G.A. Record PLLC

06/12/2025

Running your own business or juggling a side hustle? Don't let tax season catch you off guard! Swipe through for some key strategies to maximize your savings and keep more of your hard-earned money.

Need help navigating your taxes? Contact our team today to make sure you're taking advantage of every possible deduction!

05/29/2025

Important reminder for tax year 2025: The standard mileage rate for business use has increased by $0.03 and is now set at $0.70 per mile. This adjustment could have implications for employee tax planning and employer reimbursement policies.

Have questions or want to discuss how this impacts your situation? Give us a call — we are here to help!

04/15/2025

That face you make when you remember you’re an adult who has to pay taxes 😬 Happy Tax Day to all who celebrate, and may we suggest an extension to those who found this template a bit too relatable.

04/01/2025

Today is all about jokes and surprises, but some pranks really don’t go as planned! Here are a few that took things a little too far:

🔥 In 1980, a Massachusetts news station reported a nearby hill was spewing lava. The panic led to hundreds of emergency calls — and the producer losing his job.

🗳️ In 1992, a man claiming to be Richard Nixon announced he was running for president. Outrage spread before people realized it wasn’t actually Nixon.

📧 In 2016, Gmail added a temporary “Mic Drop” button that sent a Minion GIF — but its placement led to accidental use in serious emails, causing major mishaps.

This April Fool’s Day, may your pranks be lighthearted and your laughter be plenty —no emergency calls required!

03/25/2025

The U.S. Treasury recently announced it will stop producing pennies due to rising production costs — each penny cost 3.69 cents to mint in 2024, leading to an $85.3 million loss. While this may seem like a small change, it has potential tax implications worth considering.

Swipe for more information. And as always, reach out with any questions or needs as they arise. That’s what we’re here for.

03/24/2025

The Beneficial Ownership Information (BOI) reporting landscape is shifting, and we’re here to keep you informed. Swipe through for the latest updates and what they mean for you.

Have questions or want to discuss the changes? Our team is here to help you navigate these changes. Reach out anytime!

02/26/2025

If in 2025 you give money or property worth more than the $19,000 annual gift tax exclusion to someone other than your spouse, you may have to pay gift tax. Your gift can still be tax-free if you haven’t used up your lifetime gift and estate tax exemption, which is $13.99 million for 2025. If gift tax is due, usually the giver is responsible for paying it rather than the recipient. Even though recipients aren’t subject to any immediate tax implications, they may have to pay capital gains tax if they sell their gifted property in the future. Need help? You came to the right place - (336) 841-4797.

02/25/2025

As a business owner, it's important that you classify workers correctly as either employees or independent contractors because misclassifying them could trigger an IRS audit. If you treat workers as independent contractors but the IRS considers them to be employees, the tax agency may impose back taxes, interest and penalties. If you're looking for personalized, in-depth tax assistance when classifying workers, you've come to the right place. Contact us today at (336) 841-4797 to set up your first consultation.

02/24/2025

Under federal tax law, you can give a certain amount of money or assets annually without incurring gift tax. The 2025 annual gift tax exclusion is $19,000 (up from $18,000 in 2024). This means you can give up to that amount to as many people as you like tax-free. You must report gifts beyond the exclusion to the IRS on Form 706, but these gifts might still be tax-free under your lifetime gift and estate tax exemption - which is $13.99 million for 2025. Have questions? Contact us at (336) 841-4797.

02/21/2025

Making tax mistakes can be costly for your business, not to mention stressful! Avoid these common tax mistakes by staying organized and tax-savvy through our professional guidance and tax advice.

Running a business involves many responsibilities, and managing taxes is one of the most critical. Unfortunately, many business owners make common tax mistakes that can lead to costly penalties and stress. By understanding these mistakes and learning how to avoid them, you can ensure your business s...

02/19/2025

Did you know the 2025 contribution limit for employees who participate in 401(k), 403(b), governmental 457 plans, and the federal government’s Thrift Savings Plan is $23,500? That’s up from $23,000 for 2024. The limit on annual contributions to an IRA remains $7,000. (Those age 50 or older can make additional catch-up contributions.) Questions about what else has changed this year? Contact us at (336) 841-4797.

02/18/2025

Yep, it's true. While standard deductions may provide welcome tax breaks, there are a few scenarios where you may not be qualified to take it. Some examples include: if you are married filing separately and your partner chooses to itemize and then you must also itemize; you are filing a return as a trust, estate, or partnership; your returns cover a period less than a year due to accounting changes; or you are considered a ‘nonresident alien’ or ‘dual-status alien’ in the US. These can be tricky to work out on your own. Fortunately, we are just a call away – (336) 841-4797! Contact us for tax help today.📝