Tax Tips & More
2024 Last-Minute Year-End Medical Plan Strategies
All small-business owners with one to 49 employees should have a medical plan for their business. Here are six opportunities for you to consider.
QBI Deduction: Maximize It Before It’s Gone
The QBI (Qualified Business Income) benefit expires after 2025, so there is a limited window of time to maximize this deduction.
BOI Updates for Dissolved and Disregarded Entities
The clock continues to tick. Here are the upcoming deadlines for filing your Business Ownership Information (BOI) reports with the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN).
Employee Retention Credit (ERC) Update
Here’s a recent update on the Employee Retention Credit (ERC) and the new IRS payback scheme.
The DOL Makes it Harder to Hire Independent Contractors
Does your business classify workers as independent contractors instead of employees? You should know that the U.S. Department of Labor is trying to make it harder for all businesses to use independent contractors.
Smart Solutions That Decrease Social Security and Medicare Taxes
Here are some important updates and strategies regarding Social Security and Medicare taxes that may significantly impact your business.
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.
December 2024 Tax Due Dates
December 10: Tips for November 2024 Reported to Employer (Form 4070)
December 31: Contribution to employer-sponsored retirement plan for 2024 (401(k), 403(b), 457 or federal thrift savings plans)
December 31: Required minimum distribution (RMD) by individuals who are 74 or older at the end of 2024
January 2025 Tax Due Dates
January 10: Tips for December 2024 reported to employer
January 16: Estimated tax payment for 4th quarter of 2024
January 16: Farmers and fishermen pay estimated tax for 2024
January 31: Deadline to file and pay 2024 taxes in full if not making an estimated tax payment in January
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