When it comes to taxation, partners in a business may find the math a bit puzzling. You may discover that the amount of partnership income you’re taxed on is more than the amount that was distributed to you. That’s a quirk of taxation that lies in the way partnerships and partners are taxed. Pass-through taxation […]
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.) Also, employers must deposit FUTA taxes owed through June if the liability is more than $500. Employers that provide a retirement plan […]
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 […]