Schlotzhauer & West, CPAs' ClientLine E-Newsletter

Schlotzhauer & West, CPAs

Phone: 714-695-9173

October 2024

Open Enrollment Tips for Employees

As summer turns to fall, employers across the country are getting ready to present their annual open enrollment options for employee benefits. As an employee, whether you're a newbie or an experienced hand at choosing employee benefits, it is crucial to do your homework before making your selections.

3 Tips for Employers

Consider tightening up the following three communication areas to make sure your open enrollment is a success.

Disaster Planning

How well would your family cope if a major storm or other natural disaster strikes your neighborhood? You can take steps to prepare for a home emergency — steps that can help protect your loved ones and important family and financial records.

October 2024 Client Profile

Jeff knows that flextime can be a valuable benefit for his employees, but he isn't sure how to implement a flextime program.

U.S. Disaster Cost and Frequency

From 1980 to July 9, 2024, there have been 391 confirmed weather disaster events affecting the United States, with losses exceeding $1 billion (CPI-Adjusted) each. These events included:

Volunteering: What's Deductible?

If you regularly do volunteer work for a nonprofit organization, it would be nice if you could take a little something off your taxes in return for the time you spend. Unfortunately, the IRS doesn't see it that way. You can't deduct the value of the time you serve.

Don't Even Think About It

There is zero wiggle room when it comes to handling the federal income taxes and FICA taxes withheld from employees' paychecks. The taxes are government property, which employers hold "in trust" and then remit to the IRS on a set schedule. Employers are not permitted to use this "trust fund" money for other purposes.

October 2024 Q and A

Let's talk about tuition and 529 plan distributions.

Tax-Loss Harvesting

If investments you sold in 2024 lost money, you may find some solace in the IRS tax code. You can deduct certain losses from your taxable income — called tax-loss harvesting — when you understand the rules. Here they are briefly:

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