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The Social Security Administration (SSA) has announced that the maximum earnings subject to Social Security (OASDI) tax will increase from $168,600 to $176,100 in 2025. The maximum Social Security employer contribution will increase $465 in 2025. These changes reflect cost-of-living adjustments (COLA) to account for inflation.​
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Mallory Vincent, CPA and Colby Ryan • 

What is the Estate and Gift Tax Exclusion? The Estate and Gift Tax Exclusion sets the threshold at which estates and individuals begin paying federal taxes based on their net worth and gifts given to others. This means estates do not pay federal taxes until they exceed this total value of all of their assets. 

Brenda Quinn, EA • 

As the end of 2024 draws near, many people are embracing the season of giving. Whether you’re considering personal gifts for friends and family or thinking about making a meaningful contribution to charitable organizations, now is the perfect time to plan ahead. Please find some information below related to gifting. 

​On November 1st, the IRS released Notice 2023-75 which provides cost of living adjustments for retirement plans for 2025. 
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401(k), 403(b), most 457 plans, and Thrift Savings Plan contribution limits has increased to $23,500 ($23,000 in 2024). The annual catch-up limitation for employees aged 50 and over remained the same from 2024 at $7,500. Under change made in SECURE 2.0, a higher catch up contribution limit of, $11,250 instead of $7,500 applies to employees aged 60, 61, 62 and 63. 

Dennis Giangregorio, CPA, CVA contributed to the NH Business Review this month for their Ask the Experts section on Valuations.

"Q. Why would I need a business valuation?
As of the most recent census, data shows that the average age of a New Hampshire resident is 43.4 years, which makes New Hampshire the second oldest state in the nation. Further, a full 29% of New Hampshire residents are between the ages of 50 and 69.
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This is a hard-working group made up of innovators, entrepreneurs and business owners who are in their peak earning years. Some business owners may be looking to expand and others may be exploring exit strategies — in either case, business valuation services will prove to be an essential decision-making tool."