Stay Informed with the Latest Business and Tax Updates
Keeping up with changes in tax laws and business regulations is essential for making informed financial decisions. We provide expert insights and guidance on the latest updates that may impact you or your business.
📌 IRS Tax Withholding on Lottery Winnings
Did you know? If you win over $5,000 in the lottery, the IRS automatically withholds 24% of your winnings for federal taxes. However, depending on your total income, you could owe even more when you file your return.
State Taxes Apply Too – Some states impose additional taxes on lottery winnings, while others do not.
Plan Ahead – We can help you navigate tax strategies to minimize your liability and maximize your winnings.
📞 Contact us today for personalized tax advice!
📌 States with No Income Tax
Nine U.S. states—Florida, Texas, Nevada, Washington, South Dakota, Alaska, Wyoming, New Hampshire, and Tennessee—do not impose a state income tax.
What does this mean for you?
Lower tax burden – Residents keep more of their earnings.
Business benefits – Entrepreneurs may enjoy a more tax-friendly environment.
Retirement considerations – No state income tax can mean greater savings for retirees.
Thinking of relocating or expanding your business? We can help you assess the tax advantages!
📌 Obamacare & Tax Filing
If you’re enrolled in the Affordable Care Act (Obamacare), your tax return must include Form 1095-A to verify your coverage.
Why is this important?
Without Form 1095-A, your return may be delayed.
You may qualify for premium tax credits or owe an adjustment payment based on your income.
Avoid penalties – Make sure your health coverage information is reported correctly.
📞 Need assistance? We’re here to help!
📌 Boeing Report Compliance – March 21, 2025 Deadline
The latest court ruling mandates that Boeing submit a comprehensive compliance report by March 21, 2025 following federal safety investigations.
Who does this affect?
Aerospace suppliers & contractors – Ensure your reporting and documentation meet the new standards.
Regulatory compliance teams – Stay ahead of industry requirements to avoid legal risks.
Investors & stakeholders – Be aware of how compliance measures may impact business operations.
📞 Need guidance? Contact us today!