Posts by Louis DeLuca, CPA, MST

What is Tax Identity Theft? Tax identity theft occurs when someone uses your Social Security number (SSN) to file a fraudulent tax return and collect your refund. Unfortunately, you may not discover this until F+H tries to file your legitimate tax return, only to find that the IRS rejects it as a duplicate filing. Signs…

As F+H is your trusted public accounting firm, we understand the importance of keeping our clients informed about valuable programs that impact their finances. Let’s explore the Home Energy Rebates introduced by the U.S. Department of Energy (DOE) in 2024. These rebates are becoming available as each state adopts them starting in the remainder of 2024. What…

Conduct a Mid-Year Tax Review Review Financial Statements: Analyze your profit and loss statements, balance sheets, and cash flow statements to identify potential tax-saving opportunities. Adjust Strategies: Make necessary adjustments to your tax strategies based on your financial performance so far. Maximize Deductions Operating Expenses: Ensure you are keeping track of all legitimate business expenses,…

Maximize Retirement Contributions 401(k) and IRA Contributions: Ensure you’re contributing the maximum allowed to your retirement accounts. For 2024, you can contribute up to $23,000 to a 401(k) plan, with an additional $7,500 catch-up contribution if you’re 50 or older. For IRAs, the limit is $7,000, with a $1,000 catch-up contribution. Roth IRA Conversions: Consider converting traditional…

In Part 1 of our series on life insurance, we discussed the right amount of coverage. In Part 2, we explore the use of life insurance in conjunction with estate planning. Life Insurance in Estate Planning: A Comprehensive Guide Let’s delve into the key aspects of how life insurance integrates with estate planning: What Is…

Determining the Right Coverage Amount Life insurance provides financial security for loved ones in case of an unexpected event. As a public accounting firm, advising our clients on the appropriate coverage is essential. Here’s how to calculate your approximate needs: Income Replacement Approach: Multiply your annual income by the desired years of support (usually 7…

Understanding working capital is essential for businesses. Let’s dive into why it matters and why it is important to calculate it. What Is Working Capital? Working capital represents the funds available to cover day-to-day operations. It’s crucial for paying employees, vendors, and other short-term obligations. Why It’s Important Business Health Indicator: Working capital reflects a…

Intrafamily loans are a powerful tool for transferring wealth within families. Whether you’re a parent looking to help your children or a grandparent assisting your grandchildren, understanding the ins and outs of these loans is essential. How Intrafamily Loans Work Interest Rates: Intrafamily loans typically use the Applicable Federal Rate (AFR), which is the lowest…

When it comes to deciding whether to buy or lease a vehicle in 2024, there are several factors to consider. Let’s explore the pros and cons of each option: Leasing a New Car: Pros: Lower Monthly Payments: Leasing typically offers lower monthly payments compared to buying, making it more budget friendly. New Cars Every Few…