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🚨 Did you know about the 3.8% Net Investment Income Tax (NIIT)? If your income hits certain thresholds, this tax could apply to you! Here's a quick breakdown and tips to reduce its impact: 🧵👇 1/ What is NIIT? NIIT applies if your modified adjusted gross income (MAGI) exceeds $200K (single) or $250K (married filing jointly). It’s the lesser of: 💡 MAGI above the threshold 💡 Net investment income 2/ Example: MAGI: $210K Investment income: $50K (Single filer) $210K - $200K = $10K (excess over threshold) Tax = $10K × 3.8% = $380 3/ What counts as investment income? ✅ Gains from stocks, bonds, mutual funds, and bitcoin ✅ Real estate gains (excludes primary home, up to $250K/$500K gain) ✅ Dividends & interest 4/ How to reduce NIIT impact: 🔹 Municipal bonds: Their interest is tax-exempt! Shift to muni bonds/ETFs for tax savings. Run the math for after-tax yields first. 🔹 Portfolio rebalancing: Emphasize growth stocks over dividend payers. 🔹 Lower AGI: Contribute to tax-advantaged accounts like 401(k)s, IRAs, or HSAs to stay under the thresholds. 🔹 Installment sales: Spread gains from property sales over years to lower taxable income. 🔹 1031 exchanges: Selling investment property? Use a 1031 exchange to defer capital gains and reduce NIIT exposure. 5/ NIIT is avoidable with planning. Maximize after-tax returns, stay proactive, and consult with a tax professional (like us) to strategize!

🚨 Stop! Don’t fall for misleading tax advice on social media 🚨 The IRS is warning taxpayers about viral “tax hacks” that promise huge refunds but can lead to delayed refunds, audits, steep penalties, and even criminal prosecution. Scammers and misinformed influencers are pushing bad advice to get likes and clicks while putting your finances at serious risk. 🔍 Top scams to watch out for: • ❌ “Self-Employment Tax Credit” – This credit doesn’t exist. Scammers misuse Form 7202, which applied only for COVID-19 sick and family leave credits in 2020-2021. It’s not valid for 2023 or 2024. • ❌ Fuel Tax Credit – This credit is for qualifying business purposes like farms or aviation fuel, not for the gas in personal vehicles. Most individuals do not qualify, yet scammers push this to inflate refunds. • ❌ Fake income or withholding – Scammers encourage filing false W-2s with fake income and withholding to generate large refunds. This is fraud and can result in audits, fines, and criminal charges. • ❌ “Claim of Right” Deduction – Promoters advise taxpayers to deduct their wages as “necessary expenses,” which has no legal basis and will result in IRS scrutiny. • ❌ Fictional household employees – A scam where taxpayers invent employees and misuse Schedule H to claim false sick leave credits. 💡 The bottom line: If it sounds too good to be true, it probably is. Viral videos and influencers promoting “free money” or secret tax tricks are spreading misleading or outright fraudulent advice. Falling for these schemes can delay refunds, trigger IRS audits, or result in fines and even federal prosecution. ✅ What should you do instead? 1️⃣ Follow trusted sources: Visit www.IRS.gov or follow official IRS social media accounts for accurate information. 2️⃣ Consult a tax professional: A qualified, licensed tax expert can help you navigate tax season safely and maximize legitimate credits. 3️⃣ Fact-check before you act: Don’t take financial advice from someone “talking in their car or kitchen.” Do your research first. 4️⃣ Report scams: Protect yourself and others by reporting tax fraud and suspicious preparers to the IRS or Treasury Inspector General. 💡 Remember: Social media may be entertaining, but it’s not the place for reliable tax advice. Protect your refund, your finances, and your peace of mind by seeking trustworthy, verified sources this tax season.

📢 Reminder for retirees 73 and older: Don’t miss your year-end deadline for Required Minimum Distributions (RMDs)! Failing to take them on time can lead to hefty penalties. Key Updates from the SECURE 2.0 Act: • The age for starting RMDs has increased to 73. • Roth 401(k) & 403(b) accounts are now exempt from RMDs starting in 2024. What Happens if You Miss Your RMD? • If you fail to take the full RMD, you could face a 25% penalty on the amount not withdrawn. This penalty drops to 10% if corrected within 2 years. Qualified Charitable Distributions (QCDs): • If you’re 70½ or older, you can donate up to $105,000 directly from your IRA to a charity. • QCDs count toward your RMD and can help avoid taxes on the amount donated, allowing you to still claim the standard deduction. Don’t wait—make sure your RMD is satisfied, or use a QCD to meet the requirement and save on taxes! For more details, visit www.IRS.gov.

