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) [...]
Stock market and interest rate uncertainty may cause some investors to turn to bonds. Perhaps the most “user friendly” bond is a U.S. government savings bond. Buying one means you’re essentially lending the federal government money under certain terms, in exchange for a future return. U.S. savings bonds don’t offer as high a yield as [...]
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 [...]
Two tax benefits are available to offset the expenses of adopting a child. In 2023, adoptive parents may be able to claim a credit against their federal tax for up to $15,950 of “qualified adoption expenses” for each child. That’s a dollar-for-dollar reduction of tax. Also, in 2023, adoptive parents may be able to [...]
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 [...]