Tax Tips & More
Got IRS Penalties? Know the Rules, Pay Nothing
The IRS often imposes steep penalties for filing tax returns late, failing to pay taxes on time, or not depositing employment taxes correctly. However, several strategies can help you get those penalties removed—and in some cases, even refunded if you have already paid them.
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.
Shutting Down a Partnership: Tax Implications
As you consider winding down your partnership, here’s a concise overview of what you might expect under three typical scenarios of partnership dissolution.
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.
The IRS Dirty Dozen List: More Than Just a Gimmick
For over 20 years, the IRS has issued an annual Dirty Dozen list identifying tax scams and avoidance schemes. This year’s list includes everything from employee retention credit claims to the use of fake charities.
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