Aug 20, 2024 | Tax Planning
The post below was originally posted on the blog for Liljenquist Law. In estate planning, the topic of estate tax will often come up. See below for details on this tax. Federal Estate Taxes The IRS levies an estate tax on the assets of high net-worth individuals....
Apr 4, 2023 | Tax Planning
Many people associate April 15th as the tax deadline. And it certainly is, in a sense, but the IRS offers an extension that many people don’t know about. April 15th (April 18th for the 2023 filing season) is the deadline for paying taxes. However, it is not...
Feb 7, 2023 | Small Business Accounting, Tax Planning
Are you unsure what you can deduct as a business owner? Below is a list of common deductions. However, they are in no way an exhaustive list. The IRS allows you to deduct “ordinary and necessary” expenses for your business. So, if the deduction...
Dec 1, 2020 | Small Business Accounting, Tax Planning
Simply put, self-employment tax (SE tax) is Social Security and Medicare taxes paid by individuals who work for themselves. If you are self-employed as a solopreneur (aka sole proprietor), freelancer, or independent contractor, you will owe SE tax if you make at least...
Mar 27, 2020 | Small Business Accounting, Tax Planning
The CARES Act is an estimated $2 Trillion bill that provides aid to several different sectors of the economy. Below are some details on a few of the provisions relating to individuals and small businesses. Individual Provisions Stimulus Payments The bill...
Mar 25, 2020 | Small Business Accounting, Tax Planning
Updates to IRS 2020 Deadlines COVID-19 & the Coronavirus pandemic have delayed the filing deadline for tax returns this year. Until recently, many questions about the details of this announcement were left unanswered. The IRS has clarified some of these issues....
