Time to Reflect

The end of the year is a natural time for reflection. Review your financial goals and assess how well you met them throughout the year. Use an estimation to check what you think your tax liability will be, and whether you should take further action to reduce it. This reflection can help you adjust your strategies for the upcoming year.

Tax Planning Opportunities

The 4th quarter offers unique opportunities to make financial moves that can reduce your tax burden. This might include maximizing contributions to retirement accounts, making charitable donations, or strategically selling investments to offset gains. By planning now, you can take advantage of tax benefits before the year ends.

Avoiding Surprises

The earlier you review your financial situation, the more time you have to address any potential tax surprises. If you wait until tax season, it may be too late to make beneficial changes. Planning in advance helps you avoid any last-minute scrambling or unintended tax consequences.

Consulting with Professionals on Taxes

Working with a financial advisor during this time can provide invaluable insights. Advisors like Dennis Bays, who owns AmeriCore in the Bay Area, can help you navigate complex tax laws, identify opportunities for savings, and develop a comprehensive financial plan tailored to your needs. Their expertise can make a significant difference in your financial outcomes.

Working with a Financial Professional Like Dennis Bays

Navigating the world of finance and taxes can be daunting, especially in the 4^th quarter. This is where experienced financial professionals come into play. Planners like Dennis Bays at AmeriCore offer personalized guidance to help you make informed financial decisions. Here’s how they can help

Customized Financial Strategies and Planned Taxes

Dennis Bays and his team can analyze your financial situation and create a tailored plan that aligns with your goals. This personalized approach ensures that your strategy is effective and relevant to your unique circumstances.

Expert Financial Knowledge

Advisors and planners stay up-to-date on financial regulations and tax laws, which can change frequently. Their expertise can help you make smart decisions that maximize your savings and minimize your tax liabilities.

Ongoing Support

Financial planning is an ongoing process. Working with an advisor means you have a partner to help you adjust your plan as your life circumstances change, ensuring you remain on track to achieve your long-term goals.

Conclusion

With the right financial professional like Dennis Bays, the 4th quarter is the perfect time to evaluate your strategies, especially concerning taxes. After professional consultation, by setting clear goals and reviewing tax efficiency you can ensure that you are on the right path to achieving your financial dreams. Don’t wait until year’s end or tax season – start planning now for a brighter and more secure financial future!

Americore specializes in knowledge of many incentive and rebate programs. We can help you navigate changes and minimize the risk of unwelcome tax surprises with key strategies. You’re already taking the first proactive step in avoiding unexpected liabilities on next year’s bill – get informed.

Stay Informed

Information is key. That’s one reason we help our clients keep abreast of updates from the IRS. We want to keep your informed about changes in the tax laws and regulations that could apply to you. The 2024 tax relief laws may affect your situation. Contact us to discuss whether it affects you.

Plan Ahead

We can help you to assess your financial situation, including income, expenses, investments, and deductions. It is important to anticipate potential tax implications under each new law. Familiarize yourself with the recently modified tax brackets and rates to accurately estimate your liability for the next year.

By taking these proactive measures, you can minimize the risk of unwelcome tax surprises and position yourself better next year. Embracing a proactive approach to tax planning will enable you to make more well-informed financial decisions for next year.

Learn About Programs For Your Situation

Tax incentive programs are designed to encourage specific behaviors. They provide tax benefits for investment in certain industries, energy efficiency, charitable giving, and more. By strategically using these programs, you can reduce your liability and minimize the risk of unwelcome surprises. The 2024 Tax Act introduces provisions impacting existing incentives, creating opportunities for taxpayers to optimize tax planning.

Organize Financial Records

Maintain accurate and organized financial records throughout the year to facilitate the tax preparation process and minimize the risk of errors or oversights. Keeping thorough records of income, expenses, investments, and deductions will streamline the filing process and reduce the likelihood of encountering tax surprises.

Explore Retirement Savings Incentives

Maximize contributions to retirement savings accounts, such as 401(k) plans, IRAs, and other qualified retirement plans, to take advantage of tax-deferred growth and potential deductions. The Tax Relief for American Families and Workers Act of 2024 may introduce changes to retirement savings incentives. The makes it critical to stay informed about these provisions to optimize your retirement planning.

Invest in Opportunity Zones

The 2024 Tax Act includes provisions related to Opportunity Zones. Opportunity Zones refer to designated economically distressed communities where investments are rewarded with tax incentives. By investing in these qualified projects, taxpayers can potentially defer or reduce capital gains taxes, support community development and still manage their liabilities.

