Tuesday, April 15 is the deadline for filing your 2024 tax return. But another tax deadline is coming up the same day, and it’s essential for certain taxpayers. It’s the deadline for making the first quarterly estimated tax payment for… Read More
Blog
-
Small business alert: Watch out for the 100% penalty
Some tax sins are much worse than others. An example is failing to pay over federal income and employment taxes that have been withheld from employees’ paychecks. In this situation, the IRS can assess the trust fund recovery penalty, also… Read More
-
Nonprofits: How to attract the best, most qualified interns
Summer will be here before you know it, and for many not-for-profits, that means internships. Although students and recent graduates are often eager to gain job experience as interns, many also expect to be paid. However, according to consulting firm… Read More
-
Is your business on top of its tech stack?
Like many business owners, you’ve probably received a lot of technology advice. One term you may hear frequently is “tech stack.” Information technology (IT) folks love to throw this one around while sharing their bits and bytes of digital wisdom…. Read More
-
Discover if you qualify for “head of household” tax filing status
When we prepare your tax return, we’ll check one of the following filing statuses: single, married filing jointly, married filing separately, head of household or qualifying widow(er). Only some people are eligible to file a return as a head of… Read More
-
Are you a tax-favored real estate professional?
For federal income tax purposes, the general rule is that rental real estate losses are passive activity losses (PALs). An individual taxpayer can generally deduct PALs only to the extent of passive income from other sources, if any. For example,… Read More
-
Should your nonprofit outsource to an AMC?
If you’re like most nonprofit leaders, you want to dedicate your time to mission-critical work. But if you run a relatively new nonprofit with a bare-bones staff, you probably need to pay considerable attention to administrative and business tasks. Hiring… Read More
-
Business owners should get comfortable with their financial statements
Financial statements can fascinate accountants, investors and lenders. However, for business owners, they may not be real page-turners. The truth is each of the three parts of your financial statements is a valuable tool that can guide you toward reasonable,… Read More
-
Deduct a loss from making a personal loan to a relative or friend
Deduct a loss from making a personal loan to a relative or friend Suppose your adult child or friend needs to borrow money. Maybe it’s to buy a first home or address a cash flow problem. You may want to help… Read More
-
6 essential tips for small business payroll tax compliance
Staying compliant with payroll tax laws is crucial for small businesses. Mistakes can lead to fines, strained employee relationships and even legal consequences. Below are six quick tips to help you stay on track. 1. Maintain organized records Accurate recordkeeping… Read More