The term “sandwich generation” was coined to describe baby boomers caught between caring for their aging parents and their children. The term now applies to whichever generation is grappling with the problem, today most commonly Generation Xers and older Millennials. If you’re in the middle of the sandwich, it may be time for honest discussions […]
April 15 – Individuals must file (or extend) their 2024 personal returns and pay any tax due. Individuals, trusts and calendar-year corporations must pay first-quarter estimated taxes. Individuals must file a 2024 gift tax return or file for an extension and pay any gift tax due. Calendar-year trusts and estates must file 2024 returns or file […]
Any U.S. person with a financial interest in or authority over foreign financial accounts may be required to file a Report of Foreign Bank and Financial Accounts (FBAR). An FBAR is required if the aggregate value of the accounts exceeds $10,000 at any time during the calendar year. FBARs are due April 15 of the […]
If you’re preparing to file your 2024 federal income tax return and your tax bill is higher than you’d expected – or your tax refund is smaller than you’d hoped — there might still be an opportunity to change it. If you qualify, you can make a deductible contribution to a traditional IRA until the […]
After successfully navigating the start-up phase, your business has a strong foundation for growth. At the growth stage, business and financial advisory services become essential. Focus on these two key areas to elevate your company to the next level. 1. Financial and tax reporting Businesses in the growth stage usually have more sophisticated financial reporting […]
If you own or manage a business with employees, you could be personally responsible for paying a harsh tax penalty. It’s called the Trust Fund Recovery Penalty (TFRP). It applies to Social Security and income taxes, which must be withheld from employees’ wages. These taxes are government property employers collect and hold in “trust” for […]