It is hard to believe that the year is almost over.
- You may be starting to think about some ways to cut your tax bill before the year ends. You wonder, “Are there some things I can do to reduce my tax bill?”
- There are a few tax breaks you can take that will benefit your employees as well as giving you a break on your taxes.
Setting up a retirement program
The majority of people will agree that saving for retirement is something that they should do, but not everyone takes the time to do so.
- If you set up a retirement plan for your employees, you will be eligible for a credit for setting up a retirement plan, as well as helping them plan for their future.
- This credit will be for 50 percent of the amount you spent to set up or maintain a new qualified plan. The maximum amount you can claim in the first three years the plan is in effect is $500.
- You will qualify for this credit if you have 100 or fewer employees, and have not maintained a qualified retirement plan in the three years immediately preceding the first year this plan put into effect.
Paying bonuses early
Do you want to reward your employees? If you give them a bonus, you can.
- Even though you get a deduction for this year, you don’t have to make the payment by December 31.
- As long as you pay the bonus within two and one-half months of the end of your tax year, you can still take a deduction for it.
Making your facilities handicap accessible
Do you have employees who are handicapped?
- You may be able to claim a tax credit of 50% of the costs to make your facility handicapped accessible if you spend more than $250, but not more than $10,250.
- This would be for not only the removal of physical barriers, but also for costs related to interpreters and devices for the deaf and blind.
If you want some more ideas on how to save money on taxes, give Peden Accounting Services a call to set up an appointment to see how to reduce your tax bill.
Chris Peden, CPA, CMA, CFM, is the Chief Advisor at Peden Accounting Services in Manassas. He specializes in helping people and businesses not only meet their tax filing obligations but also develop plans to save money on taxes, as well as helping businesses understand their financial information and take action to grow their business.
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Due to frigid temperatures forecasted for tonight, schools in the region are adjusting their schedules to ensure the safety of students and staff:
Stafford County Public Schools will operate on a 2-hour delay Thursday, January 23, 2025.
Spotsylvania County Public Schools will also open two hours late. Twelve-month and essential employees are expected to report on time, as safety permits. All other employees should report two hours late.
King George County Schools will follow suit, with a 2-hour delay.
Janet Brown was appointed Stafford County’s citizen representative to the Central Rappahannock Regional Library Board following a unanimous vote by the Board of Supervisors during their January 21, 2025, meeting. Brown’s appointment comes as the county looks to strengthen ties with the regional library system and improve its collaborative efforts to enhance library services.
Brown, a longtime Stafford resident and active community member, brings a wealth of experience in civic engagement and public service. “I am honored to represent Stafford County and look forward to working with the library board to ensure our community has access to the best resources and services,” Brown stated following her appointment. Her term will begin immediately.
The appointment follows a challenging period for the county’s relationship with the library board. During the same meeting, Chairman Deuntay Diggs issued a public apology to former library board member Mary Becelia, who was removed from her position under allegations of misconduct.
Meet Daphne, a sweet 2-year-old pup with a personality that’s as fun as it is adorable! Daphne came to the Spotsylvania Animal Shelter as a stray, and while she was a bit reserved at first, she’s now blossomed into a lively, energetic, and curious girl who loves attention.
This lovable dog walks wonderfully on a leash and enjoys exploring the outdoors. She’s eager to learn new things and thrives on positive interactions with people. While Daphne is quiet and calm in her kennel, her excitement is evident every time someone walks by—she’s always ready for a chance to play and explore outside.
If you’re looking for a loyal and energetic companion to brighten your days, Daphne could be the perfect fit.
Visit her during adoption hours at the Spotsylvania Animal Shelter, located in Fredericksburg, Virginia, from 12 p.m. to 4 p.m. For more information, visit their website at Spotsylvania Animal Shelter.
Help Daphne find the loving home she deserves—stop by today!
Join the fun at the Manassas Winter Market on Saturday, January 25, from 9 a.m. to noon at the Prince William Street Commuter Lot in Historic Downtown Manassas. Shop for baked goods, fresh produce, warm beverages, and other seasonal delights while supporting local vendors. The market runs every Saturday through March 22, making it the perfect spot to stock up your pantry and enjoy cozy winter vibes.
Do you have an upcoming event to share? Submitting it to our community events calendar is easy and free! Just fill out our event submission form at this link. Include all the essential details, and we’ll help spread the word about your event to our readers.
Travel to French soil and join us for a night filled with two of the most beloved French traditions—no plane ticket required! ?
On January 25th, we invite you to experience the magic of Galette des Rois, a 700-year-old tradition celebrated across France throughout the entire month of January (and even beyond!). This sweet, almond-filled puff pastry topped with a golden crown isn’t just a treat—it’s a celebration! The lucky person who finds the fève (a porcelain charm hidden in one of the slices) becomes the King or Queen for the Day, and don’t worry—there will be plenty of royalty to go around! ??
But that’s not all! In France, Les Voeux (New Year’s wishes) continue throughout January, often accompanied by Champagne and good cheer. We’re bringing that festive spirit to you, with a lively evening packed with French food, wine, and music.
What’s in store:
Experience the passion and drama of Puccini’s “The Girl from the Golden West”.
Featuring special guest musicians from The Chesapeake Youth Orchestra,
this performance brings Puccini’s masterpiece to life with an extraordinary cast.
