Federal Income Tax Filing – DougFreemanCPA.com

2023 Q4 tax calendar: Key deadlines for businesses and other employers

2023 Tax Calendar, 2023 Tax Deadlines, C Corporation, Estimated Tax Payments, Federal Income Tax Filing, FICA, IRA, Small Business, Small Business Owners, Tax Deadlines / Douglas Freeman

Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2023. 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. Note: […]

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The tax advantages of hiring your child this summer

Business Income Tax, Federal Income Tax, Federal Income Tax Filing, Federal Unemployment (FUTA Tax, Income Tax, Small Business Tax Tips, Social Security & Medicare (FICA) taxes, Summer Employees / Douglas Freeman

Summer is around the corner so you may be thinking about hiring young people at your small business. At the same time, you may have children looking to earn extra spending money. You can save family income and payroll taxes by putting your child on the payroll. It’s a win-win! Here are four tax advantages.

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Did you get an Economic Impact Payment that was less than you expected?

AGI (Adjustable Gross Income), Child Tax Credit, COVID-19, Economic Impact Payment (EIP), Federal Income Tax Filing / Douglas Freeman

Nearly everyone has heard about the Economic Impact Payments (EIPs) that the federal government is sending to help mitigate the effects of the coronavirus (COVID-19) pandemic. The IRS reports that in the first four weeks of the program, 130 million individuals received payments worth more than $200 billion. However, some people are still waiting for

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Relief from not making employment tax deposits due to COVID-19 tax credits

(CARES ACT), Coronavirus Aid (CARES Act), COVID-19, Employees, Employment Tax, Federal Income Tax Filing, FICA / Douglas Freeman

The IRS has issued guidance providing relief from failure to make employment tax deposits for employers that are entitled to the refundable tax credits provided under two laws passed in response to the coronavirus (COVID-19) pandemic. The two laws are the Families First Coronavirus Response Act, which was signed on March 18, 2020, and the

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“Innocent spouses” may get relief from tax liability

Civil Fraud, Federal Income Tax, Federal Income Tax Filing, Income Tax, Individual Income Tax, Internal Revenue Service, IRS Audit, Tax, Tax Audits, Tax Deficiency / Douglas Freeman

When a married couple files a joint tax return, each spouse is “jointly and severally” liable for the full amount of tax on the couple’s combined income. Therefore, the IRS can come after either spouse to collect the entire tax — not just the part that’s attributed to one spouse or the other. This includes

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2019 Q1 tax calendar: Key deadlines for businesses and other employers

2018 Tax Forms, Business Income Tax, Federal Income Tax, Federal Income Tax Filing, Federal Taxes, Income Tax, S Corporation, Small Business, Tax, Tax Calendar 2018, Tax Cuts and Job Acts (TCJA), Tax Deadlines, Tax Planning / Douglas Freeman

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2019. 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. January

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Time for NQDC plan deferral elections

401 K, 529 Saving Plan, Compensation, Compensation and Benefits, Federal Income Tax Filing, Income Tax, Nonqualified Deferred Compensation (NQDC), Tax, Tax Cuts and Job Acts (TCJA), Tax Planning, Tax Savings / Douglas Freeman

If you’re an executive or other key employee, your employer may offer you a nonqualified deferred compensation (NQDC) plan. As the name suggests, NQDC plans pay employees in the future for services currently performed. The plans allow deferral of the income tax associated with the compensation. But to receive this attractive tax treatment, NQDC plans

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Choosing the best business entity structure post-TCJA

C Corporation, Federal Income Tax Filing, Income Tax, Individual Income Tax, Past-Through Entities, Small Business, Tax, Tax Cuts and Job Acts (TCJA) / Douglas Freeman

For tax years beginning in 2018 and beyond, the Tax Cuts and Jobs Act (TCJA) created a flat 21% federal income tax rate for C corporations. Under prior law, C corporations were taxed at rates as high as 35%. The TCJA also reduced individual income tax rates, which apply to sole proprietorships and pass-through entities,

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2018 Q3 tax calendar: Key deadlines for businesses and other employers

C Corporation, Federal Income Tax, Federal Income Tax Filing, Income Tax, Q3 Tax Calendar, S Corporation, Small Business, Tax Calendar 2018 / Douglas Freeman

Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2018. 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. July

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What businesses need to know about the tax treatment of bitcoin and other virtual currencies

Bitcoin, Federal Income Tax Filing, Income Tax, Individual Income Tax, Internal Revenue Service, Small Business / Douglas Freeman

Over the last several years, virtual currency has become increasingly popular. Bitcoin is the most widely recognized form of virtual currency, also commonly referred to as digital, electronic or crypto currency. While most smaller businesses aren’t yet accepting bitcoin or other virtual currency payments from their customers, more and more larger businesses are. And the

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