As we approach the tax filing deadline, the IRS has provided an array of tips to aid taxpayers in avoiding errors and speeding up potential refunds. From collecting tax-related paperwork such as Forms W-2 and 1099, to understanding the importance of correct filing status and reporting all taxable income, these tips serve as a comprehensive guide to an efficient tax filing process.
The Minnesota Secretary of State’s office has announced an exciting opportunity for Minnesota-based entrepreneurs, researchers, inventors, and small business owners. The MN Cup, organized by the University of Minnesota, is a competition designed for companies with less than $1 million in annual revenue. The competition offers free education, mentorship, promotional opportunities, and seed funding for those that advance.
Holding companies offer benefits such as tax efficiency, liability protection, and privacy, but they also present challenges and complexity. This article provides an overview of what holding companies are, how they work, and their pros and cons.
Fraudsters create imposter social media pages and accounts using Social Security-related images and jargon, making them appear as if they’re associated with or endorsed by the Social Security Administration. Learn how to identify these scams.
Explore the impact of a recent legal shift that broadens the scope of self-employment taxes, including limited partners and gig workers. Learn how everyday activities could land you in the self-employment tax bracket and how to avoid potential penalties.
Explore two popular retirement plans, SEP IRA and Solo 401(k), for the self-employed in this overview, focusing on their benefits, drawbacks, and the strategic considerations for choosing between them. Learn about higher contribution limits, flexibility, and tax advantages these plans offer. Get insight into which plan best fits your retirement goals and business structure.
The U.S. Department of Labor's new rule reinstates the "economic reality test" for distinguishing employees from independent contractors and underscores the significant legal and financial consequences of misclassification. This article provides an overview of the rule, its implications, and the steps employers must take to ensure their worker classifications are under the updated guidelines.
Discover how the IRA's expanded energy tax credits offer substantial incentives for a range of projects, from solar power to energy storage. Delve into the specifics of these credits and learn how these changes can benefit project developers and innovators in the energy sector.
Starting January 1, 2024, new federal reporting requirements will mandate many U.S. companies to report their beneficial ownership information to the Financial Crimes Enforcement Network. This article provides crucial details about who needs to report, how to report, and the deadline for submissions. Beware of third-party companies offering fee-based services for these free filings.
Stay ahead with our end-of-year tax update for 2023, providing the latest IRS news and strategic moves you need to know. Discover key information to help you navigate your taxes efficiently and effectively.
Starting in 2024, tax credits for electric vehicles could be transferred to dealers, reducing the vehicle's purchase price. The proposal aims to expand EV adoption by offering immediate financial benefits and broadening the pool of eligible consumers.
As more companies embrace remote work, employers need to be aware of the various rules and regulations that can apply to remote employees. The implications of remote work crossing state lines can be complex and, if not properly managed, may create significant administrative burdens or legal problems for employers. Learn about key considerations for managing remote workers across state lines.
Discover the benefits of Health Savings Accounts (HSAs) and how they can help you save on taxes while covering your medical expenses. Learn about the increased contribution limits for 2024 and maximize the potential rewards of this often-underutilized healthcare savings tool.
Protect your nonprofit organization from financial crises with these expert tips for board members and directors. Discover the warning signs of financial mismanagement and how to prevent them.
