February 2025 Individual Due Dates February 10 – Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during January, you are required to report them to your employer on IRS Form 4070 no later than February 10. Your employer is required to withhold FICA […]
Are you eyeing 2025 as the year you finally trade your daily commute for days spent traveling, relaxing, or chasing long-postponed dreams? You’re not alone. Many soon-to-be retirees are mapping out a fresh chapter—but hold up. Before you sail into the sunset, there are a few key financial moves you should have on lock. Below, […]
Article Highlights: Historical Context of Form 1099-K The Evolution of Reporting Thresholds Current Reporting Threshold for 2024 Implications for Recipients of Form 1099-K Impact on Tax Reporting Individuals Selling Personal Items Self-employed Individuals Crowdfunding No Business Ownership Interest Given Not Taxable Crowdfunding Income Special Considerations Incorrect 1099-K Forms The landscape of digital transactions has undergone […]
Tax avoidance has long been a contentious topic in the business world, but few industries blend its complexities with glamour quite like Hollywood. During the Golden Age of Hollywood, a period marked by glittering stars and box office dominance, major players in the film industry became as skilled at finding tax loopholes as they were […]
Remember that rollercoaster ride we all thought was over? Well, buckle up—because the Beneficial Ownership Information (BOI) saga just took another wild turn. An appeals court recently reinstated an injunction that halts BOI enforcement (yes, again). If your head is spinning trying to keep track, you’re not alone. The Headline Drama, in Plain English A […]
You’ve worked hard to build your business. The long hours, sleepless nights, and countless sacrifices were all for one goal: to create something successful and sustainable. But what happens when a trusted employee or an external scam threatens all that hard work? Financial fraud isn’t just something that happens to large corporations. Small and medium-sized […]
The start of the new year means tax season is here! Stay ahead of the curve by marking these critical January deadlines on your calendar. From making tax appointments to reporting tips, paying estimated taxes, and filing essential forms, being proactive can save you from penalties and stress. Read on for a detailed guide to […]
As tax season approaches, the annual rush to gather documents, crunch numbers, and meet deadlines can be overwhelming. Amid the seriousness of tax preparation, it’s refreshing to remember that the world of taxes is also filled with quirky, humorous, and downright bizarre stories. These anecdotes not only provide a good laugh but also highlight the […]
Article Highlights: W-4 Updates W-9 Collection Estimated Tax Payments Charitable Contributions Required Minimum Distributions Gifting Retirement Plan Contributions Beneficiaries Reasonable Compensation Business-Vehicle Mileage College Tuition Plans Record Keeping Individuals and small businesses should consider various ways of starting off on the right foot for the 2025 tax year. W-4 Updates – If you are employed, […]
You’ve hit your 40s or 50s, and suddenly, retirement doesn’t feel like a distant mirage. It’s real. The countdown is on. But here’s the good news: You’re in a prime position to play catch-up and fortify your future, using smart tax strategies to stretch your dollars further. Think of it as turning your financial cruise […]