Self-employment tax: A refresher on how it works
…Security benefit increases. Common sense dictates that they should be connected, but they aren’t. For example, the 2024 Social Security tax ceiling is 5.24% higher than the 2023 ceiling, but…
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2024 Q2 Tax Calendar: Key deadlines for businesses and employers
…installment of 2024 estimated income taxes. Complete and retain Form 1120-W (worksheet) for your records. For individuals, file a 2023 income tax return (Form 1040 or Form 1040-SR) or file…
Small business alert: Watch out for the 100% penalty
…the IRS can assess the trust fund recovery penalty, also called the 100% penalty, against any responsible person. It’s called the 100% penalty because the entire unpaid federal income and…
Inflation enhances the 2025 amounts for Health Savings Accounts
…will be $8,550. These are up from $4,150 and $8,300, respectively, in 2024. In addition, for both 2024 and 2025, there’s a $1,000 catch-up contribution amount for those who are…
Tax-Free Fringe Benefits Help Small Businesses and Their Employees
…passes and van pooling, are tax-free to recipient employees. However, the TCJA suspends through 2025 the business deduction for providing such benefits. It also suspends the tax-free benefit of up…
Small Businesses: There Still May Be Time To Cut Your 2021 Taxes
…SUVs, pickups and vans are treated for federal income tax purposes as transportation equipment. In turn, that means they qualify for 100% bonus depreciation. Specifically, 100% bonus depreciation is available…
PPP Adjusted to Prioritize Very Small Businesses
…businesses and low- to moderate-income “first-draw” borrowers. In late February, the SBA, in cooperation with the Biden Administration, announced adjustments to the PPP aimed at “increasing access and much-needed aid…
2024 Q3 tax calendar: Key deadlines for businesses and other employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2024. Keep in mind that this list isn’t all-inclusive, so there may…
It’s time for your small business to think about year-end tax planning
…year. Even if you place eligible property in service by the last days of 2024, you can claim a full deduction for the year. Bonus depreciation For 2024, businesses also…
2024 Q4 tax calendar: Key deadlines for businesses and other employers
…fourth installment of 2024 estimated income taxes. Contact us if you’d like more information about the filing requirements and to ensure you’re meeting all applicable deadlines. © 2024…