Category: Business

Start Off on the Right Foot for the 2023 Tax Year

Article Highlights:W-4 UpdatesW-9 CollectionEstimated Tax PaymentsCharitable ContributionsRequired Minimum DistributionsGiftingRetirement-Plan ContributionsBeneficiariesReasonable CompensationBusiness-Vehicle MileageCollege-Tuition PlansIndividuals and small businesses should consider various ways of starting off on the right foot for the 2023 tax year. W-4 Updates – If you are employed, then your employer takes the information from your Internal Revenue Service (IRS) Form W-4 and applies it […]

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Important Info for S-Corp Shareholders and Partnership Partners

Article Highlights:Schedule K-2 and K-3 Filing RequirementsBackgroundFast Forward to the PresentDomestic Entity K-2/K-3 Filing ExceptionPartner or Shareholder NotificationWhere You Play a RoleForm 1116 – Foreign Tax Credit Filing ExceptionForm 1116 Exception Entity NotificationThere is an important issue related to filing the 2022 S-corporation (Form 1120-S) and partnership (Form 1065) tax returns that requires the cooperation […]

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Tax Benefits of Seasonal Family Employment

Article Highlights: Employing a ChildChild Payroll TaxesFUTA Tax for a ChildChild IRA ContributionsChild Tax-Free IncomeSpouses Working in the Same BusinessPartnershipSpousal Joint VentureSpouse EmployeeSeasonal times of the year bring a lot of extra work for many family-run businesses, which may require putting the kids to work and having a spouse help out over the busy time. […]

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