Tax Planning

An essential tax deadline is coming up — and it’s unrelated to your 2024 return filing

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April 9, 2025
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Tuesday, April 15 is the deadline for filing your 2024 tax return. But another tax deadline is coming up the same day, and it’s essential for certain taxpayers. It’s the deadline for making the first quarterly estimated tax payment for 2025 if you’re required to make one. Basic details You may have to make estimated […]
#EstimatedTaxes, #QuarterlyTaxes, #TaxDeadline
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Tax Planning

Small business alert: Watch out for the 100% penalty

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April 7, 2025
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Some tax sins are much worse than others. An example is failing to pay over federal income and employment taxes that have been withheld from employees’ paychecks. In this situation, 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 […]
#IRS100PercentPenalty, #SmallBusinessAlert, #TaxPenaltyWarning, #TrustFundRecoveryPenalty
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Tax Planning

Are you a tax-favored real estate professional?

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March 31, 2025
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For federal income tax purposes, the general rule is that rental real estate losses are passive activity losses (PALs). An individual taxpayer can generally deduct PALs only to the extent of passive income from other sources, if any. For example, if you have positive taxable income from other rental properties, that generally counts as passive […]
#PassiveIncome, #RealEstateTax, #RentalProperty, #TaxPlanning
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Financial Planning

Business owners should get comfortable with their financial statements

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March 28, 2025
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Financial statements can fascinate accountants, investors and lenders. However, for business owners, they may not be real page-turners. The truth is each of the three parts of your financial statements is a valuable tool that can guide you toward reasonable, beneficial business decisions. For this reason, it’s important to get comfortable with their respective purposes. […]
#Accounting, #BalanceSheet, #BusinessFinance, #FinancialStatements
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Tax Planning

6 essential tips for small business payroll tax compliance

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March 24, 2025
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Staying compliant with payroll tax laws is crucial for small businesses. Mistakes can lead to fines, strained employee relationships and even legal consequences. Below are six quick tips to help you stay on track. 1. Maintain organized records Accurate recordkeeping is the backbone of payroll tax compliance. Track the hours worked, wages paid and all […]
#PayrollCompliance, #PayrollTips, #SmallBusinessTaxes, #TaxRegulations
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