Taxes
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.
Choosing the right business entity has many implications, including the amount of your tax bill. The most common business structures are sole proprietorships, partnerships, limited liability companies, C corporations, and S corporations.
Certain small business owners may qualify for tax breaks by making their premises accessible to people with disabilities. The CDC reports that 61 million people in the United States are affected by disabilities.
Among the many challenges of parenthood is childcare for kids when school lets out. Babysitters are one option, or you might consider sending them to a day camp. There’s no one-size-fits-all answer, but if you do choose a day camp, you could be eligible for a tax break. (Unfortunately, overnight camps don’t qualify.)
For many homeowners, summer means it’s time to tackle home improvement projects. By investing in certain energy-efficient updates, taxpayers not only can lower their power bills but also can score some tax breaks.
Under the Corporate Transparency Act (CTA), many businesses are subject to new reporting requirements that went into effect on January 1, 2024. That means certain companies are required to provide information related to their “beneficial owners,” that is, the individuals who ultimately own or control the company, to the Financial Crimes Enforcement Network (FinCEN). Failure to submit a beneficial ownership information (BOI) report may result in civil or criminal penalties or both.
If you’re a small business owner and you hire your children this summer, you may be able to secure tax breaks and other nontax benefits. The kids can gain bona fide on-the-job experience, save for college, and learn how to manage money. You may be able to shift some of your high-taxed income into tax-free or low-taxed income, and, depending on the situation, you may realize payroll tax savings. Perhaps best of all, your kids will spend time with you.
Operating your small business as a Qualified Small Business Corporation (QSBC) could be a tax-wise idea.
If you employ a household worker who isn’t an independent contractor, you may be required to pay employment taxes on the worker’s cash wages. This is commonly referred to as the “nanny tax.”
