What is the Difference Between Real Estate Flippers and Dealers?
Tax advice for real estate dealers and real estate flippers are different, although their activities can overlap. Here’s a breakdown of the key differences between the two:
Navigating IRS Audits: Essential Preparations for Businesses
The IRS has been increasing its audit efforts, focusing on large businesses and high-income individuals. By 2026, it plans to nearly triple its audit rates for large corporations with assets exceeding $250 million.
How Can You Build a Golden Nest Egg if You’re Self-Employed?
If you own a small business with no employees (other than your spouse) and want to set up a retirement plan, consider a solo 401(k) plan. This option is also for self-employed individuals or business owners who wish to upgrade from a SIMPLE IRA or Simplified Employee Pension (SEP) plan.
Employers: In 2025, the Social Security Wage Base Is Going Up
As we approach 2025, changes are coming to the Social Security wage base. The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $176,100 for 2025 (up from $168,600 for 2024). Wages and self-employment income above this amount aren’t subject to Social Security tax.
Should Your Company Offer Fertility Benefits?
Most businesses today understand all too well that they must craft a robust and varied benefits package to draw good job candidates and retain valued employees.
But beyond basics such as health insurance and a retirement plan, there are so many options. Well, you can add one more to the list: fertility benefits.
November 2024 Tax Due Dates
November 15 Employers: Deposit Social Security and Medicare and withhold income taxes for October if the monthly deposit rule applies. Employers: Deposit nonpayroll withheld income tax for October if the monthly deposit rule applies. Calendar-year exempt organizations: File a 2023 …
Is Your Business Required to Report Employee Health Coverage?
Employee health coverage is a significant part of many companies’ benefits packages. However, the administrative responsibilities that accompany offering health insurance can be complex. One crucial aspect is understanding the reporting requirements of federal agencies such as the IRS. Does your business have to comply, and if so, what must you do? Here are some answers to questions you may have.
Help Ensure Your Partnership or LLC Complies With Tax Law
When drafting partnership and LLC operating agreements, various tax issues must be addressed. This is also true of multi-member LLCs that are treated as partnerships for tax purposes. Here are some critical issues to include in your agreement so your business remains in compliance with federal tax law.
Smart Year-End Tax Planning for Small Business Owners
With Labor Day in the rearview mirror, it’s time to take proactive steps that may help lower your small business’s taxes for this year and next. The strategy of deferring income and accelerating deductions to minimize taxes can be effective for most companies, as is the approach of bunching deductible expenses into this year or next to maximize their tax value.
6 Key Elements of a Business Budget
Every business needs a budget, but not every budget looks the same. Some companies have intricately detailed ones, others rely on simple templates generated with off-the-shelf software, and still others forego formal budgets in favor of a “fly by the seat of your pants” approach. (That last option isn’t recommended.)