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4 Key Tax Questions About 2025 Taxes
As you work through your annual tax filing, you should familiarize yourself with amounts that may have changed for 2025 due to inflation adjustments.
Are You Sending Automated Invoice Reminder Emails in QuickBooks Online?
Collecting unpaid invoices is probably one of the most unpleasant tasks you must complete to keep your company’s finances going.
Want to Find Out What IRS Auditors Know About Your Industry?
A little-known secret is that these guides are available to the public on the IRS website. In other words, your business can use the same guides to gain insight into what the IRS seeks regarding compliance with tax laws and regulations.
Tax-Saving Moves Businesses Should Consider Before Year End
Now is a good time to consider year-end moves that can help reduce your business’s 2024 taxes. The effectiveness of a particular action depends on the circumstances of your business.
Factoring the QBI Deduction into Year-End Tax Planning for Your Business
Thanks to the Tax Cuts and Jobs Act, sole proprietors and owners of pass-through entities, such as partnerships, S corporations, and limited liability companies, may be able to claim tax deductions based on their qualified business income (QBI) and certain other income.
An IRA Withdrawal Strategy with Tax-Reducing Power
If you’re 70½ or older, you may want to make a qualified charitable distribution (QCD) from your IRA before year-end. Typically, distributions from a traditional IRA are taxable.
Are You Aware of the Business Credits and Other Tax Benefits Available?
Tax incentives and sales tax exemptions, can make a big difference. Unfortunately, these benefits often go unclaimed because businesses don’t know about them or erroneously think they’re ineligible.
Medicare Premiums May Lead to Tax Savings
Suppose you pay premiums for Medicare health insurance. In that case, you may combine them with other qualifying expenses and claim them as an itemized deduction for medical expenses on your tax return.
Get a Jump on Tax Planning
Summer is a good time for some tax planning that could lower your 2024 tax bill. Since the passage of the Tax Cuts and Jobs Act, which increased the standard deduction, fewer people benefit from itemizing deductions.
Independent Contractors: Classify Carefully
Many businesses use independent contractors to help keep costs down and provide flexibility for short-term needs. However, whether a worker is an employee or an independent contractor is complex.
