Laura Moreno (@lauramoreno_cpa) 's Twitter Profile
Laura Moreno

@lauramoreno_cpa

Demystifying taxes for tech professionals
Co-Founder & Chief Tax Officer @fifteenth_tax

ID: 1851267820304142336

linkhttps://www.fifteenth.com/ calendar_today29-10-2024 14:20:30

17 Tweet

28 Followers

99 Following

Laura Moreno (@lauramoreno_cpa) 's Twitter Profile Photo

Laura Moreno here - co-founder @haventax_. We handle tax planning and filing for the tech community. Here to share a ton of tax advice and to help however I can. DMs are open.

Laura Moreno (@lauramoreno_cpa) 's Twitter Profile Photo

Many people don't realize that if they have foreign investments like partnerships, they need to file Form 8938. Single with foreign assets over $50k must file. If you miss it, the penalty is $10k+. Thresholds differ if married/abroad.

Laura Moreno (@lauramoreno_cpa) 's Twitter Profile Photo

If you're trying to figure out what your estimated tax payment will be, the Safe Harbor method sets it at 110% of the prior year tax

Laura Moreno (@lauramoreno_cpa) 's Twitter Profile Photo

Get asked a ton about tax implications for home sales. If you have owned the home you are selling for at least two years of the past five years and it was your primary residence, you likely can exclude up to $500k (if married) of gain from the sale or $250k if single.

Ankur (@ankurd) 's Twitter Profile Photo

1/ Let’s talk about the SALT deduction and how it may change in 2025/26. If you’re in a high-tax state (CA, NY, NJ), this is for you! 🏡💸

Laura Moreno (@lauramoreno_cpa) 's Twitter Profile Photo

When to look for a new firm to prepare your taxes: While it might seem more convenient to wait until March to find a new tax person, it is the worst time. Most firms are booked by January. Don't wait.

Laura Moreno (@lauramoreno_cpa) 's Twitter Profile Photo

Should You Early Exercise Your Startup Options: From a tax perspective, early exercise is great, but you will need to afford the cash to cover it. You also need to be prepared that this is a high risk decision and you might not get the money back for a long period of time.

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The IRS favors married couples filing jointly: The tax brackets are much more favorable. There are higher income limits for certain deductions and credits.

Laura Moreno (@lauramoreno_cpa) 's Twitter Profile Photo

QSBS Tips for Startup Founders: QSBS should be top of mind. It can mean 0% federal tax on up to $10M in gains but need to be prepared from the start

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Fun tax fact: Pennsylvania stands alone in treating ISOs as NSOs for state tax purposes. PA residents face immediate taxation at exercise, while all other states follow federal ISO treatment.

Laura Moreno (@lauramoreno_cpa) 's Twitter Profile Photo

Why Startup Fundraising Rounds Are Priced Differently from 409A: Fundraising rounds are priced higher due to preferred shares' rights. 409A valuations focus on common stock FMV, leading to lower valuations and cheaper exercise prices for employees. Values align at IPO/exit.

Laura Moreno (@lauramoreno_cpa) 's Twitter Profile Photo

Creating an LLC: This doesn't automatically generate tax deductions or savings. Self-employed individuals can claim legitimate business expenses on Schedule C, with or without an LLC. The business structure itself doesn't increase available deductions.

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Marginal vs. Effective Tax Rate: - Marginal Tax Rate: The tax rate applied to your next dollar of income. - Effective Tax Rate: The average tax rate you actually pay on all your income. Just because you're in a higher bracket doesn't mean all your income is taxed at that rate.