Month: July 2024
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.
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.
Businesses that operate in the retail or restaurant spheres have it relatively easy when it comes to collections. They generally take payments right at a point-of-sale terminal, and customers go on their merry way. For other types of companies, it’s not so easy. Collections can be particularly difficult for business-to-business operations, which often find themselves in complex relationships with key customers. In these businesses, it’s often not as simple as “pay up or hit the road.”
Many businesses use independent contractors to help keep their costs down and provide flexibility for short-term needs. However, the question of whether a worker is an employee or an independent contractor is complex.
Be careful that your independent contractors are properly classified for federal tax and employment tax purposes because if the IRS reclassifies them as employees, it can be an expensive mistake.
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 …
