Family businesses make up a huge percentage of companies in the United States and produce much of the country’s gross domestic product. Often defined as companies that are majority owned by a single family with two or more members involved in their management, family businesses can be a significant source of wealth. However, for [...]
Despite the robust job market, some people are still losing their jobs. If you’re laid off or terminated from employment, taxes are probably the last thing on your mind. However, you may face tax implications due to your changed personal and professional circumstances. Depending on your situation, these can be complex and require you to [...]
July 10 Employees must report June tip income of $20 or more to employers (Form 4070). July 31 Employers must report income tax withholding and FICA taxes for second-quarter 2023 (Form 941) and pay any tax due. July 31 Employers must file a 2023 calendar-year retirement plan report (Form 5500 or Form 5500-EZ) [...]
Sadly, many businesses have been forced to shut down recently due to the challenges of the economy, including the supply chain. If this is your situation, we can help you meet the various tax responsibilities that go with closing a business. Of course, a business must file a final income tax return and some [...]
The volatility in the stock market may have caused the value of your retirement account to decrease. But if you have a traditional IRA invested in stocks, a decline may provide a valuable opportunity by allowing you to convert your traditional IRA to a Roth IRA at a lower tax cost. TRADITIONAL VS. ROTH Here [...]
5 Things You Should Do Every Time You Open QuickBooks Some habits are good. Here are five of them that will keep you in the know about your financial status in QuickBooks. Usually when people talk about habits, they’re trying to find ways to break bad ones. Sometimes it’s difficult to even trace them back [...]