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Important Tax Dates in 2024 for Small Business Owners
Be mindful of the varying filing deadlines that apply to your specific business type. Take note of these essential tax calendar dates to keep track in 2024. January 31, 2024 Please ensure that all employees or independent contractors you hired in the previous year receive their W-2, 1099-NEC, or 1099-MISC tax forms within the specified…
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What to do if you receive a notice from the IRS
Receiving a letter from the IRS shouldn’t cause undue concern. It’s important to note that not all letters indicate an audit, as many are simply routine and can be easily resolved. If you do receive one, there are a few simple steps you can take to address the matter. Correspondence from the Internal Revenue Service…
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My Business Owes Back Taxes: What do I do next?
Many entrepreneurs strive to fulfill their obligations by promptly and completely settling their small-business taxes. Nevertheless, it is plausible to overlook a deadline due to an overwhelming number of daily responsibilities or an unmanageable tax liability. Neglecting to file and remit overdue taxes can result in various complications and sanctions. Therefore, it is imperative to…
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Avoid Estate Tax
A Tip on passing down your vacation home: Establish a Family Limited Partnership Family Limited Partnerships are powerful estate planning tools that enable the smooth and tax-efficient transfer of business ownership from one generation to the next. If you own a vacation home you want your children to own after you’re gone, you…
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Taxpayer Withholding
The Internal Revenue Service warned taxpayers to check their income tax withholding for almost all of 2018 due to how the Tax Cuts and Jobs Act affected tax brackets. The IRS announced it would waive the penalty for not paying enough estimated tax if affected taxpayers met most of their tax liability in 2018.
