Insights
2024 Q3 tax calendar: Key deadlines for businesses and other employers
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’re meeting all applicable deadlines and to learn more about the filing requirements. July…
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Social Security tax update: How high can it go?
Employees, self-employed individuals and employers all pay Social Security tax, and the amounts can get bigger every year. However, many people don’t fully understand the Social Security tax they pay. If you’re an employee If you’re an employee, your wages are hit with the 12.4% Social Security tax up to the annual wage ceiling. Half…
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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. In some cases, a business may decide to switch from one entity type to another. Although S corporations can provide substantial tax benefits over C corporations in…
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Tax tips when buying the assets of a business
After experiencing a downturn in 2023, merger and acquisition activity in several sectors is rebounding in 2024. If you’re buying a business, you want the best results possible after taxes. You can potentially structure the purchase in two ways: Buy the assets of the business, or Buy the seller’s entity ownership interest if the target business…
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Figuring corporate estimated tax
The next quarterly estimated tax payment deadline is June 17 for individuals and businesses, so it’s a good time to review the rules for computing corporate federal estimated payments. You want your business to pay the minimum amount of estimated tax without triggering the penalty for underpayment of estimated tax. Four possible options The required installment…
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You may be entitled to tax breaks if caring for an elderly relative
There are many rewards for taking care of an elderly relative. They may include feeling needed, making a difference in the person’s life and allowing the person to receive quality care. In addition, you could also be eligible for tax breaks. Here’s a rundown of four of them: 1. Medical expenses. If the individual qualifies as…
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House rich but cash poor? Consider a reverse mortgage strategy
Are you an older taxpayer who owns a house that has appreciated greatly? At the same time, you may need income. Thankfully, there could be a solution with a tax-saving bonus. It involves taking out a reverse mortgage. Reverse mortgage basics With a reverse mortgage, the borrower doesn’t make payments to the lender to pay…
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New Regulatory Resource Available for Vendor Management
By: Kelly Shafer, CPA Changing technology combined with increased regulatory and financial reporting demands have led to banks placing more reliance than ever on outside vendors for various services. While outsourcing certain functions to third parties has brought efficiency and innovation to service delivery, the practice reduces the bank’s control over those functions. Management has…
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QuickBooks Desktop transitions to QuickBooks Online
By: Saundra Uy, CPA, CVA, CGMA You may have received an email notifying you that your QuickBooks Desktop 2021 software will be discontinued on May 31, 2024. This notification is accurate but misleading and there are some important exceptions to consider. Recognizing the potential confusion surrounding this software transition, we are committed to clarifying any…
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Pay attention to the tax rules if you turn a hobby into a business
Many people dream of turning a hobby into a regular business. Perhaps you enjoy boating and would like to open a charter fishing business. Or maybe you’d like to turn your sewing or photography skills into an income-producing business. You probably won’t have any tax headaches if your new business is profitable over a certain…
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