With the tax season quickly approaching, The Hechtman Group would like to remind you of some important tax opportunities for 2024 which may impact your return. Standard vs. Itemized Deductions The standard tax deduction is a flat amount that reduces the amount of income that is subject to tax. The amount of the standard deduction…
For many families, buying a home is not only a place to build memories but also one of the most significant investments of a lifetime. With the right tax planning, homeownership can be the cornerstone of a robust tax strategy. The tax code provides a variety of incentives specifically designed to make owning a home…
In the dynamic world of real estate investment, finding opportunities that offer both solid returns and significant tax advantages is often akin to finding a needle in a haystack. Opportunity Zones (OZs) have received considerable attention from savvy investors since their introduction in 2017. These designated areas offer unique incentives designed to stimulate local economic…
Rental property can be a lucrative investment but it’s easy to feel overwhelmed by complex tax regulations and possible deductions. Having a solid grasp on what you can write off at the end of the year can massively impact your returns. Whether you’re new to property ownership or a longtime landlord, maximizing tax deductions can become a strategic financial advantage, particularly as you grow your rental business. Let’s explore the most impactful rental property tax deductions and how to keep more rental income in your pocket.
What to know about the TCJA’s expiration at the end of 2025 and how the uncertainty of the upcoming election has complicated tax planning The upcoming 2024 Presidential election holds the potential to disrupt much of the country, the tax code included. When compounded with the instability of the majority in Congress, the tax…
Steps to Take to Reduce Your Taxable Income Navigating the complexities of tax deductions can be hard, especially if you’re not familiar with the details of tax preparation. While a tax preparation firm like The Hechtman Group can guide you through the process, it’s still important to understand deductions because they can significantly reduce…
Will Recent Changes in Illinois Tax Law Affect You? Keeping up with tax law changes is important for compliance, and to also optimize financial planning for you and your family. Recently, Illinois made amendments to its personal income tax laws, which are particularly impacting the standard exemption and the Earned Income Tax Credit (EITC).…
The Importance of Being Prepared for the 2024 Tax Season The Corporate Deadline is March 15, 2024 Although the federal income tax filing deadline for Partnerships and S Corps isn’t until March 15, you don’t need to wait to start getting ready. Tax season can be a daunting time for many businesses, especially for those structured…
Employee Retention Credit (ERC) scams are nothing new. In light of the dramatic uptick in scamming attempts over the past year, the Internal Revenue Service (IRS) added ERC scams to their infamous “Dirty Dozen” list. A coveted record of both old and new scams, the list operates as an opportunity to educate taxpayers on the…
Here is what you need to know to abide by the CTA’s new regulations As of January 1st, 2024, domestic and foreign businesses must report their company applicants and beneficial owners. While the timelines vary, some entities must submit their report within 90 days of the act taking effect. Overview of Corporate Transparency Act (CTA)…