Tax Tips & More
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).
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.
CPA Steals Payroll Taxes, Owner Has to Pay the IRS
When you own and operate a business, you must exercise vigilant oversight, including watching over your payroll taxes. Here’s an example of why.
Blueprint for Employee-Spouse 105-HRA (Health Reimbursement Arrangement)
I’m excited to introduce you to a valuable strategy that could significantly reduce your taxable income by converting personal medical expenses into business deductions.
Tax Rules for Providing Free Meals and/or Lodging to Employees
If you’re wondering about tax-free treatment for employer-provided meals and lodging, you may find the following overview helpful.
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