WASHINGTON — The Internal Revenue Service strongly urges qualifying businesses, tax-exempt organizations, and state, local and Indian tribal governments to complete the pre-filing registration process now for projects placed in service in 2023 if they plan to claim elective pay. Taxpayers should file their annual return...
With the new year just around the corner, September is a good time to review some of the key tax moves you should make before 2025. Pay your third quarter 2024 estimated tax. Generally, the estimated taxes for the third quarter are due on September 15....
WASHINGTON – The Internal Revenue Service today encouraged taxpayers to do an end-of-summer tax checkup to make tax withholding or payment updates to avoid a potential surprise next year at tax time. While most taxpayers get a refund after filing their taxes, many also find they...
There are many tax credits that business owners can take advantage of, and today we're talking about the Disabled Access Credit, which is specifically extended to business owners who employ people who have disabilities. What is the Disabled Access Credit? This is a nonrefundable tax credit...
At the end of every year, most businesses go through the process of filling out a Form W-2 for each employee, which can make for a very stressful time. The pressure of knowing that even the smallest of mistakes can result in costly consequences can...
WASHINGTON — The Internal Revenue Service issued a consumer alert following bad advice circulating on social media about a non-existent “Self Employment Tax Credit” that’s misleading taxpayers into filing false claims. Promoters and social media are marketing something they describe as the “Self Employment Tax Credit”...
While there have always been tax benefits of 401(k)s for employers, SECURE Act 2.0 is changing the way businesses and workers save for retirement. As a business owner, it’s important to understand how these 401(k) benefits can impact your bottom line and your ability to attract new...
By using the Work Opportunity Tax Credit (WOTC), employers can save money on their income or payroll taxes. To qualify, you just have to give employees a short questionnaire. Then, the employee must get WOTC-certified by your State Workforce Agency (SWA). Through the WOTC, you can...
On May 9, 2024, the IRS released Rev. Proc. 2024-25, announcing the 2025 health savings accounts (HSAs) and high deductible health plans (HDHPs) inflation-adjusted amounts: Annual HSA contribution limits: Self-coverage only: $4,300 ($150 increase from 2024) Family coverage: $8,550 ($250 increase from 2024) Annual catch-up contribution...
WASHINGTON — Following a detailed review to protect taxpayers and small businesses, the Internal Revenue Service announced plans to deny tens of thousands of improper high-risk Employee Retention Credit claims while starting a new round of processing lower-risk claims to help eligible taxpayers. “The completion of...