Here are the new tax rates and brackets for 2024:
The changes to the tax brackets and standard deduction are expected to save taxpayers an average of $1,200 in 2024.
From the Daily Herald Sunday, November 19, 2023:
The new tax rates and brackets for 2024 were released by the Internal Revenue Service (IRS) on November 9, 2023. The new brackets reflect an inflation adjustment of 5.4%, which is lower than the 7.1% increase for 2023.
Here are the new tax rates and brackets for 2024:
In addition to the changes to the tax brackets, the standard deduction is also increasing for 2024. For married couples filing jointly, the standard deduction will be $29,200, an increase of $1,500 from 2023. For single taxpayers and married individuals filing separately, the standard deduction will be $14,600 for 2024, an increase of $750 from 2023.
The changes to the tax brackets and standard deduction are expected to save taxpayers an average of $1,200 in 2024.
From the Daily Herald Sunday, November 19, 2023:
In the hustle and bustle of the holiday season, nestled between the consumer-driven Black Friday and Cyber Monday, lies a day dedicated to generosity and philanthropy – Giving Tuesday. Celebrated on the Tuesday following Thanksgiving, this global movement encourages people and businesses alike to give back to their communities and support charitable causes. While the primary focus is on making a positive impact in the world, Giving Tuesday also presents significant benefits for businesses. In this blog, we will explore how participating in Giving Tuesday can be a win-win for businesses, fostering both social responsibility and corporate success.
1. Enhanced Corporate Social Responsibility (CSR):
Participating in Giving Tuesday provides businesses with a platform to showcase their commitment to corporate social responsibility. Consumers today are increasingly conscious of the values and ethics of the companies they support. By actively engaging in philanthropic activities on Giving Tuesday, businesses can strengthen their brand image, build trust with customers, and demonstrate a genuine dedication to making a positive impact beyond profit margins.
2. Community Engagement and Brand Loyalty:
Businesses that actively contribute to their communities are likely to foster stronger connections with customers. Giving Tuesday offers a unique opportunity for companies to engage with their local or global communities, supporting causes that resonate with their audience. This engagement can lead to increased brand loyalty as customers appreciate and support companies that prioritize social responsibility.
3. Positive Public Relations:
Participation in Giving Tuesday generates positive publicity for businesses. Media outlets often cover stories of companies making meaningful contributions to charitable causes, creating a ripple effect of positive public relations. This increased visibility not only attracts potential customers but also attracts talented individuals who may be interested in working for socially responsible companies.
4. Employee Morale and Team Building:
Engaging employees in Giving Tuesday activities can boost morale and foster a sense of purpose among staff. Many employees are motivated by the opportunity to work for a company that values and contributes to social causes. Participating in charitable initiatives as a team can strengthen the bond among employees, contributing to a positive workplace culture.
5. Tax Benefits:
Businesses may be eligible for tax benefits when they make charitable contributions. Donations made on Giving Tuesday can potentially provide businesses with tax deductions, offering a financial incentive for their philanthropic efforts.
Giving Tuesday presents businesses with a golden opportunity to align their values with actions, contributing to a better world while reaping various benefits for their brand. By integrating philanthropy into their corporate culture, companies can not only make a positive impact on the causes they support but also build a more loyal customer base, enhance their brand image, and create a workplace culture that attracts and retains top talent. In the spirit of giving, businesses can truly find a path to success that goes beyond financial gains, creating a lasting legacy of positive change.
Unlocking Hidden Potential: The Crucial Role of Business Valuation Beyond Sale Considerations
In the dynamic landscape of entrepreneurship, business valuation is often associated with the process of selling a business. However, its significance extends far beyond the realms of potential transactions. Entrepreneurs and business owners can reap a multitude of benefits by understanding the importance of getting a business valuation, even if selling the business is not on the immediate horizon.
1. Strategic Decision-Making:
A comprehensive business valuation provides a detailed assessment of the company's assets, liabilities, and overall financial health. Armed with this knowledge, business owners can make informed strategic decisions. Whether it's expanding operations, acquiring new assets, or restructuring debt, a valuation acts as a strategic compass, guiding decision-makers toward choices that align with the company's financial reality.
