Advanced Financial Solutions - Monticello

🚨 2021 Employee Retention Credit Deadline Approaching! 🚨

If your business hasn’t claimed the 2021 Employee Retention Credit (ERC), there’s still time—but you must act now!

What You Could Claim: Up to $21,000 per employee for the first three quarters of 2021.

Who Qualifies:

20% decline in gross receipts (compared to 2019)
Full or partial suspension due to COVID-19 restrictions
Recovery start-up businesses (began after Feb. 15, 2020)

🗓️ Deadline: File by April 15, 2025 to claim your credit! Don’t leave money on the table—contact Advanced Financial Solutions today to get started!

📅 Start 2025 Off Right with These Tax Tips! 💼

As we move into the new year, it’s time to focus on setting yourself up for financial success. Here are key strategies to tackle early in 2025:

1️⃣ Review Your Tax Bracket: With tax changes on the horizon, assess your situation and plan for potential rate adjustments.
2️⃣ Organize Your Records: Get a head start on tax season by gathering W-2s, 1099s, and receipts for deductions.
3️⃣ Maximize Contributions: There’s still time to make contributions to your IRA or HSA for the 2024 tax year.
4️⃣ Plan for 2025 Changes: The expiration of certain TCJA provisions means now is the time to revisit your long-term tax strategies.

A little planning now can make tax season smoother and set you up for success. Need help navigating your taxes? Contact us today!

As the end of 2024 approaches, it's an ideal time to implement tax-saving strategies to optimize your financial situation. Here are some key moves to consider:

Maximize Retirement Contributions: Contribute the maximum allowable amounts to your 401(k) or IRA accounts to reduce your taxable income.

Charitable Donations: Make contributions to qualified charities before December 31 to claim deductions on your 2024 tax return.

Harvest Investment Losses: Offset capital gains by selling underperforming investments, which can lower your taxable income.

Review Flexible Spending Accounts (FSAs): Use remaining FSA funds before year-end to avoid forfeiture, as some plans have a "use-it-or-lose-it" policy.

Plan for Education Expenses: Contribute to 529 college savings plans to benefit from potential state tax deductions.

Implementing these strategies can help minimize your tax liability and position you for financial success in the coming year. For personalized advice, consult with a tax professional.