La Mirada Blog
About Chris Gelfuso
Uplevel Business Services specializes in bookkeeping, payroll, and tax return preparation for individuals, small businesses and the self-employed, as well as real estate investors. Additional services include Outsourced CFO Services and Strategic Tax Planning to small and medium-sized businesses as well as self-employed individuals. Our founder, Chris Gelfuso, has always had a passion for learning, helping others, doing things right, and for continuous improvement. These principles have supported Chris throughout his life as he upleveled his career over the last 20 years from a Staff Accountant at a national CPA firm, an IRS Agent with the Small Business/Self Employed (SBSE) division, the Controller for a global Microsoft subsidiary doing $4 billion dollars a year in revenue, an FP&A leader for Microsoft's Operating Center processing $40 billion in sales annually, the CFO for a multi-sport and entertainment business and the CFO for a Real Estate Development, Property Management, and Construction company. As life comes full circle, Chris now uses this experience to help others uplevel their businesses, achieve their full potential, and improve their bottom line!Articles by Chris Gelfuso
Feds Increase IRA Contribution Amount
By Chris Gelfuso-Uplevel Business Services
The Internal Revenue Service announced earlier this month that the amount individuals can contribute to their 401(k) plans in 2025 has increased to $23,500, up from $23,000 for 2024.
If you are aged 50 or older, you can contribute up to an additional $7,500 which means you can contribute a total of $31,000 through payroll deferrals from your wages at work. This can provide significant tax savings as the amount contributed is pre-tax.
If your income tax rate is 25%, you would save $7,750 in taxes when you file your 2025 tax return if you contributed the full amount allowed for those 50 and older. This tax savings scenario does not apply to contributions to a ROTH 401(k) since those are after tax.
Tax Changes When Using Third-Party Apps for Transactions
You may have heard about a change in the tax law that lowered the threshold for when Payment Settlement Entities" (PSEs) are required to issue a 1099-K.
The old rule was that the PSE ("third party network") must send the taxpayer a 1099-K if: 1) The entity made payments to the taxpayer of more than $20,000 during the year, and 2) The taxpayer processed 200 or more transactions through that Payment Settlement Entity.
Well, now the limit is more than $600 and there is no transaction threshold.
What is a "Payment Settlement Entity"? (more)
It’s Your Taxes-new credit for used electric vehicles
Are you interested in purchasing an electric vehicle but new ones are just too expensive?
Well, as of January 1, 2023, you can now get a tax credit of up to $4,000 on the purchase of a used electric vehicle from a dealer. That’s right, only purchases from a car dealer qualify so don’t buy your neighbor’s old Tesla if you want the tax credit. (more)
It’s Your Taxes-big changes for residential energy property credits
Editor’s note: The La Mirada Blog would like to welcome tax advisor Chris Gelfuso founder of Uplevel Business Services to our team of contributors (see ad on this page). Uplevel specializes in bookkeeping, payroll, and tax return preparation for individuals, small businesses and the self-employed. Moving forward, Chris will be producing a monthly column here, providing news and trends of the industry with timely updates and valuable information on ways individuals and small businesses can save money on their taxes.
Home Improvement Tax Breaks!
You might have heard in the news that The Inflation Reduction Act of 2022 was signed into law by President Joe Biden on August 16, 2022. The main provisions of the act can be summarized as the following: (more)
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