2. Financial Planning and Management:
Business valuations offer a snapshot of the company's current financial standing, enabling owners to develop effective financial plans. This includes budgeting, resource allocation, and setting realistic financial goals. By understanding the value of the business, owners can optimize their financial management practices, ensuring long-term stability and growth.
3. Shareholder and Partnership Matters:
For businesses with multiple stakeholders, a valuation is crucial in managing shareholder expectations and resolving partnership issues. It establishes a fair market value, facilitating discussions about equity distribution, buy-sell agreements, and succession planning. This transparency fosters a healthy business environment and prevents potential disputes.
4. Attracting Investment and Financing:
When seeking external funding or loans, a credible business valuation can significantly enhance the business's credibility in the eyes of investors and lenders. It provides them with a clear understanding of the company's worth and risk profile, making it more appealing for potential investment or financial support.
5. Insurance and Risk Management:
Knowing the accurate value of a business is essential for insurance purposes. It ensures that the business is adequately insured against potential risks, such as property damage, liability claims, or unforeseen events. Accurate valuations help determine the appropriate level of coverage, preventing underinsurance or overpayment for unnecessary coverage.
6. Tax Planning and Compliance:
Business valuations play a vital role in tax planning and compliance. Understanding the value of assets and liabilities assists in optimizing tax strategies, taking advantage of applicable deductions, and ensuring compliance with tax regulations. It minimizes the risk of overpayment and helps in maximizing tax efficiency.
In conclusion, the importance of getting a business valuation extends far beyond the prospect of selling the business. It serves as a powerful tool for strategic decision-making, financial planning, and fostering transparent and healthy business relationships. By regularly assessing the company's value, business owners can navigate challenges, seize opportunities, and unlock the hidden potential within their operations.
Daily Herald Article 11-12-23
Rotary International, a global service organization, is known for its dedication to humanitarian efforts and community service. However, beyond its philanthropic work, Rotary also offers a unique platform for Rotarians to connect and promote economic growth within their communities. Rotary Means Business is an initiative within the Rotary framework that encourages Rotarians to support the success of their fellow Rotarians by doing business with them and referring others to their services. In this blog, we will explore the reasons why networking at Rotary Means Business can be a game-changer for your business and your local community.
1. Building Trust and Solid Relationships
One of the key principles of Rotary Means Business is building trust and solid relationships among Rotarians. The Rotary network is comprised of dedicated professionals who are committed to the organization's values of service and ethical conduct. When you engage in business with a fellow Rotarian, there's an inherent level of trust that you can rely on. This trust forms a strong foundation for successful business relationships, making it easier to collaborate and support each other's endeavors.
2. An Extensive and Diverse Network
Rotary International boasts over 1.4 million members across the globe. This vast network presents a unique opportunity to connect with people from various professions and industries. By networking at Rotary Means Business events, you can tap into this diverse and extensive network, opening doors to new business opportunities, partnerships, and collaborations that you might not have encountered elsewhere.
3. Word-of-Mouth Referrals
One of the most valuable aspects of Rotary Means Business is the culture of referrals. Rotarians actively refer other Rotarians to their business contacts and associates. This word-of-mouth marketing can significantly boost your business's visibility and credibility. When a fellow Rotarian refers you, it's often viewed as a strong endorsement, which can help attract new customers, clients, or partners.
4. Professional Development
Rotary Means Business not only helps with business growth but also supports your professional development. Networking events often feature guest speakers and presentations on a variety of topics, such as leadership, entrepreneurship, and industry trends. These educational opportunities can equip you with the knowledge and skills necessary to stay competitive and thrive in your business.
5. Community Impact
As a Rotarian, your participation in Rotary Means Business also has a positive impact on your local community. When Rotarians support each other's businesses, it contributes to the economic growth of the community, creates job opportunities, and fosters a sense of camaraderie among local business owners. This, in turn, strengthens the overall community fabric.
