enrollment for benefits. If you have children in childcare, you can elect to have up to $5,000 as pre-tax childcare dependent benefits. The tax savings can be substantially more beneficial vs taking the childcare credit which is limited by your income.
· Donate clothing or household items to charity. You can deduct up to $5,000 worth of non- monetary donations without needing an appraisal. Be sure to save your receipts and document what you donated, including the estimated fair market value.
Election and Your Taxes
We are drawing near our next election and some of you may be wondering what this means for your taxes. Everyday there seem to be new ideas regarding tax rates, tax credits, and deductions. Once the new President is elected, these ideas would need to go through Congress. There most likely would not be any tax law changes until after 2025. This is when the Tax Cuts and Jobs Act will expire so that is when we are expecting changes to occur in the tax code.
FinCEN Filings are Due by December 31, 2024
Earlier this year I sent out an email regarding the FinCEN BOI filing requirements for businesses that are registered with their Secretary of State. This includes S-Corporations, C-Corporations, Partnerships and LLCs. The reporting needs to be completed by the end of the year otherwise there will be fines for being late. Please contact our office if you would like assistance with the reporting. Here is a link where you can find more information regarding the filing requirements. https://fincen.gov/boi
Important Dates
· November 3, 2024, Daylight Saving Time Ends
· November 28-29, 2024, Thanksgiving – Office Closed
· December 25, 2024, Christmas – Office Closed
· January 1, 2025, New Year’s - Office Closed
· January 2-5, 2025, Tax Information Packets Mailed