10
Oct
TAX CALENDAR
This calendar notes important tax deadlines for the fourth quarter of 2024....
29
Jul
INDEPENDENT CONTRACTORS: HANDLE WITH CARE
Many businesses use independent contractors to help keep their costs down — especially in these times of staff shortages and inflationary pressures. Businesses that use independent contractors should be careful that these workers are properly classified for federal tax purposes. If the IRS reclassifies them...
08
Jul
HSAs CAN BE POWERFUL RETIREMENT SAVING TOOLS
Health Savings Accounts (HSAs) are designed as tax-advantaged savings vehicles for funding uninsured health care expenses. But if you’re in relatively good health, an HSA also can serve as an attractive retirement savings vehicle. Here’s how an HSA allows an eligible individual to pay health...
02
Jul
TAX CALENDAR
This calendar notes important tax deadlines for the third quarter of 2024....
27
May
THE “NANNY TAX” MUST BE PAID FOR NANNIES AND OTHER HOUSEHOLD WORKERS
Many taxpayers employ household workers such as a cleaners or nannies who aren’t independent contractors. These employers may be required to withhold from their workers’ wages and pay Social Security and Medicare taxes, and possibly other taxes. This short article gives a rundown of what...
10
May
THE ADVANTAGES OF HIRING YOUR MINOR CHILDREN FOR SUMMER JOBS
Small business owners may be able to hire their minor children this summer and get tax breaks and other nontax benefits. While eligible owners can save on payroll taxes and lower some costs, their kids also benefit. They gain on-the-job experience, develop practical skills and...
12
Jan
TAX CALENDAR
This calendar notes important tax deadlines for the first quarter of 2024....
09:00 /
Taxes
06
Oct
TAX CALENDAR
This calendar notes important tax deadlines for the fourth quarter of 2023....
08:00 /
Taxes
11
Sep
PLAN AHEAD FOR HEALTH SAVINGS ACCOUNTS IN 2024
The IRS has released guidance that includes the 2024 inflation-adjusted amounts for Health Savings Accounts (HSAs). This article lists the benefits, requirements, and contribution limits of HSAs for 2023 and 2024....
06
Jul
TAX CALENDAR
This calendar notes important tax deadlines for the third quarter of 2023....
09:25 /
Taxes
11
Jul
MEDICARE PREMIUMS MAY LOWER YOUR TAXES
Americans who are 65 and older qualify for basic Medicare insurance, but they may need to pay additional premiums to get the level of coverage they desire. The premiums can be expensive — especially for a married couple with both spouses paying them. One aspect...
30
Aug
KNOW THE NUANCES OF THE NANNY TAX
During the pandemic, many families have hired household workers. For any household worker who isn’t an independent contractor, “nanny tax” obligations may apply. This article explores the details of withholding, reporting and paying a household worker. A sidebar looks at the federal unemployment tax....
17
Apr
SENIORS: MEDICARE PREMIUMS COULD LOWER YOUR TAX BILL
Americans who are 65 and older qualify for basic Medicare insurance, but they may need to pay additional premiums to get the level of coverage they desire. The premiums can be expensive, especially for married couples who must pay separately for each spouse. As this...
01
Jun
BEWARE OF TAX TRAPS WHEN MAKING AN EMPLOYEE A PARTNER
In today’s competitive employment market, a business organized as a partnership may want to promote an employee to a full partner. This brief article advises caution before acting, explaining some of the potential tax traps of doing so....
13
Oct
TAX CALENDAR
This calendar notes important tax deadlines for the fourth quarter of 2017....
09:00 /
Taxes
01
Aug
SHOULD YOU CONVERT FROM A ‘C’ CORPORATION TO AN ‘S’ CORPORATION?
Many private business owners elect to incorporate, turning their companies into C corporations. But, at some point, you may consider converting to an S corporation. This isn’t necessarily a bad idea, but it’s important to know the ramifications involved. Similarities and differences S and C corporations use...
11:00 /
Taxes
02
Jul
TAX CALENDAR
July 17 — If the monthly deposit rule applies, employers must deposit the tax for payments in June for Social Security, Medicare, withheld income tax and nonpayroll withholding. July 31 — If you have employees, a federal unemployment tax (FUTA) deposit is due if the FUTA liability through...
11:00 /
Taxes