6. Alignment with Rotary's Core Values
Rotary International is guided by the Four-Way Test, a set of ethical principles that emphasizes truth, fairness, goodwill, and beneficial outcomes. Networking at Rotary Means Business aligns perfectly with these values, as it encourages honest, fair, and mutually beneficial business interactions. By participating in this initiative, you not only uphold Rotary's principles but also contribute to a thriving and ethical business environment.
Rotary Means Business is a powerful avenue for Rotarians to leverage their professional skills and networks for the benefit of both their businesses and their communities. Through trust, a diverse network, referrals, professional development, community impact, and alignment with Rotary's core values, networking at Rotary Means Business offers a wealth of opportunities. So, if you're a Rotarian looking to enhance your business and make a positive impact, consider becoming an active participant in Rotary Means Business events – it's a win-win for you and your community.
Open enrollment is an important period during which individuals can make changes to their health insurance, benefits, and other workplace-related selections. Here are some key considerations people should keep in mind when going through the open enrollment process:
1. Plan Options: Understand the different health insurance and benefit plans available to you. Consider factors like deductibles, premiums, coverage networks, and plan types (e.g., HMO, PPO, or HDHP).
2. Current Coverage: Review your current coverage to identify what worked well and what didn't in the past year. This can help you make more informed decisions for the upcoming year.
3. Life Changes: Take into account any significant life changes that may affect your coverage needs, such as getting married, having a child, or experiencing a change in your health.
4. Budget: Assess your budget and determine how much you can afford in terms of premiums and out-of-pocket costs. Ensure you choose a plan that aligns with your financial situation.
5. Network Providers: Verify that your preferred healthcare providers, doctors, and specialists are in-network for the plan you're considering. Going out of network can be expensive.
6. Prescription Coverage: If you take regular medications, check whether they are covered under the plan and at what cost. Look into formularies to see if there are generic alternatives.
7. Wellness Programs: Some employers offer wellness programs that can help you save money or improve your health. Look into these and see if they're a good fit for you.
8. Flexible Spending Accounts (FSAs) and Health Savings Accounts (HSAs)**: If available, consider contributing to these accounts for tax benefits. FSAs are used for eligible medical expenses, while HSAs are for those with high-deductible health plans and can be used for medical expenses or saved for the future.
9. Coverage for Dependents: If you have dependents, make sure to enroll them in the appropriate coverage. Assess their healthcare and dental needs.
10. Dental and Vision Coverage: Evaluate whether dental and vision plans are part of your benefits and decide if you need these types of coverage.
11. Disability and Life Insurance: Review any disability and life insurance options provided by your employer. These can be essential for protecting your income and family.
12. Retirement Contributions: If your employer offers a retirement savings plan like a 401(k), consider adjusting your contributions based on your long-term financial goals.
13. Legal Documents: Review and update your beneficiaries on all insurance policies, including life insurance and retirement accounts.
14. Preventive Care: Understand which preventive services are covered at no cost and make sure to take advantage of them for your health.
15. Deadline: Be aware of the open enrollment deadline. Missing it may mean you can't make changes to your benefits until the next open enrollment period, unless you have a qualifying life event.
16. Ask Questions: If you have any doubts or questions, don't hesitate to reach out to your HR department or insurance providers for clarification.
17. Compare Plans: Take the time to compare different plans, either on paper or using online tools provided by your employer, to make an informed decision.
18. Seek Professional Advice: If you have complex insurance needs or are uncertain about your choices, consider consulting with an insurance broker or financial advisor.
19. Record Keeping: Keep records of your selections and any communication related to your open enrollment choices. This can be helpful in case of disputes or issues down the line.
Open enrollment is a critical opportunity to ensure that your healthcare and benefits align with your needs and preferences, so it's essential to make informed decisions.
Matching Ideas with Resources:
We have resources that can help you with these decisions!
There are specialists that help business owners and their employees AND others who can help individuals.
