Tax Planning

Businesses considering incorporation should beware of the reasonable compensation conundrum

The,image,introduces,the,idea,of,deferred,compensation,,which,involves
April 11, 2025
H&B
0
Small to midsize businesses have valid reasons for incorporating, not the least of which is putting that cool “Inc.” at the end of their names. Other reasons include separating owners’ personal assets from their business liabilities and offering stock options as an employee incentive. If you’re considering incorporation for your company, however, it’s essential to […]
#BusinessIncorporation, #ExecutiveCompensation, #ReasonableCompensation
Find Out More
Tax Planning

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

The, image, features, the, bold, text, "ESTIMATED, TAX, PAYMENTS," centered, over, a, background, of, financial, documents, and, charts, on, a, light, blue, surface., It, conveys, a, focus, on, financial, planning, or, tax-related, matters.
April 9, 2025
H&B
0
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
Find Out More
Tax Planning

Small business alert: Watch out for the 100% penalty

Blue, %, D,number, ,percent,symbol,great,discount,sale
April 7, 2025
H&B
0
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
Find Out More
Tax Planning

Are you a tax-favored real estate professional?

Miniature,wooden,houses,and,a,red,arrow,down.,the,concept
March 31, 2025
H&B
0
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
Find Out More
Tax Planning

6 essential tips for small business payroll tax compliance

Payroll,taxes,.,text,in,the,center,of,the,template
March 24, 2025
H&B
0
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
Find Out More
Tax Planning

Riding the tax break train: Maximizing employee transportation fringe benefits

A woman, standing, on a subway, holding a pole, wearing a white shirt, looking confident, passengers in the background.
March 12, 2025
H&B
0
There are some nice tax breaks for transportation-related employee fringe benefits. If your employer offers these tax-favored fringes, you should probably take advantage of them by signing up. Here’s a quick summary of the current federal tax treatment of transportation-related benefits. Mass transit passes For 2025, employer-provided mass transit passes for train, subway and bus […]
#CommuterBenefits, #EmployeeBenefits, #FringeBenefits, #TaxPlanning
Find Out More