Consider Energy Efficiency Credits

Explore programs that promote energy-efficient home improvements, renewable energy installations, and environmentally friendly practices. 2024 changes may introduce or modify tax credits related to energy efficiency, making it essential to evaluate these incentives when planning for home upgrades or sustainable investments.

Charitable Giving and Donations

Leverage incentives associated with charitable contributions by donating to qualified charitable organizations and causes. The Tax Relief for American Families and Workers Act of 2024 may affect the deductibility of charitable donations, so understanding these changes and aligning your charitable giving with the revised provisions can help you optimize your tax planning and support philanthropic initiatives.

Small Business and Entrepreneurial Incentives

Explore incentive programs aimed at supporting small businesses, startups, and entrepreneurial ventures. The 2024 Tax Act may introduce provisions to incentivize small business growth and innovation. It is essential for business owners to stay informed about these opportunities to minimize unexpected tax liabilities.

Education and Training Credits

Take advantage of incentive programs that promote lifelong learning, skill development, and educational advancement by exploring credits and deductions. Stay informed about changes to provisions to better optimize your tax planning strategies while investing in personal and professional development.

Adjust Withholding and Estimated Tax Payments

Consider adjusting your withholding allowances or estimated payments to align with the changes in new tax rates and brackets. Adapting your withholding and estimated tax payments helps you avoid underpayment penalties and unexpected bills at yearend.

Explore Retirement Savings Incentives

Learn how to maximize contributions to retirement savings accounts, such as 401(k) plans, IRAs, and other qualified retirement plans. New IRS rules may introduce changes to retirement savings incentives. Stay informed about these provisions so you can optimize your retirement planning and tax efficiency.

Invest in Opportunity Zones

The Tax Relief for American Families and Workers Act of 2024 may include provisions related to Opportunity Zones. These zones refer to economically distressed communities, areas that offer tax incentives for investments. By investing in qualified Opportunity Zone projects, taxpayers can potentially defer or reduce capital gains taxes. It is one more way to leverage tax incentives to reduce liabilities while supporting community development.

Consider Energy Efficiency Credits

Explore tax incentive programs that promote energy-efficient home improvements, renewable energy installations, and environmentally friendly practices. Recent revisions may introduce or modify energy credits, making it essential to evaluate these incentives when planning for home upgrades or sustainable investments.

Charitable Giving and Donations

Leverage tax incentives associated with charitable contributions by donating to qualified charitable organizations and causes. Check each year for changes that may affect the deductibility of charitable donations. That information can help you align charitable giving with the revised provisions . You can better form a plan that allows you to also support philanthropic initiatives.

Small Business and Entrepreneurial Incentives

Explore incentive programs aimed at supporting small businesses, startups, and entrepreneurial ventures. Annual changes could introduce provisions to incentivize small business growth and innovation. That’s why it is essential for entrepreneurs and business owners to stay informed about these opportunities.

Embracing a proactive and informed approach to tax planning helps you optimize financial strategies and support community development. With the right knowledge and assistance, you could also reduce your anual bill .

We Work With Your Strategy and Business Advisors

You and your strategy advisor work out plans, design workflows and develop projections across your business. Yet without knowing the full extent of funds that could be available for those tactics, you’ve limited your options.

Dennis Bays of Americore offers niche programs that unlock government programs funds for strategies by you and your business advisors. Best of all, you don’t have to choose between your strategy advisor and Dennis. That’s because Americore works with your business advisors to achieve your goals.  While you enjoy the right processes in new ventures, or align and optimize existing processes and resource allocation, we are working to provide the capital you need.

Added Value to Your Strategic Planners

Often Management consultants and strategic planners are MBAs with decades of corporate experience. While their expertise can be richly beneficial to small business owners, Americore brings valuable addons to enrich your growth strategizing. That’s because we have a program for that too. If your business could use some enhanced growth funding without hidden catches, it’s time to open a conversation.

We Work With Your financial Advisors

The term financial advisor has grown to include multiple facets of business.  But it still comes down to data review and projections regarding the collection of and handling of funds. The results of all that planning will be improved with better cash flow.

At Americore, we facilitate financial planning using options from unique lending services to overlooked grant and other programs.  We have freed up millions of dollars for business entrepreneurs, and want to help you too. These legitimate programs are used by fortune 500 companies, but small to midsize entrepreneurs often don’t realize they’re eligible too.

Americore is experienced with the documentation process for an incredible number of programs. Our services help businesses owners navigate the daunting paperwork required to correctly apply for the appropriate programs. Instead of a declination of funds, an Americore facilitated application turns that declination to approval. Businesses can finally access additional capital previously used only by fortune 500 firms. The difference is seasoned professionals like Dennis Bays of Americore.

