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.
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.
When you encounter the word “pivot,” you may think of a politician changing course on a certain issue or perhaps a group of friends trying to move a couch down a steep flight of stairs. But businesses sometimes choose to pivot, too.
Under a formal pivot strategy, a company consciously changes its strategic focus in a series of carefully considered and executed moves. Obviously, this endeavor should never be undertaken lightly or suddenly. But there’s no harm in keeping it in mind and even exploring the feasibility of a pivot strategy under certain circumstances.
The credit for increasing research activities often called the research and development (R&D) credit, is a valuable tax break available to certain eligible small businesses. Claiming the credit involves complex calculations, which we’ll take care of for you.
But in addition to the credit itself, be aware that two additional features are especially favorable to small businesses:
