Planning for retirement is a crucial element of ensuring your financial security, especially if you’re self-employed or a business owner. Your retirement strategy isn’t just about saving money for your golden years; it involves making the right decisions to maximize your savings and tax advantages. Two widely-used options for individuals in this category are the…
Staying on top of your LLC’s tax deadlines is crucial for keeping your financial house in order. In 2024, the timing of your federal tax filing depends on your LLC’s tax classification. Missing these deadlines can lead to penalties, so it’s essential to understand and plan accordingly. Dive into our guide for expert advice on…
The Internal Revenue Service (IRS) has recently made an important announcement regarding changes to the Form 1099-K reporting threshold for third-party payment organizations, such as payment apps and online marketplaces. In response to feedback from taxpayers, tax professionals, and payment processors, the IRS has delayed the implementation of the new $600 reporting threshold until tax…
Starting on January 1, 2024, over 30 million businesses, including U.S. corporations, limited liability companies (LLCs), and foreign entities operating in the United States, will face new obligations under the Beneficial Ownership Information (BOI) Reporting requirement. In this guide, we will thoroughly explore the specifics of BOI reporting, exemptions provided by the CTA, and the…