Note that we are noticing more and more of our colleagues having overseas help as a way to reduce cost in some cases and others because of the lack of accounting and tax professionals in the United States. As of the date of this post, we do not outsource our accounting and tax preparation to
From mid October 2024, Delaware businesses with 5 or more employees will have to register by 10/15/24 in the Delaware EARNS (Expanding Access for Retirement and Necessary Saving) website. You could be exempt if you already offer a tax qualified retirement plan to the employees, such as 401k plan or similar. The employee can opt
If you have kids under 13 that have after (or before) school activities (i.e. soccer, basketball, dance, etc.), daycare, or even summer camp, you might be entitled to a tax credit when you file your taxes. You will need to get some information to claim that tax credit like a) name of the institution or
In July 2024, the IRS released several warnings on widespread scams and misleading claims on the Self Employment tax credit. The IRS is taking a proactive communication approach and raising awareness of scams, fraud and other misleading information on social media and by different promoters. Clean Energy Tax Credit – In the IR-2024-182, the
If you are covered by an Health Savings Account HSA eligible plan, then, you can make pre-tax contributions to a medical savings account for future health related expenses. The growth of these funds are tax free and if used for its medical purpose, the withdrawal is not taxable. However, if not used for the right
As you might be aware, taxpayers are leaving States with double digit State income taxes like California, Hawaii, New Jersey, New York and the District of Columbia for more tax friendly States like Texas and Florida in 2023 as described in the Tax Foundation article. Based on Wirepoints data, if we go back to 2020
Our colleagues from NJ SBDC have posted the Mid-year Financial review seminar from mid-June 2024 in Youtube. We highly recommended checking the amazing video library of this organization as it has over a hundred and fifty recording on different topics relevant to any business owner. What You'll Learn from this presentation: - Key tax changes
In mid June 2024, Victor Garrido attended an IRS conference "Working Together" where the IRS made presentations on several topics. One of the latest pain points shared by the agency was the elevated number of scams and fraud activities conducted through: phone calls to taxpayers, especially elder citizens that might have dementia, Alzheimer, or other
Dive into the essential 2024 tax updates in this Presidential election year and Beneficial Ownership Interest (BOI) requirements to keep your business compliant and penalty-free! Join our friends at NJ SBDC this next Thursday, June 13th at 12 PM EST for our next event, "Mid-Year Financial Review: Tax Changes & BOI Compliance in 2024", a
If you are a visual person, probably, you are aware of Visual Capitalist, a website that contains great graphics in almost any topic (i.e. Economy, Wealth, Automotive, Healthcare, etc.). This website is always posting interesting graphs, tables and other visual elements. Recently, they posted two tax related ones that are worth mentioning: 1) What Frustrates
