Author: Admin
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Photo: Island OrganizersMay Insights
Issue Number: IRS Tax Tip 2024-44 Emergency preparedness plans for businesses should include financial records When business owners put together an emergency preparedness plan, it should include copies of vital records and financial information. Here are some things everyone can do to help protect their financial records. Update emergency preparedness plan annuallyPersonal and business situations…
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Photo: FCPA-ProfessorQ1 Estimates-2024
This is our friendly reminder that 1st quarter estimates will be due on April 15th, 2024. 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 taxable transactions where…
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Photo: Liberty Tax ServiceApril Insights
Issue Number: IRS Tax Tip 2024-35 Debunking common myths about federal tax refunds Once people complete and file their tax return, many of them eagerly await any refund they may be owed. Knowing fact from fiction can help manage expectations as they wait for their money. Myth: Calling the IRS, a tax software provider or a…
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Q4 Estimates-2023
This is our friendly reminder that 4th quarter estimates will be due on January 15, 2024. 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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Q3 Estimates-2023
This is our friendly reminder that 3rd quarter estimates will be due on September 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 be required if you have had any substantial taxable…
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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…