Latest news with #EisnerAmper
CBS News
08-04-2025
- Business
- CBS News
Which tax deductions reduce your tax bill the most? Experts weigh in
With the April 15 tax filing deadline right around the corner, millions of Americans are finalizing their 2024 tax returns with one goal: reducing what they owe. Proper planning can save you thousands of dollars on your federal income tax bill, after all, and the right deductions might even turn your payment into a welcome tax refund. Not all tax deductions apply to everyone, however. Homeowners, business owners and those with specific healthcare costs qualify for different write-offs. Below, industry professionals break down the most powerful ones available this filing season. They also share insights on when utilizing a tax relief service might be worth considering. Find out how to get more help with your IRS tax debt . "For many taxpayers, contributing the maximum amount to their tax-deferred retirement accounts will likely reduce their tax bills the most," advises Jeffrey Kelson, partner and national tax co-leader at EisnerAmper, a tax and business advisory firm. The current maximum contribution is $23,500 in 2025, but if you're over 50 years of age, you can contribute an extra $7,500 per year. Taxpayers between the ages of 60 and 63 can make catch-up contributions of up to $11,250. Experts also recommend exploring three other deductions to lower your tax bill: "For most homeowners who use their home as a primary residence, the largest and most common immediate tax deductions are property taxes and the home mortgage interest deduction," says Sarah Gaymon, a certified public accountant (CPA) and director of tax services at Berkowitz Pollack Brant Advisors + CPAs. Property taxes are currently capped at $10,000 under SALT (State and Local Tax) limitations. To benefit from these deductions, you must itemize on your tax return. Beyond traditional write-offs, "home improvement expenses toward energy-efficient homes can yield significant savings," notes Ran Harpaz, founder and CEO of Lettuce Financial, a company offering tax services for solopreneurs. The Residential Clean Energy Credit provides up to 30% of the cost for qualifying improvements such as solar panels. Learn what your IRS tax relief options are here . "The Qualified Business Income (QBI) deduction [is] one of the biggest deductions for small businesses," says Kelson. This allows eligible self-employed taxpayers to reduce their taxable income by up to 20% of their qualified business earnings. Under the QBI, business owners can deduct the following expenses: If you're a high-earning self-employed individual, Harpaz suggests exploring S Corporation status. With it, you pay yourself a reasonable salary subject to self-employment taxes (15.3%). "After [that], the rest of the profits aren't subject to [these] taxes," he says. This structure can save six-figure-revenue business owners thousands in self-employment taxes annually compared to a sole proprietorship. Though it requires a high-deductible health plan, "an HSA (Health Savings Account) has a triple tax benefit," Kelson points out. "You get a tax deduction in the contribution year. It can accrue interest tax-free, and if you distribute it for qualified medical expenses, you don't pay taxes on those contributions." Many employers also match HSA contributions. Don't have an HSA? Medical expenses can still provide tax benefits. If you itemize your deductions, "health-related expenses are deductible if they exceed 7.5% of [your] adjusted gross income," says Gaymon. Here are examples of eligible expenses: Gaymon notes that some states have different income limits and rules for deductibility. This means taxpayers who don't itemize federally may still be able to do so at the state level. While maximizing deductions helps reduce your tax bill going forward, many Americans have existing tax debt from previous years. Using a tax debt relief service could be beneficial if you owe taxes exceeding $10,000. Tax relief professionals can "[negotiate] more favorable settlements [such as] Offers in Compromise, [halt] enforcement actions and [secure] penalty abatements," explains Chad Cummings, a certified public accountant and attorney at The Law Office of Chad D. Cummings. However, Kelson cautions that not all tax relief companies are reputable. "Do due diligence as some charge high fees and aren't always successful," he advises. Look for firms with licensed tax attorneys and certified public accountants. Finally, check online reviews before signing any contracts. Before claiming any deductions, compare them against the standard deduction. "Do the math — if your SALT limit of $10,000, plus mortgage interest, and charitable contributions are more than the standard deduction, then you should itemize," Kelson suggests. For 2024, the standard deduction is $14,600 for individuals, $29,200 for married couples filing together and $21,900 for heads of household. Unsure which deductions apply to your situation? Consult a tax professional. They can identify tax-saving opportunities you might miss and ensure you're maximizing your refund or minimizing what you owe.