Year-end tax moves for everyone: 1️⃣ Wash sale exemption for Bitcoin – Unlike stocks, Bitcoin isn’t subject to wash sale rules. You can sell at a loss to offset gains or claim a deduction, then immediately rebuy to maintain your position while still reaping the tax benefit. 2️⃣ Make tax-efficient gifts – Gift up to $18,000 per person ($36,000 for couples) without affecting lifetime estate tax exemptions. 3️⃣ Roth conversions – Convert traditional IRA funds during low-income years to lock in tax-free growth at a lower tax rate. 4️⃣ Harvest gains/losses – Offset gains with losses or realize gains at the 0% rate to reset your cost basis and minimize future taxes.

Key tax strategies for business owners: 1️⃣ Choose the right business structure – S corporations can save thousands in self-employment taxes for those netting over $100,000. Optimize your balance of wages and distributions. 2️⃣ Leverage Section 179 – Deduct the full cost of qualifying equipment purchases in the year you buy them, reducing taxable income and freeing up cash flow. 3️⃣ Track expenses better – Organized bookkeeping ensures you capture every deduction, from travel to office supplies. Start now to avoid rushing and missing potential write-offs. 4️⃣ Defer income – Delay issuing invoices so payment hits in January. This reduces taxable income for 2024, especially useful if you expect to stay in the same or lower tax bracket next year.

Tax-saving strategies for investors: 6️⃣ Tax loss harvesting – Sell losing investments to offset gains or claim up to $3,000 against income. Wash sale rules prevent repurchasing the same or similar investments within 30 days, but they don’t apply to Bitcoin. This means you can sell and immediately rebuy Bitcoin to claim losses while maintaining your position. 7️⃣ Tax gain harvesting – If your income is below $47,025 (single) or $94,050 (MFJ), realize gains at the 0% capital gains rate. Repurchase the asset to reset the cost basis. 8️⃣ Roth conversions – Low-income years are ideal for converting traditional IRAs to Roth IRAs. You’ll pay taxes now, likely at a lower rate, and enjoy tax-free growth and withdrawals later. 9️⃣ Maximize HSA contributions – Contribute $4,150 (individual) or $8,300 (family) if you have a high-deductible health plan. HSAs offer triple tax benefits: tax deductions on contributions, tax-free growth, and tax-free withdrawals for qualified medical expenses. 🔟 Donor-advised funds (DAF) – Lump-sum charitable contributions to a DAF give you an immediate tax deduction while letting you distribute funds to charities over several years.

November & December are prime months for tax planning. Here are 15 ways to save now and in the future: 1️⃣ Max out retirement contributions – Contribute the max $23,000 to traditional or Roth 401(k)s. Traditional reduces taxable income; Roth builds tax-free retirement savings. 2️⃣ Mega Backdoor Roth – Some workplace plans allow after-tax 401(k) contributions that can be rolled into a Roth IRA or Roth 401(k). Save even more for retirement with tax-free growth potential. 3️⃣ Backdoor Roth – For high earners, contribute to a non-deductible traditional IRA and convert it to a Roth IRA. Ensure you have no pre-tax IRA balances by Dec 31 to avoid pro-rata taxes. 4️⃣ Donate appreciated shares – If donating to charity, give appreciated shares instead of cash to avoid capital gains taxes. Repurchase the shares to reset your cost basis and reduce future taxable gains. 5️⃣ Qualified Charitable Distribution (QCD) – If you’re 70½+, donate directly from your IRA (up to $105,000). This satisfies RMDs, avoids taxes on the distribution, and lets you take the standard deduction.

Is an S-Corp Right for You? 💼 ✅ You’ll get tax savings, liability protection, and a professional edge. ⚠️ But it comes with admin work and rules to follow. The bottom line: If you want to cut taxes AND grow your biz, it’s worth a look. Just talk to a tax pro before diving in! 👉 Got questions? Drop ‘em below or DM us—We’ve got you!