Contact Tom Gosche at email@example.com or 630-675-8971 and he can get you to the right person to help you!
A 1031 Exchange, also known as a like-kind exchange, is a tax-deferred transaction under Section 1031 of the Internal Revenue Code in the United States. It allows an investor to defer capital gains taxes when they sell certain types of business or investment properties and reinvest the proceeds into other like-kind properties.
Here are the basics of a 1031 Exchange:
1. Eligible Properties:
- Only certain types of properties qualify for a 1031 Exchange, including real estate held for business or investment purposes, such as rental properties, commercial properties, and vacant land.
2. Like-Kind Requirement:
- The properties involved in the exchange must be of "like-kind," meaning they are of the same nature or character, even if they differ in grade or quality. For example, you can exchange a residential rental property for a commercial property.
3. Qualified Intermediary (QI):
- To facilitate the exchange, you must work with a qualified intermediary (QI), also known as an accommodator. The QI holds the proceeds from the sale of the relinquished property and uses them to acquire the replacement property.
4. Identification of Replacement Property:
- Within 45 days of the sale of the relinquished property, you must identify potential replacement properties in writing to the QI. There are specific rules regarding the number and value of properties you can identify.
5. Acquisition of Replacement Property:
- The acquisition of the replacement property must be completed within 180 days from the sale of the relinquished property or by the due date of the tax return, including extensions, for the tax year in which the relinquished property was sold, whichever is earlier.
6. Tax Deferral:
- By following the rules of a 1031 Exchange, you can defer capital gains taxes, depreciation recapture tax, and other applicable taxes that would typically be due upon the sale of an investment property. The gain is essentially rolled into the new property.
7. Potential Partial Tax Deferral:
- If the value of the replacement property is less than the relinquished property, there may be some taxable gain (the "boot") that's not deferred. This can be in the form of cash, debt reduction, or other non-like-kind property.
It's essential to work with tax and legal professionals experienced in 1031 Exchanges to ensure compliance with all IRS rules and regulations. The rules for 1031 Exchanges can be complex, and failure to follow them precisely can result in unintended tax consequences.
Due to technical Problems, the Blog/ Podcast had to be skipped this week.
A Bright Future Beckons with Harper College Apprenticeship Program
The manufacturing industry is in the midst of a transformation, leveraging cutting-edge technology and sustainable practices to redefine its image and appeal to a new generation of professionals. One crucial aspect of this transformation is the emergence of apprenticeship programs, which provide a hands-on learning experience for young talent. In this blog, we will explore how Harper College's Apprenticeship Program is contributing to the renaissance of manufacturing by aligning education and industry needs, making the sector even more enticing for young, aspiring professionals.
1. Modernizing Perceptions of Manufacturing:
One of the misconceptions about the manufacturing industry is that it lacks innovation and growth. Harper College's Apprenticeship Program is helping debunk this myth by bridging the gap between academia and industry. Through this program, aspiring individuals can gain exposure to modern manufacturing practices, cutting-edge technologies, and a culture of continuous improvement.
2. Showcasing Technological Advancements:
Harper College's program ensures that apprentices receive training on the latest technologies shaping the manufacturing landscape. From automation and robotics to data analytics, apprentices gain hands-on experience with these tools, preparing them for a tech-forward manufacturing career.
3. Emphasizing Career Growth and Development:
The Harper College Apprenticeship Program offers a structured pathway for career growth within the manufacturing sector. Through a combination of classroom instruction and on-the-job training, participants can acquire the skills and knowledge required to advance in their careers, potentially leading to managerial or specialized roles within manufacturing companies.
4. Promoting Sustainability and Social Responsibility:
Sustainability is a key aspect of modern manufacturing, and Harper College incorporates this into its apprenticeship program. Apprentices learn about sustainable manufacturing practices, enabling them to contribute to environmentally responsible and ethically conscious manufacturing processes in the industry.