Associated Press
04-03-2025
- Business
- Associated Press
EisnerAmper Names David Frigeri as Chief Artificial Intelligence Officer
NEW YORK, March 4, 2025 /PRNewswire/ -- Global business advisor EisnerAmper announces that David Frigeri has been named Partner and the firm's Chief Artificial Intelligence Officer ('CAIO'). With more than 25 years of experience, David is ranked as a top 10 global AI leader and consultant, helping businesses navigate effective AI adoption. Prior to joining EisnerAmper, he guided organizations on developing AI tools, RPA, and machine learning to optimize internal processes and scale client solutions—overseeing the full AI development lifecycle from concept to deployment. David will lead EisnerAmper's AI strategy and innovation initiatives. He will work closely with leadership to align AI programs with the firm's vision, identifying areas where AI, machine learning, and automation can add value to our clients, improve operations, and deliver measurable value. 'To remain a leading-edge accounting and business advisory firm, we must get increasingly innovative products, services, and information to our clients faster. AI is a path to that goal,' says Charly Weinstein, EisnerAmper CEO. 'David has clearly made his mark on the AI landscape. We very much look forward to him applying the same technical skills, innate curiosity, and problem-solving determination for the benefit of EisnerAmper's colleagues and clients.' Prior to joining EisnerAmper, David led AI initiatives at several high-profile firms. He architected ASCAP's first machine learning platform, transforming royalty predictions for millions of songwriters. He also pioneered innovative solutions like Slalom's AI Value Calculator, which is becoming an industry standard for measuring AI investment returns. 'Empowering EisnerAmper's talented professionals with cutting-edge AI tools will enable them to amplify their expertise and deliver transcendent value to clients. By developing trusted AI that augments human capabilities, we'll foster a collaborative environment where innovation drives sustainable results and elevates the firm beyond expectations,' says David. 'With deep expertise, trusted relationships, and a history of embracing technological innovation, EisnerAmper is uniquely positioned to pioneer this new era of AI-enhanced professional services.' About EisnerAmper EisnerAmper, one of the largest business consulting firms in the world, is comprised of EisnerAmper LLP, a licensed independent CPA firm that provides client attest services; and Eisner Advisory Group LLC, an alternative practice structure that provides business advisory and non-attest services in accordance with all applicable laws, regulations, standards and codes of conduct. Clients are in all sectors and leverage a complete menu of service offerings. Our combined entities include approximately 450 partners and 4,500 employees. For more information, please visit and be sure to follow us on X, LinkedIn, and Instagram. 732-243-7730
Yahoo
03-03-2025
- Business
- Yahoo
Audit of Livingston Parish School Board found misappropriated funds
BATON ROUGE, La. (Louisiana First) — An audit of the Livingston Parish School Board revealed two instances of misappropriation. According to an independent audit report by EisnerAmper, experts reviewed financial statements from the school board for the year ending on June 30, 2024. The audit shows several matters involving the misappropriation of funds and alleged theft. Between May 2023 and January 2024, reimbursements of baseball equipment and supplies totaling nearly $29K were submitted by a former employee of the school board. Auditors said this employee was reimbursed for items from a school activity account they were overseeing, and the reimbursements were approved by the principal and paid without verification. The employee was charged with theft and paid restitution to the school board. In September 2024, two withdrawals totaling about $350 from a student activity account were identified as fraudulent. One person was arrested after an investigation by local authorities, and funds were reportedly returned to the school board. Auditors recommend that all employees be reminded of the proper procedures and ethic responsibilities. The recommendation included that employees should not be reimbursed from school accounts without proper authorization. Livingston Parish School Board leaders agree with the auditor's recommendation and said all equipment purchases should be bought using a purchase order or school check directly to the vendor. Chipotle will absorb tariff-related cost increases, CEO says Mid City Gras parade set to roll on March 9 Democrats bringing fired federal workers to Trump speech Bondi says she was misled on Epstein documents Trump doubles down on criticizing Zelensky over comment that end of war is far away Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
