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By Scott Brawdy, CPA Principal and SALT Practice Leader Businesses selling products to customers in Illinois will face new sales tax rules starting on January 1, 2025. The State of Illinois also will implement significant changes to the taxation of leased property starting next year. Below are details about both new tax law changes. Changes for Out-of-State Sellers Starting January 1, 2025, Illinois will implement significant changes to its sales tax regulations for out-of-state sellers.

Going digital: Tax time with a tech upgrade Get ready for the benefits of going digital. We're moving away from mailing tax organizers and instead introducing digital organizers. This upgrade means no more delays and zero chance of your important documents going missing in the mail. Watch for an upcoming secure email communication that will include information on your tax organizer with options to provide your documents.

Honkamp recently honored the annual winners of the Arnie Honkamp Firm First Award and the Internal and External Customer Service Stars of the Year. The winners were recognized at Honkamp’s holiday party. The Arnie Honkamp Firm First Award is presented to an individual who exemplifies the character and qualities that Arnie Honkamp, the firm’s founder, embodied.

As 2024 draws to a close, it is a good time for individuals and business owners to review tax savings strategies and potential pitfalls. We present the 2024 Year-End Tax “Letters,” from A to Z. Remember that these concepts are intended to provide a general overview. It is recommended that you review your specific situation with your trusted Honkamp advisors. Alternative Minimum Tax Certain high-income taxpayers must pay the alternative minimum tax (AMT) in lieu of regular income tax.

By Terry Kane Retirement Planning Consultant Changes to Social Security and Medicare benefits and premium calculations for 2025 have been announced. Here is a review: Social Security Social Security recipients will see a 2.5% hike in their benefits in 2025 – a decrease from the 3.2% bump in 2024. Individuals who take their benefit before full retirement age (FRA) by the end of 2025 can make up to $23,400 in earned income before they lose any benefits.

Warning! Your browser is extremely outdated and not web standards compliant. Your browsing experience would greatly improve by upgrading to a modern browser. Surrounded by a world of change, one of your best bets to supplement your livelihood is to continuously learn and grow. Honkamp’s suite of services offers the opportunity to help you progress in your career. Inside our firm, the collaborative, people-focused culture encourages mutual respect, open communication and ongoing learning.

By Josh Miller, CPA/PFS Shareholder A new law significantly increased the cap for tax-deductible contributions to Iowa’s 529 plans. The law bumps up that tax deduction amount to $5,500 in 2024 for contributions to 529 plans through College Savings Iowa and the IAdvisor 529 Plan, as well as the IAble plan. That represents a 45% increase of the 2023 tax-deductible cap of $3,785. (The deduction applies to Iowa taxable income.

Warning! Your browser is extremely outdated and not web standards compliant. Your browsing experience would greatly improve by upgrading to a modern browser. Interested in learning more about a career in accounting? Honkamp offers a free program designed for current high school sophomores, juniors and seniors to discover what a career in the accounting profession looks like with a spotlight of our audit and tax departments. The field of accounting might not be what you think it is.

Honkamp, P.C. has been named Best Places to Work in the Dubuque area for the second year in a row. Honkamp was one of 9 local businesses to be honored last week during a ceremony at Diamond Jo Casino. The Best Places to Work in Dubuque program honors businesses based on employee feedback surveys and an employer assessment. The program is presented by Dubuque Area Chamber of Commerce and TH Media. Honkamp is a CPA and business advisory group headquartered in Dubuque with approximately 360 employees.

By Scott Brawdy, CPA Principal and SALT Practice Leader A new excise tax on electric vehicle (EV) charging in Wisconsin will take effect next year. The tax implemented by the State of Wisconsin will go into effect on January 1, 2025. It is part of Wisconsin Act 121 and aims to generate revenue for maintaining the state's roadways and infrastructure.