How We Work With Your Tax Advisors

Stick around much and you’ll hear us repeat the phrase, “your CPA finds loopholes to benefit your business, we find programs.” Tax advisors are invaluable to small and midsize businesses for their expertise on tax legislation.  It gives them an edge to help clients plan and handle their taxes as efficiently and affordably as possible. In the course of doing that work they often use tax deductions and exemption. Americore recommends tax incentive programs that include deductions, rebates and more. For instance, have you received $2500 per employee because you offer health insurance? If not, you might want to learn more about a different kind of benefit that pushes preventative medicine while saving employers money and offering cash back.

It is one of many programs at Americore that we have become intimately familiar with in order to help your tax advisors plan even more effectively than in the past. As we said earlier in this article, we work with teams of  business advisors for many small and midsize business professionals.

Call our office at 747-224-8110 or contact us here. Tell your Americore Group representative  what you’re looking for, and we’ll tell you how we can help you make that happen.

Birth Through Childhood

To those of you who are new to parenthood, congratulations!  The IRS has some presents for you.  If you want to read the details for yourself on the IRS website, you might want to also familiarize yourself with some abbreviations for child and other dependent tax credits.

Marriage

When people marry, they seldom imagine they will have to deal with IRS liens or complaint filings.  Unfortunately, if you do not protect yourself, when you marry, you may share their obligations.  The exception to this is if you can demonstrate to the IRS that you are an innocent spouse. Community property law have an impact on how you figure your income on your federal tax return when you marry.  Because community property laws vary by state, make sure your account is aware of your new status, and ask what it might change in your tax filing.

Separated or Divorced

If you changed your name due to marriage or divorce, make sure your tax return matches the name currently registered with the Social Security Administration.  Any mismatch can cause confusion and might delay the processing of your return.  Make sure you notify the SSA as soon as your name changes.  If it is too late, make sure you complete the field listing alternative names you are known by.

More important to some, is relief from join liability.  Sometimes the IRS grants a spouse relief of joint liability for tax, interest and penalties on joint tax returns. If you are newly separated or divorced and your spouse had their own business complete with IRS liabilities, ask your own accountant about the details of this possibility.

IRS and the Health Care Law

Individuals are responsible to have health care coverage.  If they work for an employer, that employer may be responsible for their health care coverage.  Either way, the person covering the healthcare may be eligible for a premium tax credit.

Starting a New Career or Job Loss

When you began working for a new company, you filled out a new withholding form.  Take some time to check it and be sure it is correct. If you lost a job and received unemployment benefits, it is considered part of your gross income for the year.  You need to include it in your total income listed on your tax return.  If you aren’t sure whether the unemployment is taxable, check with your accountant or read more here.

IRS Tax Relief Against Loss From Disasters and Casualties

For those who suffered losses for the tax filing year, the IRS offers relief.  The relief is based on specific federal disasters in specific areas.  Each disaster area entitles victims to some tax relief for a finite amount of time.

Persons with Disabilities

Your disability benefits and the refund you get for the EITC may qualify as earned income for the earned income tax credit.  Some permanent disabilities allow you to claim a child of any age as a dependent.  Learn more here.

Planning for Retirement

When you plan well for your retirement, you can enjoy it sooner.  Click here for links to information on IRA’s, choosing a retirement plan, a pension and annuity income, retirement savings contributions credit, a tax sheltered annuity plan, railroad retirement benefits, mutual fund distributions and more. 

First-time Homeowner

If you have recently become a homeowner for the first time, you finally get to deduct your monthly housing payment from your taxes.  Find out more about home mortgage interest deduction here.

Moving?

Besides making sure the IRS, your employer and the license bureau have your new address, you may also be able to deduct your moving expenses from your taxes.

Bankruptcy

There are times people need to file bankruptcy for personal or business purposes, but it can make tax filing confusing.  The IRS has a bankruptcy tax guide here.

Deceased Taxpayer

The last life event the IRS offers information about, is the death of a taxpayer.  Though the taxpayer is no longer responsible for dealing with the IRS, the survivors, executors, and administrators need to wrap up his or her matters.  Form 56, 559, 1310 and 4810 may help.

Act Now to Get The ERTC Assistance You Need

The Employee Retention Tax Credit (ERTC) is a program offering assistance to businesses still hurt by COVID.  We can help you get what’s owed you, because we’re working with one of the country’s best recovery organizations.  Since the program is wrapping up, now is the time to act.  What follows are bullet points that outline the program.

• ERTC Program is part of the CARES Act of 2020
• Currently a business can get up to $28,000 per employee
• Business has to pay earnings by W2
• Businesses that took PPP loans ARE eligible now
• Gross Revenue for 2020 should be 50% less than 2019
• Gross Revenue for 2021 should be 20% less than 2019

Note: The August 2021 change allows for “No” decline in Revenue if a COVID mandate was in place. If you think this may apply, we need to have a detailed conversation to understand the business activity affected.

