Leone Rouge Management Consultants, LLC

Inflation is cooling off, and today, the Federal Reserve has reduced interest rates for the first time in four years.

Interest rates were reduced by a half point (.50 percent).

If you’re wondering how this impacts your wallet, savings, and taxes, here's a summary:

It may cost less to borrow.
Lowering interest rates could make loans like mortgages, credit cards, and auto loans tied to prime rates more affordable, making it easier to purchase your dream home and pay less to borrow money.

Student loans may become less expensive. Private student loans are tied to Federal rates, so your interest rates and payments on those could also decrease.

Lower interest deductions.
With lower interest rates, you may find a lower mortgage interest deduction if you refinance for a lower rate or a lower student loan interest deduction if you have a private student loan.

However, you can still lower your taxable income with these deductions.

For more information on what this means to you, book a meeting with me @ https://www.leonerougemc.com/
(682)298-0364

Washington, DC Accounting Firm | Home Page | Leone Rouge Management Consultants, LLC Take a look at our Home page. Leone Rouge Management Consultants, LLC is a full service tax, accounting and business consulting firm located in Washington, DC.

Not good news for over 500k.. Immigrants!!
Judge orders a pause on Biden’s immigration program..

https://www.cnn.com/2024/08/26/politics/biden-program-undocumented-spouses-paused-texas/index.html?fbclid=IwZXh0bgNhZW0CMTEAAR0gnIvwjB7vq8PeKVttzphJeEZR8ZuZr2AQKspPU__ckB9aRLRSjuJ8ICY_aem_-twTVWiGmFJBLAep6hhRhA

Judge in Texas orders pause on Biden program that offers legal status to spouses of US citizens | CNN Politics A federal judge in Texas on Monday paused a Biden administration policy that would give spouses of US citizens legal status without having to first leave the country, dealing at least a temporary setback to one of the biggest presidential actions to ease a path to citizenship in years.

Upcoming Tax Due Dates
July 15
Employers: Deposit Social Security, Medicare, and Withheld income tax for June if the monthly deposit rule applies.

Employers: Deposit nonpayroll withhold income tax for June if the monthly deposit rule applies.

July 31
Employers: Report Social Security and Medicare taxes and income tax withholding for the second quarter of 2024 (Form 941) and pay any tax due if all of the associated taxes due weren’t deposited on time and in full.

Employer: File a 2023 calendar-year retirement plan report (Form 5500 or Form 5500-EZ) or request an extension.

August 12
Individuals: Report July tip income of $20 or more to employers (Form 4070).

Employers: Report Social Security and Medicare taxes and income tax withholding for the second quarter of 2024 (Form 941) if all associated taxes due were deposited on time and in full.

Valuable Tax Credit Available for Energy-Efficient Homes

Under the Inflation Reduction Act, construction contractors who build or rehab energy-efficient homes may be eligible for a federal tax credit of up to $5,000 per project. To claim the credit, builders must construct or substantially rehab a qualified home and own it during construction.

To be qualified, a home must be a U.S. single-family dwelling purchased or rented as a residence. It must also be certified to meet energy-saving requirements before it’s sold or leased.

The credit value is based on whether the contractor acquired the home before or after 2023 and the certification and standards the home meets following construction.

Please feel free to reach out to my office for more information.

Tip of the day:

Handle Your 401(k) Rollover With Care
Leaving a job? You may want to roll over funds in your former employer’s 401(k) plan to an IRA. But there’s a tax trap for the unwary. If you receive a 401(k) plan check that’s payable to you personally or if you have a distribution put into a personal account electronically, 20% of the taxable amount of the payout will be withheld for federal tax.

If that happens, you have 60 days to come up with the missing 20% and get it, along with the amount distributed into your IRA account. If you transfer to your IRA only the amount distributed to you by that deadline, you’ll owe income tax on the 20% withheld amount plus a 10% early withdrawal penalty if you’re under 59½. You can dodge this tax trap by arranging for a direct trustee-to-trustee transfer from the 401(k) plan to your IRA.

Please reach out to me to talk about it more.

Call now to connect with business.

Tip the Day!

Your Independent Contractors: Classify Them Carefully

Many businesses use independent contractors to help keep costs down and provide flexibility for short-term needs. However, whether a worker is an employee or an independent contractor is complex. Do you know the rules to ensure you classify them correctly for federal and employment tax purposes? It can be an expensive mistake if the IRS reclassifies them as employees!

