Article Highlights: Disaster Filing Relief Qualifying Disaster Areas Types of Returns That Qualify Applying for Additional Extension Time Payment Deadline Reminder Relief for Other Disaster Areas Considering recent natural disasters, the IRS extended the normal April 15 deadline for filing certain tax returns for some affected taxpayers until June 17, 2024. This extension aims to provide relief to individuals and businesses grappling with the aftermath of these events. Below, we outline the qualifying disaster areas, the types of returns that qualify for this extension, and how to apply for ad ..read more

Article Highlights: Why We Keep Recordso Audit Defenseo Amending Returnso Claiming Refundso Tax Basis Duration for Keeping Tax Recordso Federal Statute of Limitations on Tax Refundso Tax Return Omissionso Indefinite Retentiono Financially Disabled The Big Problem!o Stock Acquisition Datao Stock and Mutual Fund Statementso Tangible Property Purchase and Improvement Records The 10-Year Statute of Limitations on Collections Now that your taxes are complete and filed for last year, you are probably wondering what old tax records can be discarded. If you are like most taxpayers, you have records fr ..read more

You think planning a wedding ceremony is complicated? Wait till you see the possible tax issues involved. If you are getting married this year, there is a long list of things you need to be aware of and plan for before tying the knot that can have a significant impact on your taxes. Plus, there are several tax-related actions you'll need to take right after the wedding ..read more

Article Highlights: Why Kiddie Tax Unearned Income Exceptions Understanding Kiddie Tax Rules Strategies for Children with Earned Income Parental Election to Include Child's Unearned Income Strategies to Avoid the Kiddie Tax In an effort to prevent high-income parents from exploiting tax benefits by shifting their investment income to their children, who typically fall into lower tax brackets, the U.S. Congress introduced the "Kiddie Tax" in 1986. While not officially termed as such in the tax code, the Kiddie Tax effectively applies higher tax rates to the unearned income of certain children ..read more

June 17 - Employer's Monthly Deposit DueIf you are an employer and the monthly deposit rules apply, June 17 is the due date for you to make your deposit of Social Security, Medicare, and withheld income tax for May 2024. This is also the due date for the nonpayroll withholding deposit for May 2024 if the monthly deposit rule applies. June 17 - CorporationsDeposit the second installment of estimated income tax for 2024 for calendar year corporations. Weekends & Holidays: If a due date falls on a Saturday, Sunday or legal holiday, the due date is automatically extended until the next bu ..read more

June 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during May, you are required to report them to your employer on IRS Form 4070 no later than June 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

In the face of slowing economic times and rising labor costs, small and medium-sized businesses (SMBs) must find innovative ways to maintain profitability across all industries. One way to increase productivity and streamline day-to-day operations is to use artificial intelligence (AI) engines like ChatGPT. Although AI platforms can seem daunting to new users, with a little practice, you can become a power user in no time at all. This article explores how AI can help your business achieve more with fewer employees, reducing overhead without sacrificing quality or capacity. Integrating AI to Bo ..read more

Article Highlights: Taxation of Legal Settlementso Wrongful Deatho Emotional Distresso Previously Deducted Medical Expenseso Employment Discriminationo Age Discriminationo Punitive Damages Deductibility of Legal Feeso Personalo Businesso Allocations Supreme Court Ruling on Contingent Attorney Fees Navigating the taxation landscape of legal settlements and the deductibility of associated legal fees can be a complex endeavor. The Internal Revenue Service (IRS) has specific rules that govern how these financial transactions are treated for tax purposes. Understanding these rules is crucial for in ..read more

When tax season rolls around every year, many pet owners wonder if they can get a tax break for their furry companions – after all, 'pet parents' often consider their fur babies to be as much a part of the family as actual children. Pet expenses are big business in the United States. Charlotte NBC affiliate WCNC noted that Americans spent $109 billion on pets, pet services, and pet products in 2023. While the average pet owner won't qualify for tax deductions related to their pets, there are some exceptions worth exploring. Service Animals and Medical Expenses Service animals play a crucial ro ..read more

With political campaigns in full swing, you might be looking to donate to your campaign of choice. But are political contributions tax-deductible ..read more