Tax Tips & More
Beware of UBIT Lurking in Your IRA - It Causes Double Taxes
If your IRA makes alternative investments, it may be subject to a special tax called the unrelated business income tax (UBIT)—and that’s true even if it’s a Roth IRA.
Almost the Last Chance to Claim the 2021 ERC
If your business has not yet claimed the 2021 Employee Retention Credit (ERC), you still have time—but you must act soon.
How to Correctly Pay Yourself and Take Cash from Your Business
A common question among business owners is how to pay themselves from their businesses properly. The correct method depends on your business structure, so I wanted to give you this quick guide to help you navigate this issue.
Inherited IRAs: Critical IRS Update for 2025
If you have inherited (or may someday inherit) an individual retirement account (IRA), the 2025 changes may significantly impact your tax planning.
When Not to Get Married
Marriage is a life-changing decision, and it’s essential to consider how it impacts your financial and tax situation. Depending on your circumstances, getting married could simplify your taxes—or increase your tax burden. Here are key points to keep in mind.
2024 Last-Minute Vehicle Purchases to Save on Taxes
Do you need more 2024 tax deductions? Do you need a replacement business vehicle? If so, you can simultaneously solve or mitigate the first problem (needing more deductions) and the second problem (needing a replacement vehicle) if you can get your replacement vehicle in service on or before December 31, 2024.
Best Practices When E-Filing Returns
Avoid future problems by following these best practices for e-filing.
Common Mistakes in Tax Preparation
Avoid errors that can occur when preparing tax returns by learning these common mistakes.
What Are Your Chances of Being Audited?
These red flags could increase your chances of the IRS selecting your return for audit.
February 2025 Tax Due Dates
February 10: Tips for January 2025 reported to employer
February 18: File Form W-4 to reclaim exemption from withholding for 2025
March 2025 Tax Due Dates
March 3: Farmers and fishermen file 2024 tax return to avoid penalty if estimated tax not paid by Jan.
March 10: Tips for Feb. 2025 reported to employer
March 17: S-Corporations and partnerships file 2024 business tax returns
April 2025 Tax Due Dates
April 1: First Required minimum distribution (RMD) by individuals who turned 73 in 2024
April 10: Tips for March 2025 reported to employer
April 15: File 2024 tax return and pay tax due
April 15: File Form 4868 to request 6-month income tax return filing extension (payment of tax not extended)
April 15: File Schedule H (1040) and pay employment taxes for household employees (file separately if Form 1040 is not filed)
April 15: Estimated tax payment for 1st quarter of 2025
April 15: Contribute to individual retirement account (IRA) for 2024
April 15: Withdraw excess IRA contributions in 2024 to avoid penalty if filing of form 1040 was not extended
April 15: Contribute to health savings account (HSA) for 2024
April 15: Contribute to solo 401(k) plan or simplified employee pension (SEP) plan for 2024 by self-employed if filing of form 1040 was not extended
April 15: File 2021 tax return (Form 1040) to request unclaimed tax refund for the 2021 tax year