If you have taxable income from sources such as investments, self-employment, or working in the gig economy, you may need to make estimated tax payments throughout the year. If you work for an employer, you're familiar with the federal and state withholding that's deducted from each of your paychecks. But if you have income from other sources, such as interest,…
2025 Dollar Limits Flyer Click the link above to download a listing of tax and payroll-related dollar limits adjusted for 2025
Now is the time to finish up these year-end tasks if you haven't already! Confirm employee addresses for W-2 delivery. Gather health insurance coverage information for W-2s. If your business files 250 or more W-2 forms, you're required to include the cost of group health insurance in Box 12. This includes both employer- and employee-paid premium amounts. This is information…
Yep, here we are again. If you're an elf with accounting responsibilities, now is the time to put your gingerbread house in order so you're ready for year-end reports. Here's your action item list: Forms 1099 There are multiple types of 1099s - each with a different purpose. Here's the list in alphabetical order (click on each one for the…
Many of us are anxiously awaiting retirement. We have visions of doing whatever we want whenever we want to do it, right? But we also know that we'll need money to live in the manner to which we've become accustomed. That's where Social Security and Medicare come in - the safety nets that provide us with a foundation of income…
You don't have to go too far down the path of estate planning before running into questions about wills and trusts. Do you need both a trust and a will? What's the difference between the two? Both wills and trusts are legal documents that govern how your estate's assets pass on to your heirs. While your will doesn't take effect…
In order to be tax-deductible, a business expense must be both ordinary and necessary. An ordinary expense is one that is common and accepted in your field of business. A necessary expense is one that is helpful and appropriate for your business. What does that look like in practical terms? Rule #1 - Remember that you and your business are…
How long should I keep my tax return? How long do I need to keep backup documentation for my business purchases? These are questions we hear all the time, which is why we've put together this Records Retention Guide for Business Documents. It goes hand in hand with our Records Retention Guide for Business Taxes as well as our Records…
IRS Notice 2024-35 provides tax relief from penalties for failure to take certain required minimum distributions (RMDs). This relief generally applies to non-spousal beneficiaries of inherited retirement accounts. First, the general RMD rules . . . The required beginning date for required minimum distributions (RMDs) from retirement accounts such as traditional IRAs and pretax 401(k)'s is April 1 of the…
Beneficial ownership information (BOI) reporting is required for most businesses in 2024. It's part of the US government's efforts to make it harder for criminals to hide through shell companies or other opaque ownership structures. How to Report Reporting is done through the BOI E-Filing website, which opened January 1, 2024. Companies in existence before 2024 will have until January 1,…