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Breaking News: 2025 Standard Mileage Rates Announced! The IRS has announced the updated standard mileage rates for 2025! Here's what you need to know: New Rates: 70 cents per mile driven for business use (up 3 cents from 2024) 21 cents per mile driven for medical purposes (unchanged from 2024) 21 cents per mile driven for moving purposes for qualified active-duty members of the Armed Forces (unchanged from 2024) 14 cents per mile driven in service of charitable organizations (unchanged from 2024) Key Takeaways: The new rates apply to fully-electric, hybrid, gasoline, and diesel-powered vehicles. Taxpayers can choose to use the standard mileage rates or calculate actual costs. The standard mileage rate for charitable use is set by statute, while the business use rate is based on an annual study of fixed and variable costs. Stay ahead of the curve with Pro2Learn! Stay informed about the latest tax updates and changes. #TaxUpdate #StandardMileageRates #2025 #IRS #TaxNews #BusinessExpenses #MedicalExpenses #CharitableDonations #Pro2Learn

Build Your Golden Nest Egg with a Solo 401(k)! Are you self-employed or a small business owner looking to maximize your retirement savings? A Solo 401(k) might be the perfect solution for you! Here are the benefits: Contribution Potential: Elective Deferral: Up to $23,000 for 2024 ($30,500 if you're 50+) Employer Contribution: Add up to 20% of your net self-employment income Combined Limit: As much as $69,000 in 2024 (or $76,500 if you're 50+) Flexibility: Contributions are discretionary—perfect for fluctuating income Access loans from your account (if allowed by plan) Who's It For? You have substantial self-employment income You're 50+ and ready to maximize contributions You're serious about building your retirement nest egg Considerations: Administrative complexity Filing requirements (Form 5500-EZ if balances exceed $250K) Employee limitations Ready to secure your future? Let's see if a Solo 401(k) is the right fit for your business! Contact us today to learn more! #RetirementPlanning #SelfEmployedLife #TaxSavings #FinancialFreedom #BusinessAdvisory #Solo401k #RetirementSavings #FinancialSecurity

IRS Cracks Down on Financial Crimes: Billions Recovered! The IRS has made significant strides in combating financial crimes, recovering billions of dollars in tax and financial criminal cases. The focus has been on drug trafficking and terrorist financing, with the IRS working closely with law enforcement agencies to bring perpetrators to justice. Key Highlights: The IRS has recovered billions of dollars in tax and financial criminal cases. The focus has been on drug trafficking and terrorist financing. The IRS is working closely with law enforcement agencies to combat financial crimes. New Business Online Account Features Launched! In addition to its efforts to combat financial crimes, the IRS has also launched new business online account features. These features aim to provide businesses with a more streamlined and efficient experience when managing their tax accounts. Key Features: - Businesses can now view their tax account information online. - Businesses can make payments and manage their tax accounts online. - The new features aim to reduce paperwork and increase efficiency. Stay up-to-date with the latest tax news and updates with Pro2Learn! #IRSTaxNews #FinancialCrimes #TaxCompliance #BusinessOnlineAccount #Pro2Learn #TaxEducation #FinancialLiteracy

The IRS has released the 2025 inflation-adjusted limits for employee health benefits! Here's what you need to know: Health Flexible Spending Accounts (FSAs) New contribution limit: $3,300 (up from $3,200 in 2024) Carryover max: $660 (up from $640 in 2024) Medical Savings Accounts (MSAs) Plan eligibility requires deductibles between $2,850 - $4,300 for individuals and $5,700 - $8,550 for family coverage Out-of-Pocket Maximums Individuals: $5,700 (up from $5,500) Families: $10,500 (up from $10,200) Stay updated, and stay prepared! #TaxTips #EmployeeBenefits #IRSUpdates #HealthcareSavings #FSA #MSA #SmallBusiness #2025 #BusinessAdvisory #Pro2Learn

Save $18,000 in Taxes Before Year-End! Don't miss out on these 5 easy-to-implement tax savings strategies: Max out your 401(k) contributions ($23,000; $30,500 if 50+) Put $7,000 into a traditional IRA ($8,000 if 50+) Add up to $8,300 to your HSA if you have a high-deductible health plan Sell investments at a loss to offset gains or up to $3,000 of regular income Donate cash or items to charity and keep records for tax purposes (if claiming itemized deductions) Here's how these strategies can add up to nearly $18,000 in tax savings: 401(k): $8,050 saved IRA: $2,450 saved HSA: $2,905 saved Tax Loss Harvesting: $1,050 saved Charitable Giving: $3,500 saved Total Tax Savings: $17,955 saved Don't miss this opportunity to save on taxes! Consult with a tax professional to ensure you're taking advantage of these strategies. Stay ahead of the game with Pro2Learn's expert guidance on tax planning and financial literacy! #TaxSavings #YearEndPlanning #FinancialLiteracy #TaxPlanning #Pro2Learn #401k #IRA #HSA #CharitableGiving

