McSwain & Company, PS
Are You Ready for Major Tax Changes in 2026?
August 1, 2024 · Blog, Tax and Financial News, Uncategorized
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These articles provide general information on tax, accounting, and financial topics for small businesses and individuals. They are educational in nature and are not specific legal, accounting, financial, tax, or other professional advice, and should not be relied upon as such. This content was prepared by Service2Client and may have been reviewed or edited by the website owner for accuracy and compliance. Look for a trust mark below for verification details. No representation is made that any approach described will achieve a particular result, and no regulatory or professional body has reviewed or endorsed this content. Because each situation is different, readers should consult a qualified professional about their specific circumstances before acting. Images accompanying these articles are protected by copyright and may not be copied or reused.
August 1, 2024
Published by Service2Client on August 1, 2024
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🖨 Print⏱ 4 min read The enactment of the Tax Cuts and Jobs Act (TCJA) in 2017 brought with it major changes to the tax code on both personal and business levels. While many taxpayers have not only enjoyed but come to see these tax provisions as normal over the past seven years, many provisions of the TCJA are set to expire at the end of 2025. This makes 2026 and beyond potentially a very different tax landscape than the one we operate in today. This article reviews main provisions of the TCJA that could be affected and what it could mean for taxpayers. Return of Higher Tax Rates Lower tax rates were a hallmark of the TCJA. Rates on […]
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August 1, 2024
Published by Service2Client on August 1, 2024
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For many parents and kids, living independently after college or trade school has been a challenge – a big one, thanks to rising inflation, student debt, and high rent. However, whether your kids are headed for a university or a hands-on…
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August 1, 2024
Published by Service2Client on August 1, 2024
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đź–¨ Print⏱ 4 min read Step 3: Develop a Financial Plan We all have a different vision for our golden years – and we are also on individual financial tracks to meet our financial goals for retirement. But if you’re not where you think you should be by age 50, consider ways to step up your efforts. Some ideas frequently recommended by financial planners include the following: Reduce Your Expenses You could give up some streaming services and your Friday night out with friends, but those are not likely to be impactful moves. Besides, let’s face it, those will be important entertainment and social outlets once you are in retirement, so you might not want to give them up now. […]
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August 1, 2024
Published by Service2Client on August 1, 2024
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đź–¨ Print⏱ 4 min readAccelerating Deployment of Versatile, Advanced Nuclear for Clean Energy (S 111) – This bill was introduced by Sen. Shelly Moore Capito (R-WV) on March 30, 2023. This bipartisan legislation is designed to strengthen America as a leader in energy security. This bill includes measures to bolster clean nuclear power, establish strong union jobs, and achieve our nationwide net-zero emission goal by 2050. Versions of this bill passed in the Senate and House over the past year, and it was signed into law by the president on July 9. Fire Grants and Safety Act (S 559) – This act enables communities across the United States to hire more firefighters and first responders, as well as increase safety […]
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August 1, 2024
Published by Service2Client on August 1, 2024
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When it comes to running a business, there are a lot of expenses incurred during operations. As of January 2024, New York University’s Stern School of Business had recorded nearly $1.2 trillion in capital expenditures by U.S.
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July 1, 2024
Published by Service2Client on July 1, 2024
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đź–¨ Print⏱ 3 min readPromoting a Resolution to the Tibet-China Dispute Act (S 138) – This bill was introduced by Sen. Jeff Merkley (D-OR) on Jan. 30, 2023. It establishes a statutory definition of Tibet that includes areas currently claimed by China. The legislation also expands efforts to combat Chinese government propaganda, such as disinformation about Tibet’s history and institutions. The bill passed in the Senate on May 23 and in the House on June 12. It is currently awaiting enactment by the president. No Hidden Fees on Extra Expenses for Stays Act of 2023 (HR 6543) – Introduced on Dec. 1, 2023, by Rep. Young Kim (R-CA), this bill requires providers of short-term lodging (e.g., hotels, motels, inns, and […]
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July 1, 2024
Published by Service2Client on July 1, 2024
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With more than eight million small businesses in America, and more than $776 billion in net premiums issued by the insurance industry in 2022 for commercial policies (according to the Insurance Information Institute), business…
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July 1, 2024
Published by Service2Client on July 1, 2024
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Since it’s summer and reading lists are top of mind, now’s the perfect time to expand your knowledge of money management and wealth building. So, whether you’re a retiree, a beginning saver or even a…
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July 1, 2024
Published by Service2Client on July 1, 2024
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đź–¨ Print⏱ 3 min read I sincerely hope you have never had to go through an IRS audit – and never have to in the future. But what if that dark day does arrive? Should you go it alone and defend yourself or hire a CPA, EA, or Tax Professional to be on your side? The temptation to handle this alone is usually prompted by one of two things. First, the notion is that this is not such a big deal. Other times, people think if they handle it themselves, they will save money. Unfortunately, neither of these are good reasons to defend yourself in a tax audit against the IRS. While the decision to hire a CPA or tax […]
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July 1, 2024
Published by Service2Client on July 1, 2024
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đź–¨ Print⏱ 3 min readStep 2: Clarify Goals You’re never too young to start a bucket list. That’s because some things (such as bungee jumping) you probably want to knock out in your twenties. Women may want to have children before their forties – that sort of thing. A bucket list is comprised of all the things you want to do before you “kick the bucket.” It should be a running list that you add to and check off throughout your lifetime. If you haven’t started a bucket list yet, a good time to do this is during your pre-retirement planning. It might be better to complete some items, such as expensive travel or home renovations, while you’re still working. […]
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July 1, 2024
