Weekly Update –November 29th, 2024-Best Black Friday Deals…

11/29/2024 | Bizink | tax planning, Thanksgiving 2024, Weekly Take-Away

Weekly Update –November 29th, 2024-Best Black Friday Deals…

It’s Friday November 29th AND Black Friday, a day to look for the best deals around! I am hoping many of you are able to take advantage of some of the best Black Friday deals out there, I know I am…

closing your office early the day before a national holiday, like Thanksgiving/closing your office the Friday after a national holiday like thanksgiving so my staff has an extra-long paid holiday vacation
taking a full day off from work on Black Friday/powering up your laptop to help take the stress off of a good friend to help them process their BOI report before the deadline
taking a full day off from work on Black Friday/powering up your laptop to post your weekly blog and share holiday cheer with your social media connections
taking a day off from your usual workout/sleeping a bit late and still getting to the gym with no time constraints
taking a day off from thinking about the hard stuff/firing up your brain to consider all the things you have to be grateful for (and not crying to your sister on your cellphone, even for happy thoughts)

I am glad to take advantage of many of these options, as I write this post, then head to the home gym at our family friend’s home where we are staying during our visit.

Today’s best deal is having the opportunity to travel to California to visit with my daughter Jessie, her partner Eric and MY grand-dog Sampson and then spend Thanksgiving with them and my west coast cousins …

I think you can tell that I will NOT be shopping today as I am grateful to already have what is most important; happy and healthy kids and the abilty to spend time enjoying family and friends over the holidays.

We arrived in Southern California Wednesday afternoon, on the way to celebrate Thanksgiving at my cousin’s home I texted holiday greetings to friends and family with a request for photo’s to share…

Just the Thanksgiving Sides, Southern California

A Perfect Turkey, Greenport, Long Island, NY

East Coast Cousins Holiday Feast, Jackson, N.J.

Amazing Holiday Table, Southern California

I hope you are enjoying family and friends and have much to be grateful for this holiday season and throughout the year. Enjoy!

Weekly Take Away; Repeat with an Update

In my November 22nd blog I spoke about the effectiveness of imprinting your scent on a pet toy before presenting it to the dog/cat: “If you want to be remembered by your grand-dogs imprint your scent on the gift you bring and play with him with. We start “prepping” for our visits with our grand-dogs a week or two before our visit. We sleep with a new dog toy so it picks up our scent, then present them with it when we arrive. ” Last week I wrote about our visit with Rory. Wednesday when we arrived, Sampson was happy to great us at the door; I presented him with a brand new “smelly” squeaky green gecko… he sniffed it, then proceeded to “love it to death”…

He is always happy to see us, does he remember us, or is the new toy and the extra love and attention we bring?

TAX ISSUES/TAX PLANNING

Thanksgiving a time for gratitude with tax minimization plans too:

For 2024 taxes there is still time to implement tax strategies for tax savings at the business and individual level. Here’s a quick list to consider as we count down the days under our next holiday celebrations:

Charitable giving
Pass Through Entity Tax estimate payment (PTET)
Roll a portion of your regular IRA into your ROTH IRA
Harvest some capital losses to offset capital gains
Maximize your salary deferrals and catch-up contribution if eligible (see my blog post from November 3rd)
Purchase and place a much-needed piece of equipment into service for your business and then discuss options for writing it off to your advantage
Make a payment on an outstanding business invoice and take the deduction in 2024
Make a payment on an outstanding medical invoice if you can itemize this year (or hold up if you are able to and can benefit more next year) (see my blog post from December 1st)

ECONOMY

Business Owners Sound off on Impact of Potential Trump Tariffs

As reported in this recent article from Newsweek.com: “The impact of potential tariffs on imports in Donald Trump’s second presidential administration is causing business owners across different sectors to re-evaluate how they would operate in such an economic environment.”

Trump’s Return Could Extend US Stocks’ Dominance Over Global Rivals

As reported in this recent article from Reuters.com: “U.S. stocks are extending their lead over global peers and some investors believe that dominance could grow if President-elect Donald Trump can implement his economic platform without becoming mired in a full-blown trade war or ballooning the federal deficit.”

Federal Officials Wary of Inflation Risks as they Weigh More Rate Cuts

As reported in this recent article from Reuters.com: “After a scare earlier this year that the U.S. labor market might be cooling too fast, some Federal Reserve policymakers are shifting their attention back to inflation risks as they weigh when, and how fast and far, to cut interest rates.”

US Economic Output Hits Highest Level Aince April 2022 Amid ‘Greater Optimism’ Among Businesses

As reported in this recent article from Finance.Yahoo.com: “US economic output is roaring as businesses prepare for lower interest rates and the incoming Trump administration in Washington. S&P Global’s flash US composite PMI, which captures activity in both the services and manufacturing sectors, came in at 55.3 in November, up from 54.1 in October. Economists had expected the index to tick up to 54.3. November’s S&P composite PMI signaled the fastest expansion of business activity since April 2022.”

Treasury Yields Slip Amid Rising Ukraine-Russia Tensions

As reported in this recent article from CNBC.com: “U.S. Treasury yields slipped on Tuesday as tensions between Ukraine and Russia increased. The yield on the 10-year Treasury was lower by more than 2 basis points at 4.392%. The 2-year Treasury was down less than a basis point to 4.282%. The rise in yields came as investors flooded into the asset as a safe haven amid rising geopolitical tensions.”

GENERAL RESOURCES

IRS resources for stimulus payments:
- Use the Get My Payment tool to check on EIP payment status
- Eligibility and general information about Economic Impact Payments
- A list of frequently asked questions for stimulus payments
IRS information about the Advance Child Tax Credit Payments
- A list of frequently asked questions on the advance Child Tax Credit Payments
IRS links for disaster relief
SBA link for Disaster assistance
FinCEN link for BOI reporting
The best source for up-to-date and accurate health information is the Center for Disease Control (CDC)
Our prior blog posts, videos and prior weekly newsletters
Entrepreneur put together a listing of free tech resources for remote work
The Consumer Financial Protection Bureau has warnings about COVID-related scams
The New York Times has an online newsletter on K-12 and higher education
The Wall Street Journal has a collection of articles on education
The Louvre has digitized 482,000 artworks from its collection
How to create a strong password

We sincerely hope that you and your family are well and remain well. If you have any questions or concerns, don’t hesitate to reach out to us. We are here for you.

If you need help with your accounting, want to create a tax minimization plan, want to discuss your business growth plan or your finances, are concerned about retirement goals or need to be held accountable for your 90 day action plan, contact us for a complimentary discovery session or an appointment to just get started

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