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April 2024 Newsletter

Dear Valued Client,

This April, we welcome spring, baseball and the height of tax season. Our expert team is committed to providing the most relevant insights and support to help our clients stay informed. In this month's edition, we'll explore the upcoming individual taxpayer deadline, how Biden's proposed tax agenda may affect individuals and small businesses, and tips on shoring up your business to navigate turbulent waters.

If you’re feeling stuck financially or are ready to take the next steps in your journey, please don't hesitate to reach out to our office. 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.


The Tax-Filing Deadline Is Drawing Near

As a reminder to those who have not yet filed their 2023 tax returns, April 15, 2024, is the due date to either file a return (and pay the taxes owed) or file for an automatic extension (and pay an estimate of the taxes owed).  Taxpayers in Maine and Massachusetts get additional time to the 17th.

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Alabama Federal Court Rules Corporate Transparency Act Unconstitutional

In a landmark decision on March 1, 2024, a federal district court in Alabama declared the Corporate Transparency Act (CTA), a piece of legislation aimed at combating money laundering, unconstitutional. The ruling, delivered in the case of National Small Business United et al v. Yellen, No. 5:22-cv-1448-LCB, has sent shockwaves through the legal and business communities, challenging the federal government's efforts to increase transparency in business ownership.

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Can't Pay Your Taxes? Here Are Some Payment Options

About 3 out of 4 American taxpayers receive a refund each year when they file their income tax returns, but there are those who for one reason or another end up owing. Of those who owe Uncle Sam many don’t have the means to pay what they owe by the return due date (usually in April).

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Biden's Tax Agenda

President Biden released the highlights of his tax agenda for the next fiscal year during his State of the Union address before Congress on March 7, 2024, seeking higher levies on large businesses, investors, and the ultra-rich.

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Navigating Economic Storms: 10 Strategies for Business Survival and Success

Discover essential tips and strategies to safeguard your business against economic downturns and emerge stronger than ever. Learn more.

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Estimated Tax Payments Are Not Just for the Self-Employed

Unlike employees, who have income, Social Security, and Medicare taxes withheld from their wages, self-employed individuals must prepay their taxes by making periodic estimated tax payments. These are referred to as estimated tax payments because the self-employed individual must estimate his or her net earnings for the year and pay taxes per an IRS schedule according to that estimate. Failure to do so will result in interest penalties.

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Securing Your Business's Future: Mastering Succession Planning

Discover the essential guide to succession planning, from understanding its significance and benefits to actionable strategies for seamless transitions. Learn why.

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Education Credits Aren't Just For Children's Tuition

If you think that education credits are just for sending your children to college, think again; the credits are available to you, your spouse (if you are married), and your dependents. Even if you or your spouse only attend school part time, you still may qualify for a tax credit.

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Top 10 Ways to Spot a Tax Scam

Stay secure during tax season with the top 10 ways to spot a tax scam. With fraud on the rise, these tips could save your hard-earned money.

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Unique Charitable Giving Options

There are some unique ways to make charitable contributions that can provide tax advantages to the donor. Before deciding about your charitable giving for the year, you may benefit from this article on ways to contribute that will help you tax-wise.

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Freshen Your Finances: QuickBooks Spring Cleaning Tips

As springtime approaches, there's no better time to do some QuickBooks spring cleaning. Get your small business ready for the rest of the year with these tips!

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April 2024 Individual Due Dates

Here are the April 2024 Individual Due Dates

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April 2024 Business Due Dates

Here are the April 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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