About 51% of small business owners are over the age of 55, according to the U.S. Census.

Given that most people in the U.S. retire in the 60s, that time will soon be coming up for many owners.

So far this year, part or all of 33 states have been declared federal disaster areas, and some areas have qualified more than once. Losses, especially in the wake of Hurricanes Milton and Helene, are expected to be in the tens of billions of dollars.

Part of the losses could be deductible for tax purposes for some victims, cushioning the blow. But there are strict and complex limits on disaster deductions.

“Tomorrow is the first blank page of a 365-page book. Write a good one.”
                 —Brad Paisley

Happy New Year!
 
And get ready for the tax filing season.

While your kids are questioning if Santa is real, we continue to receive some interesting feedback that some of you don’t realize this is really Bradstreet CPAs reaching out each week (… some suspect this is a “packaged” communication to which we add our logo.) Well, rest assured it’s us and we love to hear from you.

Enjoy the week and, “Yes Virginia, there is a Santa Claus”.
 
Wishing you all great things,

The Staff at Bradstreet & Company

Tax season can often be a stressful time for individuals and businesses alike. One major challenge is organizing the paperwork required for filing taxes accurately and efficiently. By systematically organizing paperwork before tax time, you can reduce stress levels and ensure a smooth tax preparation process.

This blog post will provide valuable tips to help you organize your paperwork effectively and make tax season a breeze.

For determined savers, the backdoor Roth IRA is an important tool.

The trouble is, you can’t make direct contributions to a Roth IRA if your income is too high. This year the limit begins to take effect at $146,000 for single filers and $230,000 for joint filers. 

The good news is that backdoor Roth IRAs are a legal way around the limit. Even the name is fun, implying a sly way to beat the tax code at its own convoluted game.