Manjit Singh's ClientLine Online Newsletter

Manjit Singh CPA P.C.

CERTIFIED PUBLIC ACCOUNTANTS

Tax planners not just tax preparers®

2841 Hartland Road, Suite 307

Falls Church, VA 22043

Phone: 703-280-5656

Fax: 703-280-5666

703-207-4502

Email: msingh@mscpa.us

Email: manny@manjitsinghcpa.com

Website: www.mscpa.us

August 2025

Grants For Small Businesses

To help you boost your business resources — or start a new business — in 2025, you may want to consider a small-business grant instead of a loan. Why? You don't have to pay back a grant. However, your business will most likely have to include any grant amounts in taxable income.

Identity Protection Pin (IP) From The IRS

An IP PIN is a six-digit number that helps prevent someone from filing a tax return using your Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN).

Passing On Family Heirlooms & Keepsakes

People understandably overlook addressing more minor, personally meaningful items such as heirlooms and keepsakes when creating an estate plan. This oversight can be a fuse for family disputes.

August 2025 Client Profile

Valerie needs summer help at her water sports rental store in a busy beach town. But she doesn't foresee needing these additional workers after the summer vacation crowds return home. Should she hire employees or use independent contractors for these few months?

A Surprising Employee Flight-Risk

According to a recent ADP Research Institute study, about 30% of employees leave their jobs within a month of their first promotion. Generally, the risk of a worker in the same position leaving at any given time is 18%. Employees in jobs that require little to no training and those in roles requiring an advanced technical degree are also more likely to leave.

Don't Forfeit Your Solo 401(k)

A 401(k) plan is an excellent way for sole proprietors to pack away retirement funds. In addition to the maximum annual contribution amount allowed for your age, you can make matching contributions to your account.

August 2025 Q and A

Let's talk about gym memberships and if they qualify as a medical expense.

Net Unrealized Appreciation and Your 401(k)

If your 401(k) plan account contains employer stock, the tax law’s net unrealized appreciation (NUA) provision may allow you to take advantage of potentially lower tax rates on the growth or unrealized appreciation of the stock.

Net Investment Income and Who Pays It

The net investment income tax (NIIT) affects individuals, estates, and trusts with significant investment income. In its first year (2013), about three million taxpayers were subject to the additional 3.8% net investment income tax (NIIT) in 2013. Since then, the number of affected taxpayers has more than doubled, underscoring the growing relevance of this tax.

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