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'Tis the Season... to Get Your Tax Act Together!

12/2/2024

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It's Time for a Year-End Checklist,
and to Check it Twice 

As we wrap up another year (and our holiday presents!), we're here to help you put a bow on your 2024 finances. Pour yourself some hot cocoa, and let's dive into some timely tips and updates.
 
For Business Owners
​
  • Review your business structure: Has your business outgrown its current form? The new year is perfect for making changes.
  • Check your retirement contributions: There's still time to maximize your 2024 contributions and reduce your taxable income.
  • Purchase needed equipment: Consider making planned purchases before year-end to take advantage of Section 179 deductions.
  • Gather those receipts: Documentation is key! Yes, even those crumpled ones in your car's cup holder count!
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For Nonprofit Organizations

  • Document your program accomplishments: Get ready for your annual report by gathering impact metrics.
  • Check your public support test calculations: Stay ahead of your 501(c)(3) status requirements.
  • Plan your year-end appeal: Remember that donors are looking for tax-deductible giving opportunities.
  • Review your unrelated business income: Ensure proper tracking and reporting of any non-exempt activities.
 
Tax-Smart Holiday Celebrations at Your Company
 
Planning a holiday party for your employees? Remember that business holiday parties are typically 100% deductible! Just keep good records of who attended and the business purpose.
 
Special Note for Nonprofits: Year-End Giving Rush
 
December is the biggest month for charitable donations! Make sure you're prepared:
  • Set up efficient systems to process last-minute donations
  • Train volunteers handling year-end contributions
  • Update your online giving platform to handle increased traffic
  • Prepare thank-you letter templates that meet IRS requirements
  • Document any in-kind contributions properly
 
For Individuals

  • Max out your HSA contributions if you have a high-deductible health plan
  • Consider charitable giving - both for the warm feelings and the tax benefits
  • Review your investment portfolio for tax-loss harvesting opportunities
  • Gather documentation for any major life changes in 2024 (marriage, new home, etc.)
  • Request a tax organizer from your tax preparer to stay on top of all your tax documents

** Upcoming Deadlines **

  • December 31: Last day for tax-deductible charitable contributions for 2024
  • January 15: Q4 estimated tax payments due
  • January 31: W-2 and 1099-NEC forms due to recipients
  • February 15: Filing deadline for exempt organizations with employee benefit plans (Form 5500)
 
Did You Know?
 
The "accountant's new year" isn't January 1st - it's usually October 15th, the end of tax extension season! But we promise we still celebrate on December 31st like everyone else. 😉
 
Whether you're balancing your books or your checkbook, we're here to help make your numbers add up to success. Here's to a prosperous 2025! 
NEED HELP WITH YOUR TAXES? CONTACT US TODAY!
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BLUE FOX
Phone:
(321) 233-3311, Email: [email protected]
Mailing Address: 2542 Woodfield Circle, Melbourne, FL 32904
Copyright © 2025 - All Rights Reserved
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​Holiday office closures:
To give our team time to unplug and refresh with their family and friends, the Blue Fox virtual office closes 
for all federal holidays, the week of Thanksgiving, and the week between Christmas and New Year's Day.
  • Accounting Services
  • Tax Preparation
    • Tax Deadlines
  • About
    • Our Founder & CEO
    • Our Team
    • We're Hiring!
    • Our Clients
    • Our Philosophy
    • Benefits of Outsourced Accounting Services for Nonprofits
    • Technology Solutions
    • Testimonials
    • FAQs
  • Blog
  • Freebies
  • Contact
  • Subscribe