DECEMBER 2024 E-NEWSLETTER
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Reminder that compliance with the new Fincen reporting obligations is due December 31st, 2024
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In 2021, Congress passed the Corporate Transparency Act (CTA). This act represents a significant change in the regulatory landscape for ALMOST ALL entities doing business in the United States. The primary goal of the CTA is to enhance corporate transparency and combat financial crimes such as money laundering and the financing of terrorism...
Year-End Tax Savings Checklist
Conducting a year-end tax review of your financial situation can uncover opportunities to cut your tax bill. Here are areas to consider in the next few weeks to trim your tax bill.
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We now accept ACH payments through our website under the payment portal.
Invoices can be paid on our website at www.kvlsmcpa.com by ACH and credit card. Checks can be mailed to us at our office at KVLSM LLP, 415 Crossways Park Dr. Suite C, Woodbury, NY 11797.
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MORE TAX & FINANCIAL NEWS YOU CAN USE
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The 2025 Tax Law Uncertainty
With the changes happening in Washington D.C., there is now some uncertainty about what tax policies we may see next year. Here are some key highlights of what to expect in 2025.
Track Your Dollars
Do you keep track of all the money you spend each month? Tracking your expenses will help you take control of your financial life.
Health Insurance Deduction For Self-Employed
There are many reasons why being self-employed isn't for everyone, not the least of which is that you're responsible for buying your own health insurance. However, most likely you can deduct health insurance premiums paid from your taxable income on your 2024 tax return.
How Bonuses Are Taxed
Many employers typically pay year-end bonuses in the first quarter of the year. If you received a bonus for the first time this year, you may be surprised at the net amount of your "windfall."
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DECEMBER 2024 Q & A
Q: I received a CP-501 notice from the IRS claiming I have a balance due, but I disagree. What should I do?
A: Since the CP-501 notice is the first notice you will receive about a past due amount, you'll want to call the IRS immediately using the phone number provided.
But before you call, do your research and have all the information available to explain why you believe there is a mistake.
Although talking with the IRS may seem scary, don't ignore the notice. Interest and penalties may continue to be charged, and they have the right to place a lien on your property.
Plan For A Cash-Only Holiday
Do you often find yourself still paying off credit card debt long after the holidays? Keeping spending under control can be difficult at this time of year, which is why using cash — not credit — is so important. Here are a few tips.
BE EFFICIENT
To help keep you focused, list people you're shopping for and the amount you intend to spend. Include ideas for gifts.
USE CASH OR A DEBIT CARD
This makes you accountable for staying on budget. You won't be able to spend more than you have in your wallet or in your bank account.
AVOID THE MALL
Colorful displays, new gift ideas and sales might tempt you to buy items that aren't on your list. Your favorite stores and online vendors have websites where you can order specific items without the distractions found in local stores, which tend to trigger impulse spending.
Don't Be Your Own Worst Investing Enemy
Many investors aim to have their gains match or beat a standard investment benchmark. According to Dalbar's annual Quantitative Analysis of Investor Behavior, 2024, the average investor falls short, earning 5.5% less than their targeted stock benchmark and 2.63% less than their chosen fixed income benchmark.
BEHIND THE STATISTICS
Often, investors weigh emotional behavior and personal recommendations too heavily against the knowledge and experience of investment professionals. Look at the checklist to see if this could be you.
- When deciding whether to sell a stock, you may be emotionally fixed on the price you paid for it and avoid selling so you won't regret having made a "bad" investment, resulting in a reportable loss.
- Are you hesitant to sell an investment that's had significant gains but its performance has fallen off? Remember, the past performance of any investment doesn't guarantee future results.
- Beware that paper losses are stressful and can trigger you to sell prematurely.
- Being too quick to jump on the latest trend or family or friends' recommendations without thorough research and talking with your financial professional first can be detrimental to achieving your goals.
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