Do not forget that the next quarterly estimated tax payment deadline is June 15 for both individuals and businesses! With that being said it is a good time to review the rules for computing corporate federal estimated payments. Essentially you want your business to pay the minimum amount of estimated taxes without triggering the penalty […]

You may not be the only business that will be looking to heat up your marketing, so you’ll have to stand out. With summer already in full swing, you can still do this in a pinch with some unique and simple summer marketing ideas. Here are three ideas to consider. 1. Support summer camps and […]

Many people own Series E and Series EE bonds that were bought many years ago. They may rarely look at them or think about them except on occasional trips to a file cabinet or safe deposit box. You may wonder: How is the interest you earn on EE bonds taxed? And if they reach final […]

Are you a partner in a business? You may have come across a situation that’s puzzling. In a given year, you may be taxed on more partnership income than was distributed to you from the partnership in which you’re a partner. Why does this happen? It’s due to the way partnerships and partners are taxed. […]

Digital transformation can’t wait until you’re ready! Going digital has been a buzz word in business for years. The trend to make everything digital was sped up by the COVID-19 pandemic when most businesses were forced to use digital means to continue working during the early days of the pandemic. Wherever you were on your […]

If you are a charitable minded person and you are at least 70½ you can make contributions from your IRA to a charity tax free. There are other incentives to making a distribution directly from your IRA to a charity. When distributions are taken directly out of traditional IRAs, federal income tax of up to […]

More and more people are using third party service providers to process credit card payments. Individuals who sell items online and process payments through third party providers may now receive a 1099-K due to the new $600 filing threshold. 1099-K’s are informational returns issued to individuals or businesses that received payments in settlement of reportable […]

As a business owner, is it hard at times to keep up with employment regulations and health care benefits? One potential solution for this would be engaging with a professional employer organization (PEO). They can help make sure you are in compliance with any changes that occur. PEOs employ experts who understand the minutiae of […]

If you decide to take in and care for an elderly parent or grandparent, you may be eligible for a tax break as well. Here are some possible tax breaks that you could take advantage of. 1. Medical expenses. If the individual qualifies as your “medical dependent,” and you itemize deductions on your tax return, […]

The IRS recently released the 2023 Health Savings Accounts (HSA) deduction limits for 2023. As expected, due to the inflation rates, the deduction limit has increased. The current increase is more than the IRS has increased it in recent years. HSA basics An HSA is a trust created or organized exclusively for the purpose of […]