Taxes

Advantages of Hiring Your Minor Children for Summer Jobs

The Advantages of Hiring Your Minor Children for Summer Jobs

If you’re a small business owner and you hire your children this summer, you may be able to secure tax breaks and other nontax benefits. The kids can gain bona fide on-the-job experience, save for college, and learn how to manage money. You may be able to shift some of your high-taxed income into tax-free or low-taxed income, and, depending on the situation, you may realize payroll tax savings. Perhaps best of all, your kids will spend time with you.

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How To Get an “Early” Refund, Adjust Your Withholding

How To Get an “Early” Refund, Adjust Your Withholding

If you received a large refund this year, you may want to adjust your withholding. Each year, millions of taxpayers claim an income tax refund. To be sure, receiving a payment from the IRS for a few thousand dollars can be a pleasant influx of cash. But it means you were essentially giving the government an interest-free loan for close to a year, which isn’t the best use of your money.

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Discovering a Mistake After Your Tax Return Is Filed

Discovering a Mistake After Your Tax Return Is Filed

Did you file your tax return and then realize you’d made a mistake? Perhaps you completed your return yourself and made an error in math or neglected to include a schedule that should’ve been attached. Or maybe you recently remembered some large, potentially deductible charitable donations you’d made early in the year that you’d forgotten to tell your tax professional about. Now, you may be wondering if you need to file an amended return.

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2024 Q2 Tax Calendar: Key Deadlines for Businesses & Employers

2024 Q2 Tax Calendar: Key Deadlines for Businesses & Employers

Here are some of the key tax-related deadlines that apply to businesses and other employers during the second 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’re meeting all applicable deadlines and to learn more about the filing requirements.

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Hand with watch and the the words Tax Due Dates on Russo robins egg blue background.

Upcoming Tax May 2024 Due Dates

May 15 Employers: Deposit Social Security, Medicare, and withheld income taxes for April if the monthly deposit rule applies. Employers: Deposit nonpayroll withheld income tax for April if the monthly deposit rule applies. Calendar-year exempt organizations: File a 2023 information …

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Maximize the QBI Deduction Before It’s Gone

The qualified business income (QBI) deduction is available to eligible businesses through 2025. After that, it’s scheduled to disappear. So if you’re eligible, you want to make the most of the deduction while it’s still on the books because it can potentially be a big tax saver.

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Standard Mileage Rates for 2023

2024 Depreciation Limits for Business Vehicles

IRS guidance provides the 2024 depreciation limits for “luxury” business vehicles. For vehicles placed in service in 2024, depreciation limits (including first-year bonus depreciation) are $20,400 for year one, $19,800 for year two, $11,900 for year three, and $7,160 for each year after that. This includes passenger cars and SUVs, trucks, and vans if their gross vehicle weight (GVW) is 6,000 pounds or less. The IRS also announced lease inclusion amounts for lessees of passenger vehicles first leased in 2024. Read Rev. Proc. 2024-13 on irs.gov for more details (PDF).

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Is Your Business Closing? Here Are Your Final Tax Responsibilities

Businesses shut down for many reasons. Examples include an owner’s retirement, a lease expiration, staffing shortages, partner conflicts, and increased supply costs. If you’ve decided to close your business, you might need assistance with some steps in the process, including handling various tax obligations.

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