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Douglas Freeman

2021 Q3 tax calendar: Key deadlines for businesses and other employers

2021 Tax Calendar, Individual Income Tax, Retirement, Small Business, Tax Deadlines /

Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2021. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. Monday, […]

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Pondering the possibility of a company retreat

Company Retreat, Small Business /

As vaccination levels rise and major U.S. population centers fully reopen, business owners may find themselves pondering an intriguing thought: Should we have a company retreat this year? Although there are still health risks to consider, your employees may love the idea of attending an in-person event after so many months of video calls, emails

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Retiring soon? 4 tax issues you may face

C Corporation, Partnerships, Required Minimum Distributions (RMD), Retirement, S Corporation, Social Security, Tax Considerations of Selling Your Home, Tax Planning /

If you’re getting ready to retire, you’ll soon experience changes in your lifestyle and income sources that may have numerous tax implications. Here’s a brief rundown of four tax and financial issues you may deal with when you retire: Taking required minimum distributions. This is the minimum amount you must withdraw from your retirement accounts.

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Recordkeeping DOs and DON’Ts for business meal and vehicle expenses

Business Deductions, Business Expenses, Business Meals and Entertainment, Small Business, Vehicle Expenses /

If you’re claiming deductions for business meals or auto expenses, expect the IRS to closely review them. In some cases, taxpayers have incomplete documentation or try to create records months (or years) later. In doing so, they fail to meet the strict substantiation requirements set forth under tax law. Tax auditors are adept at rooting

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Hiring your minor children this summer? Reap tax and nontax benefits

College children on The Payroll, Small Business /

If you’re a business owner and you hire your children this summer, you can obtain tax breaks and other nontax benefits. The kids can gain on-the-job experience, spend time with you, save for college and learn how to manage money. And you may be able to: Shift your high-taxed income into tax-free or low-taxed income,

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Plan ahead for the 3.8% Net Investment Income Tax

(NIIT) Net Investment Income Tax, Capital Gains, Income Tax, Internal Revenue Service (IRS), Modified Adjusted Gross Income (MAGI), Tax, Tax Planning /

High-income taxpayers face a 3.8% net investment income tax (NIIT) that’s imposed in addition to regular income tax. Fortunately, there are some steps you may be able to take to reduce its impact. The NIIT applies to you only if modified adjusted gross income (MAGI) exceeds: $250,000 for married taxpayers filing jointly and surviving spouses,

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Working in the gig economy results in tax obligations

Deductable Expenses, Deductions, Gig Economy, Independent Contractors, Internal Revenue Service, Tax, Tax Planning /

Before the COVID-19 pandemic hit, the number of people engaged in the “gig” or sharing economy had been growing, according to several reports. And reductions in working hours during the pandemic have caused even more people to turn to gig work to make up the lost income. There are tax consequences for the people who

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Are you ready for the return of trade shows and other events?

Small Business, Trade Shows /

It’s happening. With vaccination rates rising and the more severe effects of the pandemic trending downward, several industries have announced in-person trade shows for later this year. Meanwhile, over the summer, businesses will likely see marketing opportunities in other events such as “sidewalk days” and local festivals. Are you and your team ready to get

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Many parents will receive advance tax credit payments beginning July 15

American Rescue Plan Act, Child Tax Credit, Dependent Tax Credit /

Eligible parents will soon begin receiving payments from the federal government. The IRS announced that the 2021 advance child tax credit (CTC) payments, which were created in the American Rescue Plan Act (ARPA), will begin being made on July 15, 2021. How have child tax credits changed? The ARPA temporarily expanded and made CTCs refundable

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