The One Big Beautiful Bill Act (OBBBA) introduces a notable, though temporary, revision to the federal State and Local Tax (SALT) deduction cap. Originally imposed by the 2017 Tax Cuts and Jobs Act (TCJA), the SALT cap limited the amount of state and local income, sales, and property taxes that taxpayers could deduct from their […]
July 31 Employers must file the second quarter Form 941, Employer’s Quarterly Federal Tax Return. (If your tax liability is less than $2,500, you can pay it in full with a timely filed return.) If you deposited all tax for the quarter in full and on time, you have until August 11 to file the return. […]
Don’t let the name “nanny tax” fool you. It’s a tax that applies to the wages of a variety of types of household help you hire – such as a nanny, gardener or housekeeper. Hiring extra help can ease the burden of home-related tasks, especially in the summer when the kids are home or the […]
Once a tax return is filed, most people breathe a little easier. But it’s not uncommon to realize too late that something was left off a return, figures were misreported or some other error was made. Accuracy is essential, but, depending on the type of error, an amendment may not be required. Reasons to amend […]
Businesses close for various reasons. Perhaps you’re ready to embark on a welcome change such as retirement or launching a new venture. Or maybe it just no longer makes financial sense to continue operating your current business. Whatever the reason, closing your business is a significant milestone, and part of wrapping things up means taking […]
When cash is tight, many businesses turn to bartering for goods and services instead of paying dollars for them. If your company gets involved in such transactions, remember that there are tax consequences. Bartering defined Bartering is simply the exchange of services or property, and it’s a taxable event. For example, suppose a computer consultant […]