When start-ups launch, their focus is often on tightly controlling expenses. Most need to establish a brand and some semblance of stability before funding anything other than essential operating activities.
Election Impact on Tax Law: Potential Key Changes to Watch For
Having won control of the White House, the Senate, and the House of Representatives, Republicans will have the opportunity to move forward with their vision for federal taxes. What might this mean?
Not Every Disaster Allows for a Casualty Loss Tax Deduction
Many Americans have become victims of natural disasters in 2024. Wherever you live, unexpected disasters may cause damage to your home or personal property, creating a “personal casualty loss.” This is defined as damage from a sudden, unexpected, or unusual event, such as a hurricane, tornado, flood, earthquake, fire, act of vandalism, or terrorist attack.
RMD Deadline and Penalties
If you’re subject to required minimum distributions (RMDs), you must take your 2024 RMD by December 31 to avoid penalties.
Important Information About Charitable Giving This Year
As the end of the year approaches, many people give more thought to supporting charities they favor. To avoid losing valuable charitable deductions if you itemize, you’ll need specific documentation, depending on the type and size of your gift. Here’s a breakdown of the rules:
2025 Brings Slight Increase to Retirement Savings
How much can you and your employees contribute to your 401(k)s or other retirement plans next year? In Notice 2024-80, the IRS recently announced cost-of-living adjustments that apply to the dollar limitations for retirement plans, as well as other qualified plans, for 2025. With inflation easing, the amounts aren’t increasing as much as in recent years.
Self-Employment Tax: A Refresher on How It Works
If you own a growing, unincorporated small business, you may be concerned about high self-employment (SE) tax bills. The SE tax is how Social Security and Medicare taxes are collected from self-employed individuals like you.
December 2024 Tax Due Dates
December 16 Calendar-year corporations: Pay the fourth installment of 2024 estimated income taxes, completing Form 1120-W for the corporation’s records. Employers: If the monthly deposit rule applies, deposit Social Security, Medicare, and the withheld income taxes for November. Employers: Deposit …
7 Year-End Tax Planning Tips for Individuals
As the holidays approach, it’s time to consider tax planning moves that will help lower your 2024 taxes, as well as set you up for tax savings in future years. Here are seven year-end tax planning ideas to consider.
Want to Find Out What IRS Auditors Know About Your Industry?
To prepare for a business audit, an IRS examiner generally researches the specific industry and issues on the taxpayer’s return. Examiners may use IRS Audit Techniques Guides (ATGs).