McMill CPAs and Advisors ClientLine Newsletter

McMill Building

125 S. 4th Street

Norfolk, NE 68701

Phone: 402-371-1160

Toll Free: 800-694-1160

Website: www.mcmill.info

December 2024

How Bonuses Are Taxed

Many employers typically pay year-end bonuses in the first quarter of the year. If you received a bonus for the first time this year, you may be surprised at the net amount of your "windfall."

Plan For A Cash-Only Holiday

Do you often find yourself still paying off credit card debt long after the holidays? Keeping spending under control can be difficult at this time of year, which is why using cash — not credit — is so important. Here are a few tips.

Year-End Tax Planning

Ideally, you have strived to minimize your taxes all year. Good news! Here are some year-end strategies that may help cut your tax bill even more. Before implementing these or any year-end strategies, talk with your tax advisor.

Don't Be Your Own Worst Investing Enemy

Many investors aim to have their gains match or beat a standard investment benchmark. According to Dalbar's annual Quantitative Analysis of Investor Behavior, 2024, the average investor falls short, earning 5.5% less than their targeted stock benchmark and 2.63% less than their chosen fixed income benchmark.

December 2024 Client Profile

Jenny owns a warehousing company and wants to give a holiday party, but she has heard that the cost is either 50% deductible or 100% deductible from business income. Which number is correct, and can she also give cash gifts to employees?

Health Insurance Deduction For Self-Employed

There are many reasons why being self-employed isn't for everyone, not the least of which is that you're responsible for buying your own health insurance. However, most likely you can deduct health insurance premiums paid from your taxable income on your 2024 tax return.

December 2024 Q and A

Let's talk about CP-501 notices from the IRS and what you should do.

Track Your Dollars

Do you keep track of all the money you spend each month? Tracking your expenses will help you take control of your financial life.

Year-End Tax-Saving Opportunities

As the year draws to a close, it's time to maximize your current year's tax deductions and other tax planning opportunities. Here's a brief checklist of moves you can make to help reduce current or future tax exposure.

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