Published by Service2Client on July 1, 2024
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đź–¨ Print⏱ 5 min readBacklinks are a crucial part of search engine optimization (SEO) strategies. They act as votes of confidence from one site to another and signal to search engines that the content is credible and valuable. Understanding the various types of backlinks is important for crafting an effective SEO strategy that enhances your website’s visibility and authority. What Are Backlinks? Backlinks, also referred to as inbound or incoming links, are hyperlinks from one website to another. They serve as endorsements, indicating that the linked content is worth checking out. Search engines use backlinks to assess a website’s credibility and relevance, impacting its ranking on search engine results pages (SERPs). Types of Backlinks Editorial BacklinksEditorial backlinks are highly valued […]
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June 1, 2024
Published by Service2Client on June 1, 2024
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đź–¨ Print⏱ 4 min readModern businesses have become complex mainly due to the exponential growth of data, and traditional auditing methods can no longer keep pace. To cope with today’s rapidly evolving business landscape, data analytics and visualization have become crucial tools. Leveraging these advanced technologies enhances the efficiency and effectiveness of audits and enables auditors to extract valuable insights previously hidden in the vast sea of data. Understanding the Change Before the digital age ushered in a new era of auditing, auditors relied solely on manual sampling techniques and paper-based records. Today, data analytics serves as the cornerstone of audit procedures. By utilizing the power of algorithms and statistical models, auditors can analyze large datasets with speed and accuracy. […]
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June 1, 2024
Published by Service2Client on June 1, 2024
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đź–¨ Print⏱ 5 min readStep 1: Develop a Budget Once you are truly good and retired – no phase-out, no gig jobs, no income-earning hobbies – most people end up living on a “fixed income.” While that income may fluctuate somewhat based on cost-of-living increases and investment gains, those increases may be few and far between. What you really need to work on before you retire is a “fixed budget.” A fixed budget is a line-item record of your living expenses, from housing and insurance to food and utilities to transportation and healthcare. Bear in mind that those are not exactly “fixed expenses” either. Seasonal changes and inflation can swell prices on household goods and insurance rates, while higher interest […]
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June 1, 2024
Published by Service2Client on June 1, 2024
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đź–¨ Print⏱ 4 min read Marriage is a major life event. One that comes with all kinds of change, including financial. After getting married, there is so much to consider, from merging bank and brokerage accounts to setting up a will; from changing your withholding to updating retirement account beneficiary forms. If this seems like a lot to consider, it’s important to keep in mind that when a U.S. citizen marries a non-U.S. citizen, the situation gets even more complex. Among some of the more complex tax considerations of mixed citizenship marriages are gift and estate taxes, which we will dive into below. Gift and Estate Tax Overview Before getting into the details on non-citizen spousal situations, here is a […]
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June 1, 2024
Published by Service2Client on June 1, 2024
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đź–¨ Print⏱ 3 min readFAA Reauthorization Act of 2024 (HR 3935) – This bipartisan bill reauthorizes funding and direction for the Federal Aviation Administration (FAA) and the National Transportation Safety Board (NTSBB) for another five years. The legislation is designed to improve air travel safety, provide increased protections for consumers, hire more people to the aviation workforce, and modernize the U.S. national airspace system for the future. It authorizes more than $105 billion for FAA funding through fiscal year 2028. The bill passed in the Senate on May 9, in the House on the next day, and was signed by the president on May 16. Maternal and Child Health Stillbirth Prevention Act of 2023 (HR 4581) – introduced by Rep. […]
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June 1, 2024
Published by Service2Client on June 1, 2024
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There are probably few things as exciting and daunting as becoming a new dad, especially when it comes to finances. But we’ve got you! Here are a few tips to help you turn those challenges into opportunities…
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June 1, 2024
Published by Service2Client on June 1, 2024
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A credit policy explains how a company will manage lines of credit for client accounts, and what procedures to follow for severely outstanding invoices. It helps a business promote a robust foundation for its working capital level…
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May 1, 2024
Published by Service2Client on May 1, 2024
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Gosh, it feels great to get that tax refund. Dreams of a much-needed vacation or a splurge on something you’ve been craving might be running through your mind. However, as unexciting as this sounds, you might want to spend this…
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May 1, 2024
Published by Service2Client on May 1, 2024
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đź–¨ Print⏱ 5 min readThere are many steps to planning for retirement. Some are legal and financial, some are about communication, and some involve introspection – thinking about your life now and how you want to live the rest of it. By the time most people start thinking about a retirement plan, they have a pretty decent foundation. Perhaps its assets – a house, savings, a retirement portfolio. Perhaps a strong social network comprised of family, friends, and colleagues. Furthermore, most folks have a sense of who they are, what they like, and what they don’t like. Some people may have all three of those factors in hand, while others have just one or two. What’s good to remember is […]
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May 1, 2024
Published by Service2Client on May 1, 2024
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đź–¨ Print⏱ 4 min readCustomer relationship management (CRM) plays an important role in documenting, tracking, and managing relationships and interactions with existing and potential customers. It allows businesses to develop stronger customer connections, improve retention, boost sales, enhance customer satisfaction, and drive long-term profitability and growth. Luckily, technological advances have made it possible to have CRM tools that automate these processes. With numerous options available in the market, it’s crucial to carefully evaluate the factors influencing the selection of the right CRM tool. 8 Factors You Should Consider When Choosing a CRM Tool CRM tools are built differently, and it is important to evaluate your business needs before making a decision. Below are some crucial factors to consider: Integration capabilities […]
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