DHS Advisors

The tax-advantaged retirement plan contribution amounts will increase less next year than in previous years due to easing inflation. However, many will still go up slightly. Find out how much you can contribute to 401(k)s, SEP plans, IRAs and more.
https://www.dhscott.com/the-amount-you-and-your-employees-can-save-for-retirement-is-going-up-slightly-in-2025/

If you’re a small business owner, you want to take full advantage of the tax deductions allowed for business travel. They can reduce your taxable income. Safe travels and happy deducting!
https://www.dhscott.com/from-flights-to-meals-a-guide-to-business-travel-tax-deductions/

A solo 401(k) plan is a powerful retirement savings tool if you run a one-person small business. Here’s how you can help save for a golden future and reap tax advantages.
https://www.dhscott.com/how-can-you-build-a-golden-nest-egg-if-youre-self-employed/

Changes are coming to the Social Security system in 2025 in the form of a higher wage base. Next year’s threshold amount was recently announced by the Social Security Administration. Here’s the amount, along with what it means for your business.
https://www.dhscott.com/employers-in-2025-the-social-security-wage-base-is-going-up/

What triggers an IRS audit and how can you prepare if your business is selected?
https://www.dhscott.com/how-your-business-can-prepare-for-and-respond-to-an-irs-audit/

It may be advantageous to separate ownership of a business’s real estate from the business. But it isn’t always advisable. Here’s a look at the issues.
https://www.dhscott.com/advantages-of-keeping-your-business-separate-from-its-real-estate/

Form 1095-C is filed with the IRS and given to full-time employees of “applicable large employers.” Which employers fall under this category, and what are their obligations?
https://www.dhscott.com/understanding-your-obligations-does-your-business-need-to-report-employee-health-coverage/

Mark your calendar: It’s time for businesses to start thinking about the fourth quarter 2024 tax filing deadlines.

Guaranteed payments to partners and payments to retired partners are just two of the tax issues that should be addressed in your partnership (or LLC operating) agreement. Here are the details.
https://www.dhscott.com/help-ensure-your-partnership-or-llc-complies-with-tax-law/

We’ll be saying goodbye to 2024 in no time. Here are some year-end moves to consider that may help your small business save on taxes.
https://www.dhscott.com/its-time-for-your-small-business-to-think-about-year-end-tax-planning/

A limited liability company can provide personal liability protection from creditors while delivering tax benefits. Is it right for you?
https://www.dhscott.com/reasons-an-llc-might-be-the-ideal-choice-for-your-small-to-medium-size-business/