Dollar Limits Flyer for 2025
2025 Dollar Limits Flyer Click the link above to download a listing of tax and payroll-related dollar limits adjusted for 2025
Year End 2024: Payroll Action Items
Now is the time to finish up these year-end tasks if you haven't already! Confirm employee addresses for W-2 delivery. Gather health insurance coverage information for W-2s. If your business files 250 or more W-2 forms, you're required to include the cost of group health insurance in Box 12. This includes both employer- and employee-paid premium amounts. This is information…
Year-End 2024: Non-Payroll Action Items
Yep, here we are again. If you're an elf with accounting responsibilities, now is the time to put your gingerbread house in order so you're ready for year-end reports. Here's your action item list: Forms 1099 There are multiple types of 1099s - each with a different purpose. Here's the list in alphabetical order (click on each one for the…
A Medicare Primer
Many of us are anxiously awaiting retirement. We have visions of doing whatever we want whenever we want to do it, right? But we also know that we'll need money to live in the manner to which we've become accustomed. That's where Social Security and Medicare come in - the safety nets that provide us with a foundation of income…
When is a Business Expense Not a Business Expense?
In order to be tax-deductible, a business expense must be both ordinary and necessary. An ordinary expense is one that is common and accepted in your field of business. A necessary expense is one that is helpful and appropriate for your business. What does that look like in practical terms? Rule #1 - Remember that you and your business are…
Records Retention Guide for Businesses
How long should I keep my tax return? How long do I need to keep backup documentation for my business purchases? These are questions we hear all the time, which is why we've put together this Records Retention Guide for Businesses. It goes hand in hand with our Records Retention Guide for Individuals, which you can view by clicking here…
Beneficial Ownership Information Reporting is Due in 2024
Beneficial ownership information (BOI) reporting is required for most businesses in 2024. It's part of the US government's efforts to make it harder for criminals to hide through shell companies or other opaque ownership structures. How to Report Reporting is done through the BOI E-Filing website, which opened January 1, 2024. Companies in existence before 2024 will have until January 1,…
What to Know About 2023 Required Minimum Distributions (RMDs)
The rules regarding required minimum distributions (RMDs) have been somewhat flexible over the past few years due to the pandemic as well as SECURE Act 2.0 which passed at the end of 2022. Here's some recent guidance and clarification from the IRS that affects account owners whose first RMD was in 2023: First, some background info . . . Traditional…
Year-End Data Gathering for 2023 Forms W-2
As the end of 2023 quickly approaches, it's time for businesses to start gathering data that needs to be reported on Forms W-2. Here's a list of things to be aware of: Personal Use of Company Vehicles - If your employees drive a company-owned or leased vehicle and use it for personal reasons, you'll need to account for that as…
Topics of Interest for Self Employed Individuals, Real Estate Professionals, and Small Business Owners
We recently met with our friends at Stephens Real Estate. We enjoyed fielding questions and providing information on several topics. Some of these had accompanying resources we have linked below. These are, of course, general resources. Contact your tax professional for guidance associated with your specific circumstances. Small Business Expensing under Code Section 179 Business Tax Deductions You Might Miss…