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August 2024

📢 Tax Time Reminder! 📢


Hey there, tax hero! Time’s ticking faster than a cat on a laser pointer. 🕒🐱 Get your documents to us before they end up as vintage collectibles! 🗂️🚀


Send them over pronto—your future self will thank you (and so will your accountant)! 😄💼

THE POSSIBLE TAX LANDSCAPE FOR BUSINESSES IN THE FUTURE

Get ready: The upcoming presidential and congressional elections may significantly alter the tax landscape for businesses in the United States. The reason has to do with a tax law that’s scheduled to expire in about 17 months and how politicians in Washington would like to handle it.

Read on to learn more!

UTILIZING TAX-DEFERRED RETIREMENT PLANS FOR BUSINESS OWNERS

Planning for retirement is a crucial aspect of managing a small business. Unlike traditional employees who may have access to employer-sponsored benefits, business owners must proactively manage their retirement savings. This involves navigating fluctuating incomes and variable cash flows while balancing the demands of running a business. Tax-deferred retirement plans offer a valuable solution, providing significant tax benefits while helping to secure your financial future.

Read on to learn more!

NAVIGATING FINANCIAL AUDITS

A COMPREHENSIVE GUIDE

Navigating a financial audit can be daunting, but with the right preparation and understanding, it can become a manageable and beneficial process. Financial audits help ensure the accuracy of your financial records and compliance with regulations and can reveal areas for improvement within your business operations. 

Read on to learn more!

UNDERSTANDING TAXES ON

REAL ESTATE GAINS

Let’s say you own real estate that has been held for more than one year and is sold for a taxable gain. Perhaps this gain comes from indirect ownership of real estate via a pass-through entity such as an LLC, partnership or S corporation. You may expect to pay Uncle Sam the standard 15% or 20% federal income tax rate that usually applies to long-term capital gains from assets held for more than one year.


However, some real estate gains can be taxed at higher rates due to depreciation deductions. Here’s a rundown of the federal income tax issues that might be involved in real estate gains.

Read on to learn more!

WHAT'S NEW AT HT2!

Welcome Ashleigh Atwood


Ashleigh has been in the tax industry for 5 years and has grown tremendously since joining the Hamilton Tharp team. When she's not chasing around her three children, she enjoys reading and furthering her education. She is very grateful to be a part of the Hamilton Tharp team!

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