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Nonprofit leaders, did you know your tax-exempt status doesn't mean you're exempt from all taxes? Our latest article explores the myths and surprising realities of not-for-profit taxes - from sales tax to the dreaded UBIT. Don't get caught off guard! Read now to protect your mission! #AdamShultzArticle #ReaCPA #Tax2025

Food alone cannot eradicate food insecurity. As tax filing season has (mostly) come to a close, I am so grateful for #VITA for helping our neighbors (“clients”) navigate this complex process. At Bellbrook-Sugarcreek Community Support Center , we view providing free tax assistance as fundamental to our mission of offering resources and services to help individuals reach financial security. That’s why we are proud to partner with a local Volunteer Income Tax Assistance (#VITA) professional, who provides that free service. Tax refunds may be the biggest single check some of our neighbors see all year. By ensuring they get the maximum return and the guidance they need, we can help alleviate some of the financial pressures they face. Together, we can make a difference and offer resources that empower individuals to achieve financial stability. #beyondfood #VITA #communityimpact #financialstability #foodinsecurity

'Tis the season for holiday giving! Using your IRS annual gift tax exclusion is a great way to give a gift that could make a difference for someone you love while reducing your own potentially taxable estate. Check out the graphic below for a quick refresher on maximizing this tax strategy before the end of the year!

In addition to the federal taxes on capital gains, individual states have their own rules. Do you know which eight states have zero cap gains tax? Or the 33 that tax those gains at the same rate as ordinary income? Via FP sister publication Accounting Today’s analysis of information from the nonprofit, nonpartisan Tax Foundation, here’s a ranking of the states with the highest taxes on capital gains. #tax #financialplanning #investing

Thinking of Gifting Cash This Holiday Season? Did you know you can give up to $18,000 per person in 2024 without having to notify the IRS? Here’s a breakdown: • Gifts aren’t taxable for the recipient. • Givers only need to file a gift tax return if the gift exceeds the annual limit. • The lifetime gift and estate tax exemption is a whopping $13.61 million! Why is this important? Thoughtful gifting can reduce your taxable estate, preserve your legacy, and help loved ones now—without unnecessary tax concerns. #estateplanning #GiftTax #wealthmanagement #ProtectYourLegacy #SmartGifting #elderlaw #holidaygifting #planforthefuture

IRS Encourages Tax-Exempt Organizations to File Their Taxes Ahead of May 15 Deadline Attention, nonprofit leaders! The IRS is urging tax-exempt organizations to file their taxes before the May 15 deadline. Early filing ensures compliance and avoids penalties. Don't delay—get your forms submitted now to stay in good standing #linkedinb #update #irs #tax

We were recently asked if a grandmother’s $7,900 earnings were subject to self-employment taxes since she travels to her daughter’s home two to three times a week to care for her grandchildren. The answer? That depends. Is Grandma operating a trade or business? To be a trade or business, two factors must be met: 1. Activity is regular and continuous, and 2. Activity is engaged with a primarily for-profit motive While the activity is regular and continuous, the grandmother’s primary purpose for engaging in the activity likely is to spend time with her grandchildren rather than to turn a profit. If the grandmother does not meet both requirements to be a trade or business, this activity will be reported as a hobby on Schedule 1 Line 8j: Activity not engaged in for profit income. Do you have a tax compliance question for us? Email us at education@brasstax.com #BrassTaxPresentations #TaxExpert #TaxTips #TaxCompliance

We were recently asked if a grandmother’s $7,900 earnings were subject to self-employment taxes since she travels to her daughter’s home two to three times a week to care for her grandchildren. The answer? That depends. Is Grandma operating a trade or business? To be a trade or business, two factors must be met: 1. Activity is regular and continuous, and 2. Activity is engaged with a primarily for-profit motive While the activity is regular and continuous, the grandmother’s primary purpose for engaging in the activity likely is to spend time with her grandchildren rather than to turn a profit. If the grandmother does not meet both requirements to be a trade or business, this activity will be reported as a hobby on Schedule 1 Line 8j: Activity not engaged in for profit income. Do you have a tax compliance question for us? Email us at education@brasstax.com #BrassTaxPresentations #TaxExpert #TaxTips #TaxCompliance

When it comes to passing wealth down to your heirs, it’s often better to do it gradually while you’re still alive than to wait until after your death. That’s because the IRS allows you to make annual gifts on a tax-free basis – up to a certain threshold. Learn about the annual gift tax exclusion here.

🔍 Gifts Today, Taxes Tomorrow: The Interplay Between Gift and Estate Tax 💼 Navigating the complexities of federal tax laws can be challenging, especially when it comes to understanding the relationship between gift and estate taxes. 🏛️ This article dives into the fundamentals of these taxes and how they impact estate planning. Key takeaways include: 🎁 Gift Tax Basics: Understand the annual exclusion ($18,000 per recipient in 2024) and the lifetime exclusion ($13.61 million in 2024). 🏰 Estate Tax Basics: Learn about the estate tax exclusion threshold and progressive tax rates. 🔗 Unified Credit: Discover how lifetime gifts reduce your estate exclusion and strategies for effective planning. 💡 Strategic Planning: Explore strategies like annual gifting, irrevocable trusts, and charitable giving to minimize tax liabilities. Stay informed and strategically plan your estate with the latest insights! 🌟 #EstatePlanning #GiftTax #WealthManagement #TaxStrategy #FinancialPlanning #InsuranceConsultant