Many taxpayers are unclear on the difference between deductions and credits. Both can be powerful tax-saving tools. Here’s how they each work:
Don’t Move … Until You’ve Considered the Tax Implications
With so many people working remotely, it’s become more common to think about moving to another state, perhaps for better weather, to be closer to family, or to reduce living expenses. Retirees also look at out-of-state moves for many of the same reasons. If you’re thinking about such a move, consider taxes before packing up your things.
Required Withholding for Supplemental Pay
Employers are required to withhold federal tax from supplemental wages paid to employees. These include bonuses, commissions, reimbursements (so long as you don’t have an accountable plan), severance, cash prizes, retroactive raises, and taxable fringe benefits.
Reminder: W-2 & 1099-NEC Deadline for Businesses
With the 2025 tax filing season underway, be aware that the deadline is coming up fast for businesses to submit certain information returns to the federal government and furnish them to workers. By January 31, 2025, employers must file these forms and furnish them to recipients:
3 Ways Businesses Can Get More Bang for Their Marketing Bucks
Most small to midsize businesses today operate in tough, competitive environments. That means it’s imperative to identify and reach the right customers and prospects.
However, unlike large companies, your business probably doesn’t have a massive marketing department with seemingly limitless resources. You’ve got to pursue savvy campaigns while also controlling costs. Here are three fundamental ways to get more bang for your marketing bucks.
How Section 1231 Gains and Losses Affect Business Asset Sales
When selling business assets, understanding the tax implications is crucial. One area to focus on is Section 1231 of the Internal Revenue Code, which governs the treatment of gains and losses from the sale or exchange of certain business property.
Many Business Tax Limits Have Increased in 2025
Various tax-related limits affecting businesses are indexed annually based on inflation. Many have increased for 2025, but with inflation cooling, the increases aren’t as significant as they have been in the last few years. Here are some amounts that may affect you and your business.
February 2025 Tax Due Dates
February 18 Employers: Deposit nonpayroll withheld income tax for January if the monthly deposit rule applies. Employers: Deposit Social Security, Medicare and withheld income taxes for January if the monthly deposit rule applies. Businesses: Provide Form 1099-B, 1099-S, and certain …
7 Questions to Ask Before Hiring an NYC Accountant
Congratulations! If you’re an entrepreneur or business owner on the hunt for an NYC accountant, it’s a sign of growth. It’s also a smart move. In a survey of 393 small business leaders, an accountant was ranked as the most important professional used by their business.
From potential tax savings to improved cash flow, an accountant is worth the investment – if you hire the right one. Before hiring an NYC accountant, ask these 7 questions:
Tax Law for Real Estate Brokers: How You Can Benefit
The TCJA Taxes for Real Estate Brokers: What You Need to Know
When the Tax Cuts and Jobs Act (TCJA) became law in December 2017, real estate professionals immediately began contacting us with questions. Are there new breaks on taxes for real estate brokers? Will the TCJA increase taxes for real estate brokers?