Understanding your company's journey from inception to maturity is not optional if you want to have a successful career as a business owner. The business life cycle, a concept thoroughly explored by experts in corporate finance, serves as an essential roadmap for entrepreneurs and owners of small to medium-sized businesses (SMBs). This guide walks you through the stages of launch, growth, shake-out, maturity, and decline, offering tips that can influence your strategic decisions and operational adjustments at any stage. The Launch Phase: Planting the Seeds of Success Every business begins with ..read more

May 10 - Social Security, Medicare and Withheld Income Tax File Form 941 for the first quarter of 2024. This due date applies only if you deposited the tax for the quarter in full and on time. May 15 - Employer's Monthly Deposit Due If you are an employer and the monthly deposit rules apply, May 15 is the due date for you to make your deposit of Social Security, Medicare, and withheld income tax for April 2024. This is also the due date for the nonpayroll withholding deposit for April 2024 if the monthly deposit rule applies. Weekends & Holidays:If a due date falls on a Saturday, Sunday or ..read more

May 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during April, you are required to report them to your employer on IRS Form 4070 no later than May 10. Your employer is required to withhold FICA taxes and income tax withholding for these tips from your regular wages. If your regular wages are insufficient to cover the FICA and tax withholding, the employer will report the amount of the uncollected withholding in box 8 of your W-2 for the year. You will be required to pay the uncollected withholding when your return for the year is fil ..read more

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 legal compliance. The temptation to cut corners, especially in employment taxes, can be a pitfall with severe consequences.  Here, we will examine employment tax evasion schemes, educating SMB owners like you about the i ..read more

Employees should become familiar with and take advantage of the tax- and financially-favored benefits offered by their employers. These perks may include tax-free health insurance coverage, matching contributions to retirement plans, tax-free education assistance, and more ..read more

Article Highlights: Credit For Childcare Credit Percentage Child Qualifications Employment-Related Expense Taxpayer Earnings Limits Full-Time-Student or Disabled Spouse Qualifying Care Other Facts and Issues Tactic for Maximizing Credit Many parents who work or are actively looking for work must arrange for care of their children after the school day ends, on weekends when they get called in to work, and during school vacations. If you are in this situation, and your children requiring care are under 13 years of age (or any age if handicapped), you may qualify for a tax credit that can reduce ..read more

Selling a property you have owned for a long period of time will frequently result in a large capital gain, and reporting all of the gain in one year will generally expose the gain to higher than normal capital gains rates and subject the gain to the 3.8% surtax on net investment income. Capital gains rates: Rather than being tax at ordinary income tax rates, that currently can be as high as 37%, long-term capital gains (LTCG) can be taxed at 0%, 15%, or 20% depending upon your overall taxable income for the year. 'Long-term' means that you've owned the property you sold for over one year. In ..read more

As parents, ensuring the financial security of our children is paramount. One effective tool for this is a custodial account, a financial mechanism designed to hold and protect assets for minors until they reach adulthood. In this article, we will explore what custodial accounts are, how to set them up, and why they're a crucial part of planning for your child's financial future. What is a Custodial Account? A custodial account is a financial account established by an adult on behalf of a minor. There are two main types: the Uniform Transfers to Minors Act (UTMA) account and the Uniform Gifts ..read more

Article Highlights: COVID 2020 Economic Impact Payments Recovery Rebate Credit Credit Refund Is About to Expire $1,200 for Single Taxpayer and $2,400 for Married Couples plus $500 for Dependents. How To Claim the Credit if Not Previously Received Qualifications Filing Deadline for Refund is May 17, 2024 Background: In response to the economic fallout from the COVID-19 pandemic, the U.S. government enacted several measures to provide financial relief to Americans. Among these measures were the Economic Impact Payments (EIPs), also known as stimulus checks. These payments were part of broader le ..read more

In a move that could significantly shape the direction of Chicago's future housing policies, voters resoundingly rejected Mayor Brandon Johnson's proposal to impose a tax hike on real estate transactions exceeding $1 million. The 'Mansion Tax' measure, aimed at channeling funds into combating homelessness and supporting affordable housing initiatives, faced opposition from just over half of the electorate, dealing a setback to the first-term Democrat's progressive agenda. Bloomberg referred to the rejection as a 'blow' to 48-year-old Johnson. Voters' stance on this issue also highlights Johnso ..read more