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Financial Concepts, Inc. (415) 492-2832  phone

March 2024 Newsletter

Dear Valued Client,

As March arrives, we’re gearing up for the heart of tax season. This period is about more than just preparing; it’s about capitalizing on tax and business protocols that can benefit you in the long run. Our experienced team is dedicated to offering the latest and most pertinent insights and support. This month’s newsletter will delve into the topics of Baby Boomers downsizing their homes, the importance of not mixing personal and business finances, and examining which expenses are deductible for charity volunteers.

Should you find yourself at a crossroads in your financial journey or have pressing questions about the topics covered, please don't hesitate to reach out. We're here to guide you toward informed decisions that align with your financial goals.

And remember, our services extend to your colleagues, family, and friends. Should they require assistance, we're just a phone call away. We remain committed to identifying every opportunity to ensure our client's prosperity. Your kind reviews and referrals are invaluable to us.


Boomers, Taxes, and the Housing Puzzle

Explore the complexities Baby Boomers face when downsizing homes, from capital gains tax dilemmas to housing market dynamics.

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New Employee vs Independent Contractor Rule Effective March 11

The U.S. Department of Labor (DOL) announced on Jan. 9, 2024, the issuance of its final rule regarding whether a worker is an employee or an independent contractor under the federal Fair Labor Standards Act (FLSA).

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IRS Resuming Sending Collection Notices

Due to the COVID-19 pandemic, the IRS suspended the mailing of automated reminders to pay overdue tax bills starting in February 2022.

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Employers Beware: ERC Voluntary Disclosure Program Ends Soon

The Employee Retention Credit (ERC) was a government-sponsored program to keep workers employed during the Covid-19 pandemic. It provided qualifying employers with a refundable credit against certain employment taxes equal to 70% (up from 50% prior to 2021) of the qualified wages that an eligible employer paid to employees after March 12, 2020, and before July 1, 2021.

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Death of a Loved One

The death of a loved one is one of life’s most difficult times and a time for reflection and grieving. However, it also triggers unique financial and tax events that must be dealt with by the survivors. For a surviving spouse, this is an especially difficult time and can be devastating if the death was sudden with little or no time to make financial preparations.

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The Importance of Separating Personal and Business Finances

Discover the importance of separating personal and business finances for small business owners. Learn how distinct bank accounts and credit cards can streamline bookkeeping, enhance financial reporting, and protect personal assets.

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A Comprehensive Guide to Business Cyber Security

Discover the essentials of business cyber security, from understanding cyber threats to implementing effective network security measures. Protect your digital assets and fortify your business against cyber-attacks with our comprehensive guide.

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Tax Deductible Expenses for Charity Volunteers

If you volunteer your time for a charity, you may qualify for some tax breaks. Although no tax deduction is allowed for the value of services performed for a charity, there are deductions permitted for out-of-pocket costs incurred while performing the services.

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Naming Your IRA Beneficiary – More Complicated Than You Might Expect

The decision concerning whom you wish to designate as the beneficiary of your traditional IRA is critically important.

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Taxing Questions: What You Need to Know About Plaintiff Awards

Unlock the complexities of plaintiff awards and their tax implications. Delve into our expert insights to navigate legal settlements and judgments with clarity. Learn about exemptions, reporting requirements, and more.

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Mastering QuickBooks: 5 Essential Tips For Small Business Owners

Whether you’re new to QuickBooks or never learned the software properly, these 5 essential tips for small business owners will help you.

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March 2024 Individual Due Dates

Here are the March 2024 Individual Due Dates

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March 2024 Business Due Dates

Here are the March 2024 Business Due Dates

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Financial Concepts, Inc. (San Rafael)
4040 Civic Center Drive, #200
San Rafael, CA 94903
Ph: (415) 492-2832
Fax: (415) 892-3442
Financial Concepts of Scottsdale, LLC
7702 East Doubletree Ranch Road, #300
Scottsdale, AZ 85258
Ph: 480-423-7042
Fax: (415) 892-3442

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