Tax Tips & More
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.
Did You Overfund a 529 Plan? Consider a Roth IRA Rollover
What happens if your child or other beneficiary doesn’t use all the money in the 529 account or decides not to go to college?
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.
5 Rules for Turning Your Vacation into Tax-Deductible Business Travel
Here’s an idea: how about transforming your next vacation into business travel? With careful planning, your transportation to any destination could be fully deductible.
Create Tax-Free Fringe Benefit Deductions for Your Smartphone
I hope you can benefit from this fringe benefit opportunity related to business smartphones.
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