Tax Tips & More
What Happens When You Die and Your S Corporation Owns the Rental?
You may own an S corporation with a rental property as its sole asset. A common concern with this approach is what happens when the owner passes away, specifically regarding the step-up in basis.
Create Biz Deductions for Your Timeshare
Considering offering your timeshare to your employees as an incentive? Here are 2 potential methods to help you achieve tax deductions for your timeshare.
Shutting Down a Sole Proprietorship
Properly managing the shutdown of your sole proprietorship or single-member LLC involves careful planning and accurate reporting to optimize tax outcomes.
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.
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.
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.
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
May 2025 Tax Due Dates
May 12: Tips for April 2025 reported to employer (Form 4070)
June 2025 Tax Due Dates
June 10: Tips for May 2025 reported to employer
June 16: Estimated tax payment for 2nd quarter of 2025
June 16: U.S. taxpayers living and working abroad file 2024 tax return
June 16: U.S. taxpayers living and working abroad file form 4868 to request 4-month income tax return filing extension (payment of tax not extended)
June 16: Military personnel on duty outside the U.S. file 2024 tax return
June 16: Military personnel on duty outside the U.S. file Form 4868 to request 4-month income tax return filing extension (payment of tax not extended)