June 2024 Business Due Dates

June 17 – Employer’s Monthly Deposit Due If you are an employer and the monthly deposit rules apply, June 17 is the due date for you to make your deposit of Social Security, Medicare, and withheld income tax for May 2024. This is also the due date for the nonpayroll withholding deposit for May 2024 […]

June 2024 Individual Due Dates

June 17 – Estimated Tax Payment Due It’s time to make your second quarter estimated tax installment payment for the 2024 tax year. Our tax system is a “pay-as-you-earn” system. To facilitate that concept, the government has provided several means of assisting taxpayers in meeting the “pay-as-you-earn” requirement. These include:  When a taxpayer fails to […]

Say Sayonara to Manual Transaction Entry in QuickBooks Online

Ditching manual transaction entry should be your number one priority now that QuickBooks Online streamlines the process of importing transactions from your bank. When you manually input transactions, you open the door to data transposition errors, potentially leading to inaccuracies in customer billing, reports, and taxes. Plus, it’s a time-consuming task that eats into hours […]

Gift and Estate Tax Primer

The tax code places limits on the amounts that individuals can gift to others (as money or property) without paying taxes. This is meant to keep an individual from using gifts to avoid the estate tax that is imposed upon the assets owned by the individual at their death. This can be a significant issue […]

Purr-fect Savings: The Secrets of Pet Tax Deductions

When tax season rolls around every year, many pet owners wonder if they can get a tax break for their furry companions – after all, “pet parents” often consider their fur babies to be as much a part of the family as actual children.  Pet expenses are big business in the United States. Charlotte NBC […]

How Health Savings Accounts Can Supercharge Your Tax Savings

In the labyrinth of financial planning and tax-saving strategies, Health Savings Accounts (HSAs) emerge as a multifaceted tool that remains underutilized and often misunderstood. An HSA is not just a way to save for medical expenses; it’s also a powerful vehicle for retirement savings, offering unique tax advantages. This article delves into who qualifies for […]

The IRS is Tackling Tax Evasion with AI

As the current tax season continues, the Internal Revenue Service (IRS) has ushered in a new era of tax enforcement thanks to the power of artificial intelligence (AI). AI tools have taken nearly every industry by storm recently, and even federal tax authorities have realized that these resources can be invaluable in catching tax evaders.  […]

Payroll Management: A Complete Guide for SMBs

Payroll taxes can be a significant headache for many small—to medium-sized business owners. Without proper education, entrepreneurs can find themselves in trouble with the IRS and state tax agencies. Fortunately, if you’ve been struggling with payroll taxes, you’re in the right place.   This guide will help you understand and manage payroll taxes effectively to ensure […]

Proving Noncash Charitable Solutions

Tax legislation passed in late 2017 nearly doubled the standard deduction for years 2018 through 2025, and now about 90% of individuals filing a tax return are taking advantage of the higher standard amount and are not itemizing their deductions. For the 10% of filers still itemizing, one of the most common tax-deductible charitable contributions […]