Who Can Qualify for Assistance 

While the current Employee Retention Tax Credit, or ERTC program ended on December 31st, 2021, it can be claimed up to three years from last tax filing or when program funds run out.  That means you are not too late to get the help you need.  Moreover, Traditionally excluded organization, like non-profit organizations may qualify to claim.  Businesses in the cannabis industry can qualify to claim.  Even if a company DID NOT SHUTDOWN, they can still qualify to claim.

Necessary Documents to Qualify for Assistance

There are required documents for full company qualification.  Since the documents are similar to what you need for any financing, you won’t be surprised.  We will need:

• Any PPP loan information such as the loan amount and dates covered
• 2019, 2020, 2021 Payroll reports broken into quarters and listed employees
• All 941’s – Payroll Filings
• Healthcare insurance costs by employee by month
• Stated Gross Revenue for each year

Startup Companies Specifics

Startup companies in 2020 and 2021 do not have 2019 information to compare to. Therefore they have a $1,000,000 gross revenue cap. If this applies to you, we should have a specific discussion based on industry. For Example: A tractor sales location representing multiple brands may sell five units and reach the one-million-dollar revenue. We would only count the “Gross Profit” of the item, not the Total Revenue.

How the Process Works

Once the documentation is completely submitted, the analysis is typically completed in three to five business days. Clients will be required to sign an agreement prior to completion and pay for the submission to be filed with the IRS. The submission fee is only $300.  Our service will verify with IRS that the file was accepted and closed out before invoicing for the service.  You will have verification that the checks have been sent to you before you are invoiced for the service.

None of the process is conducted blind.  Contact your Americore representative for details or to schedule a discovery call with a program advocate.

2022 Planning

Now let’s have a conversation about your 2022 planning.  Americore has a wealth of programs available to you already.  We focus on making ourselves familiar with a myriad of ways you can leverage existing programs to save and access additional funds.  The end of a year, or beginning of a new year is the perfect time to reflect on where you stand financially.  How far did you come in 2021 and where do you want to be this time next year?  Did you save as much as you wanted?  Were your investments as big and as lucrative as you hoped?  Did you actually progress another year closer to where you want to be in retirement?

You can’t change financial missteps made in 2021, but you can get the help you need to take the steps to do better in the new year.  Choosing to be more financially fit is a pretty common new year’s resolution.  It is what you do about it that can make the difference over the next twelve months.

Americore Blue Apple Programs

One of the ways to be more financially fit is to take advantage of our Blue Apple Programs.  We frequently talk about our Blue Apple programs, because we are proud of them.  We found underutilized programs that, when properly used, improve both cash flow and retirement position.  Here are a few of the programs we help our clients use, but there are several more.  We should have a conversation about ways to strengthen your financial position for a more comfortable future.

Employment Rebates

Following the great resignation, and the hike in minimum wages, companies are struggling to juggle costs to cover the new hires they need.  If that is something you struggle with, Americore can walk you through the job growth grant fund hiring program.  This fund offers rebates on the salaries paid to new employees that exceed the minimum wage.  Employers can pay better wages and attract more workers under this program.

Employee healthcare

Some of our programs offers great employee retention opportunities.  One of these programs is a unique approach to employee healthcare that solves multiple problems at once.  Employers need to offer healthcare benefits to attract and keep employees, but it can be costly.  Employees don’t want to risk working without healthcare benefits.  Healthcare doesn’t have to just be an expense to  bear to retain talent.  You can get paid to provide healthcare to your personnel!   It is already being done by savvy entrepreneurs.  All it took to utilize the savings opportunity was a fresh look from Americore.  Americore is helping firms utilize telemedical care and that is a direction healthcare urgently needs to go.  They are willing to reward you for helping them.  It becomes a win-win and Americore can get you there.

Americore is More than its Programs

As enticing as our Blue Apple programs are, Americore professionals do more than offer a collection of programs.  With decades in the business, we consult on market, cash flow options, business strategies, retirement planning and more.  Our fresh approach to the programs we mention open up tens of thousands and even millions of dollars in operating capital that you might not otherwise be able to use, even when it is yours.  When you are doing your 2022 planning, Blue Apple programs can enhance your options.

If you are thinking, “No thanks. I already have a team.” It’s okay.  We don’t replace your existing  team.  We work with them to reveal new approaches to your current challenges that benefit you and your business.  Your team will flourish along with the company as you benefit from our experience. Start your Americore conversation today at Contact, or call (747) 224-8110.  You’ll be glad you did.