Reminder: Form 990 Series Filing Deadline Approaching! Is your organization ready to file? December 16th, 2024, is the filing deadline for: Organizations whose fiscal tax year ended on July 31, 2024. Users who filed an 8868 extension on June 15, 2024, and are now subject to the extended deadline. Don't miss this critical deadline! Ensure your organization remains compliant and avoids potential penalties. Stay compliant and up-to-date with Pro2Learn! #Form990 #NonprofitCompliance #TaxFilingDeadline #Pro2Learn

Important Update for Employers Offering 401(k) Plans Big changes are coming in 2025 thanks to the SECURE 2.0 Act! If you offer a 401(k) plan and allow catch-up contributions, here's what you need to know: Key Changes: Participants aged 60, 61, 62, or 63 in 2025 are eligible for enhanced catch-up contributions. Eligible participants can make annual catch-up contributions of up to $10,000 OR 150% of the previous year's catch-up limit—whichever is greater. In 2025, participants could defer up to $11,250 in catch-up contributions, on top of the standard contribution limit of $23,500. Action Items for Employers: Review and update your plan documents to reflect these changes. Ensure you're tracking employee birthdates to identify when they qualify for this enhanced contribution opportunity. Planning ahead now ensures your employees can maximize their retirement savings—and positions your organization as a benefits leader. #RetirementPlanning #401kPlans #SecureAct2025 #SmallBusinessBenefits #BusinessAdvisory

Reminder: Required Minimum Distributions (RMDs) for Retirement Accounts Are you 73 or older? Don't forget to take your Required Minimum Distributions (RMDs) from your individual retirement arrangements (IRAs) and other retirement plans. The Internal Revenue Service (IRS) has reminded account holders of the deadline and highlighted updates introduced by the SECURE 2.0 Act. What are RMDs? RMDs are amounts that many retirement plan and IRA account owners must withdraw annually. These withdrawals are considered taxable income and may incur penalties if not taken on time. Key Updates from the SECURE 2.0 Act: - Age Increase: The age to begin taking RMDs has been raised. - RMD Elimination: Designated Roth accounts in 401(k) and 403(b) retirement plans are no longer subject to RMDs. RMD Rules: - IRAs: IRA withdrawals from traditional IRAs and IRA-based plans occur every year once people reach age 73, even if they’re still employed. - Retirement Plans: RMD rules apply to employer-sponsored plans, with delays allowed until retirement unless participants own more than 5% of the sponsoring business. - Roth IRAs: Roth IRA owners are not required to take withdrawals during their lifetime, but beneficiaries are subject to RMD rules after the account owner’s death. Penalties for Missed Distributions: If an account owner fails to withdraw the full amount of the RMD by the due date, they're subject to a 25% excise tax on the amount not withdrawn. This rate is reduced to 10% if the error is corrected within two years. Stay compliant with RMD requirements and avoid penalties. Visit the IRS.gov retirement plan and IRA required minimum distributions FAQs webpage for more information. At Pro2Learn, we offer webinars and resources to help you navigate retirement planning and tax compliance. Explore our upcoming webinars and digital summits - https://pro2learn.com/ to stay up-to-date on the latest developments. #RMDs #RetirementPlanning #TaxCompliance #SECURE2.0Act #Pro2Learn

End-of-Year Reminder: Stay on Top of Your Continuing Education Requirements! As the year comes to a close, it's essential to ensure you're meeting your continuing education requirements. To help you navigate the differences between Continuing Professional Education (CPE) and Continuing Education (CE) credits, we've got you covered! CPE Eligible: All live webinars qualify for CPE credits. Accountants report CPE credits to their local board. CE Eligible: Only select webinars qualify for CE credits. Enrolled agents and anyone with a PTIN use CE credits. CE credits are reported to the IRS every 10 days during peak times. Stay ahead of the game and ensure you're meeting your continuing education requirements. Explore our courses today and earn the credits you need! Register now for our upcoming webinars and meet your CPE/CE requirements: https://pro2learn.com/ #ContinuingEducation #CPE #CE #ProfessionalDevelopment #Accounting #Tax #Finance

Boost Your Bottom Line with the Work Opportunity Tax Credit (WOTC)! Attention Employers! Did you know that you can claim a valuable one-time federal tax credit for hiring new workers from targeted groups? The Work Opportunity Tax Credit (WOTC) is a federal tax credit program that encourages businesses to give job opportunities to individuals who face employment barriers. Targeted groups include: 👉Veterans 👉Qualified aid program recipients 👉Ex-felons 👉Long-term unemployment recipients 👉Summer youth employees To qualify for the WOTC, you must: Certify your new hire's eligibility with a state workforce agency within 28 days of their start date. Don't miss out on this credit! The WOTC is available through 2025, so take advantage of this opportunity to boost your bottom line while supporting your community. Stay informed about tax credits and other business incentives with Pro2Learn! #WOTC #TaxCredit #HiringIncentives #EmployerBenefits #TaxSavings #BusinessIncentives