Author: Admin
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Q2 Estimates-2023
Hope everyone is enjoying your summer and staying healthy.. This is our friendly reminder that 2nd quarter estimates will be due on June 15, 2023. Federal and state estimates are required for Schedule C filers, C-corporations and on pass-through entities such as S-corporations or partnerships since the tax structure is a pay-as-you-go system. Estimates may also…
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Q1 Estimates-2023
This is our friendly reminder that 1st quarter estimates will be due on April 18th, 2023. Federal and state estimates are required for Schedule C filers, c-corporations and on pass-through entities such as s-corporations or partnerships since the tax structure is a pay-as-you-go system. Estimates may also be required if you have had any substantial…
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Photo: Pavese Law FirmMarch Insights
Independent Contractor vs Employee Which are you?For federal tax purposes, this is an important distinction. Worker classification affects how you pay your federal income tax, social security and Medicare taxes, and how you file your tax return. Classification affects your eligibility for social security and Medicare benefits, employer provided benefits and your tax responsibilities. If…
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Photo: ID.meFebruary Insights
Navigating the Digital Tax Landscape: Power of Attorney and ID.me Integration In our tech-driven era, the intersection of legal frameworks and digital platforms is transforming the way we manage financial and tax affairs. For individuals requiring assistance in tax matters, the combination of a Power of Attorney (POA) and registering with platforms like ID.me is…
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Photo: SC&H GroupBeneficial Ownership Information
Starting January 1, 2024, a significant number of businesses will be required to comply with the Corporate Transparency Act (“CTA). The CTA was enacted into law as part of the National Defense Act for Fiscal Year 2021. The CTA requires the disclosure of the beneficial ownership information (otherwise known as “BOI”) of certain entities from…
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Photo: Julius YlsJanuary Insights
Maximizing contributions to your retirement accounts. Here are a few key points to consider: If you’re interested in exploring this further or have any questions about how contributing to retirement accounts can benefit you, please don’t hesitate to reach out. We can discuss your unique situation and tailor a plan that aligns with your financial…
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Photo: KiplingerDecember Insights
IRS delays 1099-K rules for ticket sales, announces new $5,000 threshold for 2024 Susan Tompor Detroit Free Press The IRS delivered on Tuesday an unexpected, but welcomed, early Christmas gift to gig workers, Taylor Swift ticket sellers and more. The IRS surprised many tax professionals and others when it said it would delay new requirements…
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Photo: InvestopediaNovember Insights
Tax Credit Opportunities 2023 As we approach the 2023 tax year, I wanted to bring your attention to some key tax credits that may be applicable to your situation. Understanding and leveraging these credits can significantly impact your tax liability. Here are a few noteworthy tax credits for consideration: Remember, tax laws are subject to…
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Photo: InvestopediaOctober Insights
What Is a W-4 Form? How to Fill Out an Employee’s Withholding Certificate in 2024 How to fill out a 2024 W-4 form Employers use the W-4 to calculate certain payroll taxes and remit the taxes to the IRS and state and local authorities (if applicable) on behalf of employees. How you fill out a…
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Photo: Steve Johnson – UnsplashSeptember Insights
How Is AI used in business AI is a game-changer for businesses, offering a range of applications to enhance efficiency, decision-making, and customer experiences. Here are some ways AI is commonly used in business: These applications highlight the versatility and impact of AI across various business functions. As technology advances, businesses continue to explore new…