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.
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
May 2025 Tax Due Dates
May 12: Tips for April 2025 reported to employer (Form 4070)