Does your business rely on independent contractors? If so, you’ll want to take a closer look at the Department of Labor’s (DOL) new guidelines. These stricter rules on worker classification could significantly impact your business, especially when it comes to costs and compliance.
The clock is ticking for businesses required to submit their Business Ownership Information (BOI) reports to the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN). Missing this filing deadline could result in significant penalties, so let’s break down what you need to know to stay compliant.
As a business owner, you work hard to grow your company and build financial security. But without proactive tax planning, a significant portion of your profits could end up going to taxes unnecessarily. That’s where the importance of tax planning comes in—it helps you protect your income, reduce tax liabilities, and ensure that your business thrives. Learn more…
Beginning Jan. 1, 2024, many companies in the United States will have to report information about their beneficial owners (the individuals who ultimately own or control the company) and company applicants (the individual(s) who directly files or is primarily responsible for the filing of the document that creates or registers the company). They will have to report the information to the Financial Crimes Enforcement Network (FinCEN).
11 Essential Steps For a Stress Free Tax Season - We have compiled a detailed year-end tax checklist specifically tailored for real estate investors. This checklist aims to ensure that you are well-prepared and can maximize your tax benefits. Review this checklist before you meet with your tax professional.
10 Essential Steps for an Efficient Tax Preparation Process - As the year winds down, it's critical for business owners to shift focus towards preparing for the tax return filing season. To help streamline this often-daunting process, we've put together a practical checklist. Following these steps will not only ease the stress and overwhelm of tax filing but also ensure a smooth and efficient experience.
Hey Business Owners! We've got a secret to share that can help you save money and stay healthy: It’s called a Health Savings Account (HSA)! HSAs are like magic pots where you can keep money, cut down your taxes, and build up savings for when you need them. They’re a super-smart way to look after your money and your health at the same time!
You may have noticed that it is extremely difficult to contact the IRS and that it takes longer than you expected for your information to be processed.
The IRS has a backlog of millions of unprocessed paper tax returns, and taxpayers can’t get through to the agency on the phone. Congress noticed and took action by passing a massive funding of the IRS in the recently enacted Inflation Reduction Act.
Here are three possible year-end moves that could, in the right circumstances, simultaneously (a) reduce your income taxes and (b) boost your Section 199A deduction.
Here are six opportunities for you to consider when selecting a medical plan for your business.
