With school out, you might be hiring your child to work at your company. In addition to giving your son or daughter some business knowledge, you and your child could reap some tax advantages.
Why Businesses Should Rethink Income and Deductions
Businesses usually want to delay recognition of taxable income into future years and accelerate deductions into the current year. But when is it wise to do the opposite? And why would you want to?
Valuable Tax Credit Available for Energy-Efficient Homes
Under the Inflation Reduction Act, construction contractors who build or rehab energy-efficient homes may be eligible for a federal tax credit of up to $5,000 per project.
To claim the credit, builders are required to construct or substantially rehab a qualified home and own it during the construction process.
Handle Your 401(k) Rollover With Care
Leaving a job? You may want to roll over funds in your former employer’s 401(k) plan to an IRA. But there’s a tax trap for the unwary. If you receive a 401(k) plan check that’s payable to you personally or if you have a distribution put into a personal account electronically, 20% of the taxable amount of the payout will be withheld for federal tax.
Figuring Corporate Estimated Tax
The next quarterly estimated tax payment deadline for individuals and businesses is September 16, so this is another good opportunity to review the rules for computing corporate federal estimated payments.
You want your business to pay the minimum estimated tax amount without triggering the penalty for underpayment of estimated tax.
2024 Q3 Tax Calendar: Key Business & Employer Deadlines
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 be additional deadlines that apply to you.
Contact us to ensure you meet all applicable deadlines and learn more about the filing requirements.
HSAs Can Be Powerful Retirement Saving Tools
Health Savings Accounts (HSAs) are tax-advantaged savings vehicles for funding healthcare expenses not covered by insurance. For those in relatively good health, they may also serve as attractive retirement savings vehicles.
July 2024 Tax Due Dates
July 15 Employers: Deposit Social Security, Medicare and withheld income tax for June if the monthly deposit rule applies. Employers: Deposit nonpayroll withhold income tax for June if the monthly deposit rule applies. July 31 Employers: Report Social Security and …
Should You Convert Your Business from a C to an S Corporation?
Choosing the right business entity has many implications, including the amount of your tax bill. The most common business structures are sole proprietorships, partnerships, limited liability companies, C corporations, and S corporations.
Tax Breaks for Increasing Accessibility
Certain small business owners may qualify for tax breaks by making their premises accessible to people with disabilities. The CDC reports that 61 million people in the United States are affected by disabilities.