Who’s a Good Fit for an S-Corp? 🤝 S-Corps shine for: ✔️ Small-to-medium businesses with steady profits. ✔️ Owners actively working in the biz who want to save on taxes. ✔️ Anyone okay with handling the paperwork and payroll. But they’re NOT ideal if: ❌ You’re chasing big investors. ❌ You’ve got foreign partners or need multiple stock types. Got steady cash flow? This might be your sweet spot.

The Downsides of S-Corps 😬 Not everything’s sunshine and tax savings. Here’s the deal: ⚠️ Strict Rules: Max 100 U.S. shareholders, and only one type of stock allowed. ⚠️ Admin Work: Meetings, minutes, payroll, filings. ⚠️ “Reasonable Salary” Rule: The IRS expects owner-employees to pay themselves a fair wage (yes, even if profits are tight). Make sure the benefits outweigh the hassle for your business.

The Perks of an S-Corporation 🎉 S-Corps have some awesome benefits: ✅ Tax Savings: Only taxed at the owner level, not the biz level. ✅ Lower Self-Employment Taxes: Pay yourself a salary, take the rest as tax-free distributions. ✅ Liability Protection: Keeps your personal assets safe. ✅ Extra Tax Deductions: Like up to 20% off qualified biz income (QBI). Sounds like a win all around, right?

This week we will be highlighting S-Corporations! What is an S-Corporation? 🤔 An S-Corp is a business structure that combines tax perks with personal asset protection. You avoid double taxation by passing profits (and losses) straight to shareholders. ✨ Key Facts: • No corporate taxes 💰 • Limited liability 🛡️ • Max 100 shareholders 👥 Thinking about an S-Corp for your business? Check back tomorrow for the pros and cons! 👇

💼 Resources for Filing Your FinCEN Report If you need assistance with your Beneficial Ownership Information report, consider using services like Doola, Fondo, or Accountalent. Some payroll providers (like Gusto) may also help. There’s a YouTube video available that walks through the process step-by-step: YouTube Link. Non-compliance can lead to penalties of $500/day, so it’s worth completing on time.

👥 FinCEN Compliance: Required Information To comply with FinCEN’s new rule, businesses must report “Beneficial Owners” (anyone with at least 25% ownership or control) and, for 2024 registrations, information on “Company Applicants.” Be prepared to upload a U.S. passport or driver’s license for these individuals. This is a one-time filing, though any changes in ownership or company details will need to be updated within 30 days.

📢 New FinCEN Reporting Requirement for Corporations and LLCs If you own a Corporation or LLC (including Partnerships, S-Corps, or Single-Member LLCs), FinCEN now requires that you register your business by January 1, 2025. Most business owners will need to file, with limited exceptions, like large companies with 20+ employees and $5M+ revenue or certain tax-exempt entities. Filing can be done on the FinCEN BOI website. Make sure to check if this applies to you.

Bitcoin Tax Tip of the day. Bitcoin held over a year is taxed at a lower rate in the US. Even the IRS wants you to Hold.

Satoshi Pacioli wrapped up another successful tax season this year (with an few non-profit still to go next month). We completed 125 returns between individuals, partnerships, S & C Corp. A humble 4X from or first year of tax services last year. That's for 4 times as many bitcoiner we got to connect with and establish a long-term partnership with the goal to minimize the amounts they have to pay the IRS. We haven't done a deep analysis, but can safely say that collectively we've saved our clients $100k plus in IRS payments. And this is just the beginning. Special props to @seth who lead the way and spent more time talking to the IRS than any one human ever should.

Do you know where your accountant is? Because ours are at bitcoin meetups. @Bitcoin Park celebrated Open House #21 tonight. The same night that @The Space in Denver opens its doors. Congrats to everyone involved in building these communities! @seth, @Joyful Joey, @npub1x3yz...t5gr

Thanks @TFTC and @Marty Bent for the shout out! #Bitcoin may be decentralized, but taxes are still a reality. Our team of experienced accountants is here to guide you through the intricacies of #Bitcoin finance, ensuring compliance, and minimizing stress. Reach out to us and enjoy the peace of mind that comes with strategic tax planning with a #Bitcoin Focus. #accounting #tax #bookkeeping #CPA #CFO