December 15 – Corporations The fourth installment of estimated tax for 2025 calendar year corporations is due. December 15 – Social Security, Medicare and Withheld Income Tax If you are an employer and the monthly deposit rules apply, December 15 is the due date for you to make your deposit of Social Security, Medicare, and […]
December 1 – Time for Year-End Tax Planning December is the month to take final actions that can affect your tax result for 2025. Taxpayers with substantial increases or decreases in income, changes in marital status or dependent status, and those who sold property during 2025 should call for a tax planning consultation appointment. December […]
When Change Hits Your Business, So Do Tax Consequences In business, change is constant. You start strong, add partners, grow fast, face challenges, and eventually think about what’s next. Each of those turning points—what we’ll call “life events”—comes with tax and financial ripple effects that are easy to overlook in the moment. From new partnerships […]
Tax time is just around the corner, and if you are like most taxpayers, you are probably facing the ominous chore of compiling records in preparation for your tax appointment—whether in person, by videoconference or telephone. The difficulty of this task depends upon how well you maintained your tax records throughout the year. No matter […]
Year-end is rapidly approaching, as are the holidays. So, before you become distracted with the seasonal celebrations, it may be in your best interest to consider year-end tax moves that can benefit you for your 2025 tax filing. Here are last-minute tax issues you might consider: Not Needing to File a 2025 Return? – If your income […]
November 10 – Social Security, Medicare and Withheld Income Tax File Form 941 for the third quarter of 2025. This due date applies only if you deposited the tax for the quarter in full and on time. November 17 – Social Security, Medicare and Withheld Income Tax If you are an employer and the monthly […]
November 10 – Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during October 2025, you are required to report them to your employer on IRS Form 4070 no later than November 10. Your employer is required to withhold FICA taxes and income tax […]
Qualified Charitable Distributions (QCDs) are a highly effective tool in the tax planning toolkit, particularly for retirees who must take Required Minimum Distributions (RMDs) from their Individual Retirement Accounts (IRAs). By directing a portion or all of an RMD directly to a charity, taxpayers can potentially reduce their taxable income significantly, yielding multiple tax advantages. […]
Receiving proceeds from a lawsuit settlement can significantly impact your financial situation, and understanding the tax implications is crucial for effective financial planning. The Internal Revenue Service (IRS) provides comprehensive guidelines on how to determine the taxability of different components of a settlement, which can include compensation for physical injuries, emotional distress, lost wages, attorney […]
In a move set to redefine the refund process, the Internal Revenue Service (IRS), in collaboration with the U.S. Department of Treasury, has announced the gradual phasing out of paper tax refund checks starting September 30, 2025, as mandated by Executive Order 14247. This transition to electronic refunds marks a significant shift aimed at modernizing […]