As 2024 winds down, tax professionals are gearing up to prepare and reconcile client accounts for the year ahead. QuickBooks Online (QBO) offers tools to simplify this process, helping business owners wrap up year-end details and ensure their books are tax-ready for 2025. Below, we’ll...
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As the year draws to a close, small business owners have a unique opportunity to implement strategies that can significantly reduce their tax liability for the upcoming year. By taking proactive steps in the final months, businesses can not only minimize their tax burden but...
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Dec
As tax professionals, we know that changes in leadership often bring shifts in tax policy, affecting everything from deductions and exemptions to estate taxes and business regulations. With President Donald Trump’s recent re-election, we may see updates to tax policy based on his prior administration's...
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Dec
Retirement is your reward for a lifetime of hard work, but keeping more of your savings in retirement requires strategy. Many Baby Boomers unknowingly leave tax dollars on the table by missing out on tax-savvy moves. You’ve built up a lifetime of savings—now it’s time...
Read MoreNovember 12 - Social Security, Medicare and Withheld Income Tax File Form 941 for the third quarter of 2024. This due date applies only if you deposited the tax for the quarter in full and on time. November 15 - Social Security, Medicare and Withheld Income Tax If...
Read MoreNovember 12 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during October 2024, you are required to report them to your employer on IRS Form 4070 no later than November 12. Your employer...
Read MoreThe surge in self-employment and small businesses during the COVID-19 pandemic led to millions of new entrepreneurs, many of whom had to quickly learn how to manage their finances, especially when it came to taxes and compensation. Now, nearly half a decade later, business owners...
Read MoreBackground - The Corporate Transparency Act (CTA) was enacted as part of a broader effort to combat money laundering, terrorism financing, and other illicit financial activities. Passed by the U.S. Congress in 2021, the CTA mandates that certain business entities disclose information about their beneficial...
Read MoreAs a baby boomer, you may find yourself approaching retirement with less savings than you'd hoped. Whether due to economic fluctuations, personal circumstances, or simply the demands of life, many late starters face this challenge. However, it’s never too late to take action. Here are...
Read MoreTax season can be stressful, especially if you're worried about penalties. Whether you're an individual or a small business owner, IRS penalties can add up quickly, turning a simple oversight into a costly mistake. Understanding what triggers these penalties—and how to avoid or reduce them—can...
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