Time for Immigration Masterclass Lunch & Learn!
Topic: Pathway to US Citizenship via Employment-based Options
Join me on July 18th at 12:30 pm EST
Know the options!
Follow the Calendly here:
https://calendly.com/leone.../masterclass-immigration-series
or download then click on the QR code attached.
For private one on one consultation, click here:
https://calendly.com/leonerougemc/consultation

Time for Immigration Masterclass Lunch & Learn!

Topic: Pathway to US Citizenship via Employment-based Options

Join me on July 18th at 12:30 pm EST

Know the options! Follow the Calendly here:
https://calendly.com/leonerougemc/masterclass-immigration-series

or download then click on the QR code attached.

For private one on one consultation, click here:
https://calendly.com/leonerougemc/consultation

Tax Strategy for Small Businesses

Plan TODAY:

Maximize Your Small Business Tax Savings!

As a small business owner, staying ahead with smart tax strategies is crucial. Here are three essential tips to help you save more this tax season:

1. Take Advantage of Deductions:
- Home Office Deduction:
If you work from home, you can deduct a portion of your home expenses.
- Vehicle Expenses:
Keep track of business mileage or actual expenses.
- Health Insurance:
Self-employed? Deduct your health insurance premiums.

2. Retirement Contributions:
- Contribute to a SEP IRA, SIMPLE IRA, or Solo 401(k). These not only secure your future but also reduce your taxable income.

3. Utilize Tax Credits:
- Explore credits like the Small Business Health Care Tax Credit and the Work Opportunity Tax Credit to lower your tax bill.

Pro Tip:
Keep accurate records year-round to streamline the filing process and ensure you don't miss any deductions or credits.

Let’s make your tax season stress-free and profitable!

Contact us today for personalized advice and comprehensive tax planning.

💡 Leone Rouge Management Consultants LLC– Your Partner in Financial Success.
📞 Call us at +1 (682) 298-0364
Email: [email protected]
🌐 Visit: https://www.leonerougemc.com/
👩‍💼 CEO: Daphne Branche, CPA, MBA, Certified Global Immigration Consultant

For one on one consultation, book here:

https://calendly.com/leonerougemc/consultation



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This post should effectively attract small business owners looking for practical tax-saving strategies and promote Leone Rouge Management Consultants LLC.

Washington, DC Accounting Firm | Home Page | Leone Rouge Management Consultants, LLC Take a look at our Home page. Leone Rouge Management Consultants, LLC is a full service tax, accounting and business consulting firm located in Washington, DC.

Thanks so much for those who were able to join my Lunch & Learn Masterclass Series! Much appreciated. 🥰

Good news!! More opportunities for your dream to become a reality!!

https://www.dhs.gov/news/2024/06/17/fact-sheet-dhs-announces-new-process-promote-unity-and-stability-families?fbclid=IwZXh0bgNhZW0CMTEAAR3hy_dDSuTV6sDqogfS7f64ay_OAci1MdB1tcQtGQqfWjwRxC2tBxQGlJo_aem_ZmFrZWR1bW15MTZieXRlcw

Fact Sheet: DHS Announces New Process to Promote the Unity and Stability of Families | Homeland Security The Department of Homeland Security (DHS) announced actions to promote family unity in the immigration process, consistent with the Biden-Harris Administration’s commitment to keeping families together.

Tax Tip!

Employing your kids in your business can be a smart move! Ensure compliance with these key rules:

1. Assign legitimate, age-appropriate tasks.
2. Pay a fair market wage and keep detailed records.
3. Kids under 18 in family business don’t pay Social Security/Medicare taxes.
4. Issue a W-2 and follow payroll tax rules.
5. Consider retirement accounts like IRAs for their earnings.

For more information contact us at
[email protected]
Or call +1 (682) 298- 0314

https://www.leonerougemc.com/

Washington, DC Accounting Firm | Home Page | Leone Rouge Management Consultants, LLC Take a look at our Home page. Leone Rouge Management Consultants, LLC is a full service tax, accounting and business consulting firm located in Washington, DC.

Understanding Your Credit Score

Understanding Your Credit Score | www.financialhotspot.com A credit score is a figure that lenders use to determine your likelihood of repaying a loan on time. It's built on your credit history, and the FICO® Score ranges between 300 and 850. You need a decent credit score to improve your financial well-being, and the higher it is, the less likely lenders ...

Review employee benefits. You should examine if changes need to be made in benefits during the next open enrollment period. Many companies offer health savings accounts or pre-tax commuter benefits.