5. Encouraging Collaboration and Innovation:
The apprenticeship program encourages collaboration among participants and industry professionals. Apprentices have the opportunity to work alongside seasoned experts, learning from their experiences and contributing fresh perspectives. This collaborative environment fosters innovation and creative problem-solving, essential skills for the modern manufacturing landscape.
Harper College's Apprenticeship Program plays a pivotal role in attracting young talent to the manufacturing industry by dispelling outdated perceptions and showcasing the dynamic, tech-driven, and sustainable nature of modern manufacturing. By integrating the latest technologies, emphasizing career growth, promoting sustainability, and encouraging collaboration and innovation, the program prepares a new generation of professionals who are vital to driving the industry's success. If you're a young individual aspiring to make a meaningful impact in the manufacturing world, Harper College's Apprenticeship Program is the perfect stepping stone towards a bright future in this evolving industry.
For further information about the Apprenticeship Programs, please contact:
Besa Sadiku, firstname.lastname@example.org 847-925-6452
Address: 1200 West Algonquin Rd, Palatine, IL 60067-7398
You may also Request Information or RSVP to attend one of our Information Sessions
Daily Herald Wrote about this on Sunday October 1, 2023
This Blog is a little more personal then the normal Business/ Tax Strategy we normally Blog about...
As September comes to a close, it's crucial to shed light on a topic of immense importance: Ovarian Cancer. Ovarian Cancer Awareness Month aims to educate and empower individuals about the signs and symptoms of this silent but potentially deadly disease. Early detection is key to improving survival rates and quality of life for those affected. In this blog, we'll delve into the warning signs of ovarian cancer, equipping you with knowledge that could potentially save lives.
1. Persistent Abdominal or Pelvic Pain:
One of the early warning signs of ovarian cancer is persistent discomfort or pain in the lower abdomen or pelvis. This pain may be ongoing and not related to menstruation, digestive issues, or physical activity.
2. Bloating or Feeling of Fullness:
Women with ovarian cancer often experience persistent bloating or a sensation of fullness even after eating small amounts. This can be accompanied by a visible increase in abdominal size.
3. Difficulty Eating or Feeling Satiated Quickly:
Another sign to be aware of is a change in eating habits. Women may find it challenging to consume their usual amounts of food, feeling full quickly, or having difficulty finishing a meal.
4. Frequent Urination:
If you notice an increase in the frequency of urination, particularly if it's accompanied by other symptoms, it's essential to consult a healthcare professional. Ovarian cancer can exert pressure on the bladder, causing these changes.
5. Changes in Bowel Habits:
Persistent changes in bowel movements, such as constipation, diarrhea, or changes in stool consistency, could indicate a potential issue in the pelvic region, including the ovaries.
6. Unexplained Weight Loss or Gain:
Sudden and unexplained weight loss or gain without changes in diet or exercise should be investigated. This could be a symptom of ovarian cancer or other underlying health issues.
Chronic fatigue that doesn't improve with rest can be an early warning sign of ovarian cancer. Listen to your body and seek medical advice if you experience persistent exhaustion.
8. Back Pain:
Constant lower back pain, unrelated to injuries or muscle strain, can sometimes be linked to ovarian cancer, especially if accompanied by other signs on this list.
9. Changes in Menstrual Cycle:
Any significant changes in menstrual patterns, such as irregular periods, heavier or lighter bleeding than usual, or post-menopausal bleeding, should not be ignored.
10. Pain During Intercourse:
Ovarian cancer can cause discomfort or pain during sexual intercourse. If this is a new or persistent issue, consult a healthcare provider.
Ovarian cancer often remains undetected until it reaches an advanced stage, underscoring the critical importance of recognizing warning signs early on. By familiarizing yourself with these signs and symptoms, you can take proactive steps towards early detection, potentially saving lives and spreading awareness beyond Ovarian Cancer Awareness Month. Stay informed, stay vigilant, and prioritize your health.
In true blog fashion, the last parts are at the top of the page. Scroll all the way down and work your way back up to read them in order.
Tom is the Business Development Manager for GLM. If you are interested in learning more about GLM's services, contact him: