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🗳️ With another debate behind us and the elections just a month away, we analyze the possible futures of US Taxes under each administration and what that might mean for you. 💼💰 📄 Check out the highlights in this article and send us a direct message to receive the full guide. Already a Gelt client? You can find the guide in your Tax Strategy Library 📚 - https://lnkd.in/eAg7kASx #TaxPlanning #Election2024 #TaxStrategy #USPolitics #Gelt #FinancialFuture #TaxUpdates #TaxGuide #WealthManagement #TaxLibrary

🍯 Shana Tova from Gelt! 🍏 As we welcome the new year, we wish you and your loved ones a year filled with sweetness, peace, and safety. May this Rosh Hashana bring not only prosperity and success in your financial journey but also peace of mind and security in all aspects of life. Here’s to a year of growth, and good fortune. L’shana tova! ✨ #ShanaTova #NewYear #PeaceAndProsperity #GetGelt

🚨 Reminder: Important Tax Deadline Approaching! 🚨 📆 October 15 is the last day to file your 2023 Individual and C-Corporation tax returns if you filed for an extension. ⏳ Don’t let the deadline sneak up on you—get your returns submitted to avoid penalties and ensure your compliance with IRS regulations. Need assistance moving forward? We're here to help make the process seamless so you can focus on your business and personal goals. 🗂️ Tax Tip: Double-check deductions and credits to maximize your refund or reduce your tax liability. #TaxDeadline #October15 #TaxReturns #CTax #IndividualTax #TaxPlanning #BusinessOwners #Accounting

Another tax tip Tuesday: Contribute up to $69,000 to your Roth IRA each year! 📈 It's called the Mega Backdoor Roth. It's a great way to grow your retirement savings. And enjoy tax free growth and withdrawals at retirement. 💰 This strategy is especially helpful for high earners who: 1. Want to save more than the annual $7,000 IRA contribution limit And/Or 2. Make too much to qualify for a Roth IRA (starting at $230k for joint filers) This strategy can be tricky, and mistakes could result in headaches and penalties, so make sure you're working with someone who knows what they're doing. 👍 Gelt can help: https://hubs.la/Q02PK7cc0 #retirement #tax #taxplanning #taxstrategy

The end of 2024 is fast approaching and this is pretty much your last chance to optimize your 2024 returns with some strategic thinking. Here's one you might want to consider - 💡 𝐓𝐮𝐫𝐧 𝐘𝐨𝐮𝐫 𝐋𝐨𝐬𝐬 𝐢𝐧𝐭𝐨 𝐚 𝐓𝐚𝐱 𝐀𝐝𝐯𝐚𝐧𝐭𝐚𝐠𝐞 𝐰𝐢𝐭𝐡 𝐖𝐨𝐫𝐭𝐡𝐥𝐞𝐬𝐬 𝐒𝐞𝐜𝐮𝐫𝐢𝐭𝐢𝐞𝐬! Did you know that investments with no value can still offer tax benefits? By claiming a loss on worthless securities, you can reduce your taxable income or offset capital gains. 𝐻𝑒𝑟𝑒'𝑠 𝑎 𝑞𝑢𝑖𝑐𝑘 𝑏𝑟𝑒𝑎𝑘𝑑𝑜𝑤𝑛: - What are worthless securities? Stocks, bonds, or investments that no longer have value due to events like company dissolution or government seizure. - How can they help? These losses can offset capital gains or reduce ordinary income. - Keep documentation: Receipts, statements, and notices are essential to claim this benefit. Read the full article below for a more detailed breakdown. Got questions? Our team at Gelt can help! Reach out. #taxplanning #investments #capitalgains #taxstrategy #GeltTaxTips #GetGelt

🚀 Want to Maximize Your Startup Investment Returns? 🚀 Check out our latest article on Qualified Small Business Stock (QSBS) and learn how you can potentially keep up to $10 million in capital gains tax-free! 💰 🔍 We cover everything you need to know: 🏆 Tax Advantages of QSBS ✔️ Eligibility criteria 💡 Advanced Strategies to unlock QSBS's full potential If you’re investing in startups, this is a must-read! 📖 📥 Read the full article below and see how QSBS can work for you. #StartupInvesting #QSBS #TaxStrategy #InvestSmart #GetGelt

Which business entity type is the most tax efficient?? 🤷♂️ Sole prop, LLC, S-Corp, C-Corp, ABCDEFG-Corp? 😖 Well, with most tax questions, the answer is: 𝘪𝘵 𝘥𝘦𝘱𝘦𝘯𝘥𝘴 𝘢𝘯𝘥 𝘪𝘵'𝘴 𝘤𝘰𝘮𝘱𝘭𝘪𝘤𝘢𝘵𝘦𝘥. The intricacies of S-corps and C-corps deserve their own post, so we'll table those for now. Most small business owners will start as a sole prop or LLC. These are disregarded entities, which means YOU 👋 are the taxpayer, not the business. In the early days, we don't need to complicate things. But please, if you're a small business owner, self-employed, contract worker, whatever you want to call it - write off your business expenses! 𝗜𝗳 𝘆𝗼𝘂 𝗱𝗼𝗻'𝘁, 𝘆𝗼𝘂'𝗿𝗲 𝗼𝘃𝗲𝗿𝗽𝗮𝘆𝗶𝗻𝗴 𝘆𝗼𝘂𝗿 𝘁𝗮𝘅𝗲𝘀. 👎 Tipping culture is crazy enough these days, you don't need to tip Uncle Sam. And P.S. - I don't care if you "𝘭𝘦𝘧𝘵 𝘵𝘩𝘦 𝘮𝘰𝘯𝘦𝘺 𝘪𝘯 𝘵𝘩𝘦 𝘣𝘶𝘴𝘪𝘯𝘦𝘴𝘴 𝘢𝘤𝘤𝘰𝘶𝘯𝘵". Net income = taxes owed. Not paying is what we like to call, a crime. 😅 Not sure where to start? Gelt can help: https://hubs.la/Q02PK7cc0 #taxplanning #taxstrategy #smallbusiness

𝙎𝙝𝙤𝙪𝙡𝙙 𝙔𝙤𝙪 𝙈𝙖𝙠𝙚 𝙖𝙣 𝙀𝙨𝙩𝙞𝙢𝙖𝙩𝙚𝙙 𝙏𝙖𝙭 𝙋𝙖𝙮𝙢𝙚𝙣𝙩? Today marks the Q3 2024 estimated tax deadline, and you might be wondering whether it's necessary to make a payment. Whether you're considering this deadline or the next, the answer is... It depends. Here’s Gelt’s approach to help you make the best decision moving fwd: 𝟏. 𝐀𝐬𝐬𝐞𝐬𝐬 𝐘𝐨𝐮𝐫 𝐒𝐢𝐭𝐮𝐚𝐭𝐢𝐨𝐧: - Has your income increased significantly this year? - Did you realize any large capital gains? If the answer is no to both, an estimated payment may not be necessary for you right now. 𝟐. 𝐔𝐧𝐝𝐞𝐫𝐬𝐭𝐚𝐧𝐝 𝐒𝐚𝐟𝐞 𝐇𝐚𝐫𝐛𝐨𝐫 𝐑𝐮𝐥𝐞𝐬: You’re generally in the clear if you’ve paid at least: - 90% of this year’s estimated taxes, or - 110% of last year’s tax (100% if your income is under $150,000). 𝟑. 𝐂𝐫𝐮𝐧𝐜𝐡 𝐭𝐡𝐞 𝐍𝐮𝐦𝐛𝐞𝐫𝐬: Our tax team can help you calculate your estimated payment amount, so you can make an informed decision. 𝟒. 𝐂𝐨𝐧𝐬𝐢𝐝𝐞𝐫 𝐭𝐡𝐞 𝐓𝐫𝐚𝐝𝐞-𝐨𝐟𝐟𝐬: - Paying now: You’ll avoid potential penalties and gain peace of mind. - Paying later: You’ll keep cash on hand for short-term investments or emergencies. Ultimately, it’s about finding the right balance for your financial situation. We're here to help you weigh the options. Reach out for more information. #TaxPlanning #EstimatedTaxes #SafeHarborRules #TaxAdvice #TaxStrategies #GetGelt

With the upcoming elections, potential tax changes are on the horizon. At Gelt, our tax team is fully prepared to help you navigate any scenario that may arise. Stay tuned as we continue to share insights here and in our client newsletter to keep you informed. In the meantime, check out these valuable tips from our Spencer Carroll, CPA

𝑰𝒕'𝒔 𝒕𝒊𝒎𝒆 𝒕𝒐 𝒄𝒉𝒆𝒄𝒌 𝒊𝒏 𝒐𝒏 𝒚𝒐𝒖𝒓 𝒓𝒆𝒕𝒊𝒓𝒆𝒎𝒆𝒏𝒕 𝒈𝒐𝒂𝒍𝒔! 🍂 September is an ideal time to reassess your retirement savings goals. We're here to help you maximize your tax benefits through strategic contributions to IRAs or 401(k)s before year-end. 📊 𝟐𝟎𝟐𝟒 𝐂𝐨𝐧𝐭𝐫𝐢𝐛𝐮𝐭𝐢𝐨𝐧 𝐋𝐢𝐦𝐢𝐭𝐬 - 𝐏𝐥𝐚𝐧 𝐓𝐲𝐩𝐞/𝐋𝐢𝐦𝐢𝐭 - Employee 401(k) / $23,000 - Individual IRA / $7,000 - Self-Employed Retirement Plans (SEP IRA or Solo 401k) / $69,000 🌟 𝐒𝐭𝐫𝐚𝐭𝐞𝐠𝐲 𝐒𝐩𝐨𝐭𝐥𝐢𝐠𝐡𝐭: 𝐌𝐞𝐠𝐚 𝐁𝐚𝐜𝐤𝐝𝐨𝐨𝐫 𝐑𝐨𝐭𝐡 Contributing to a Mega Backdoor Roth is an advanced retirement strategy that allows you to bypass the standard income limitations and contribute up to $69,000 to a Roth IRA or 401(k) in 2024. 🏆 P͟e͟r͟f͟e͟c͟t͟ ͟f͟o͟r͟:͟ High-income employees who are interested in maximizing tax-free growth and withdrawals in retirement. ⏳ H͟o͟w͟ ͟i͟t͟ ͟w͟o͟r͟k͟s͟:͟ Utilize after-tax contributions to your 401(k), then immediately roll over to a Roth IRA with an in-kind distribution. ✅ W͟h͟a͟t͟ ͟y͟o͟u͟ ͟n͟e͟e͟d͟:͟ An employer with a retirement plan that allows after-tax contributions and in-kind distributions. Your payroll or HR department should be able to help you find out. 💯 Already a Gelt client? Reach out to your tax team at [email protected] ☘ Want to #GetGelt? Fill out a form to get started - https://hubs.la/Q02PKrtg0 Check out the full article below to learn more about this strategy