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As we approach 2025, changes are coming to the Social Security wage base. The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $176,100 for 2025 (up from $168,600 for 2024).
This is true if you plan to do business there, but keep in mind it’s rarely advantageous for out-of-state businesses to incorporate somewhere other than their home state; taxes accrue where you do business, not where you incorporate. You can also elect to be taxed as an S-corp or C-corp.
The post Top Remote Accountants of the Week | January 17, 2025 appeared first on Going Concern. About the Author: Liz Branch is the COO of Accountingfly. Don’t hesitate to reach out to liz@accountingfly.com.
The relief provided in IR-2024-205 postpones various tax filing and payment deadlines that occurred beginning on August 1, 2024, in Florida, August 4, 2024, in Georgia and South Carolina, and August 5, 2024, in North Carolina – the postponement period.
Despite bipartisan support, no final solution has emerged as of 2025. The New Administration and Republican-Controlled Congress: What Lies Ahead In 2025, we have a new administration and a Republican majority in Congress. Additionally, early-stage companies can opt to apply the credit against payrolltaxes (up to $250,000 per year).
The post Top Remote Accountants of the Week | January 30, 2025 appeared first on Going Concern. About the Author: Liz Branch is the COO of Accountingfly. Don’t hesitate to reach out to liz@accountingfly.com.
The tax relief postpones certain tax filing and payment deadlines that started as early as September 22, 2024, to May 1, 2025. May 1, 2025 2024 Form 1065 March 15, 2025 *Postponement date would allow a proper extension until October 30, 2025. What does the filing and payment relief apply to?
States eye workforce as a legislative priority for payroll The majority of state legislatures began their legislative sessions this January. A flurry of bills is being proposed in the payroll space — many having to do labor and employment. per hour to $15 per hour by 2025. Rhode Island. West Virginia.
The IRS on Tuesday announced disaster tax relief for all individuals and businesses affected by Hurricane Helene, including the entire states of Alabama, Georgia, North Carolina, and South Carolina, as well as parts of Florida, Tennessee, and Virginia. In all of these states, the relief period ends on May 1, 2025 (postponement period).
The post Top Remote Tax and Accounting Candidates of the Week | March 13, 2025 appeared first on Going Concern. About the Author: Liz Branch is the COO of Accountingfly. Don’t hesitate to reach out to liz@accountingfly.com.
The Internal Revenue Service is offering tax deadline relief for individuals and businesses in the entire state of Louisiana, affected by Tropical Storm Francine that began on Sept. 3, 2025, to file various federal individual and businesstax returns and make tax payments. 3, 2025 (postponement period).
Key provisions include: Increased Refundable Portion : The refundable portion of the child tax credit will gradually increase over the years 2023-2025, offering more financiaTax assistance to families. Inflation Adjustment : Starting in 2024, the child tax credit will be adjusted for inflation to keep up with the rising cost of living.
4—Federal officials have announced tax relief for people and businesses in the Yakama Nation affected by summer wildfires that began June 22. 3, 2025, to file various federal individual and businesstax returns and make tax payments, according to a news release from the IRS. (TNS) Oct. 16, and Jan.
It isn’t always clear, particularly to a new business owner, as to what the various documents from Revenue Canada or Revenue Quebec relate to., for example payroll remittances are referred to as deductions at source). which often contains jargon that requires decoding.
. > IRS Updates FAQs on Form 1099-K < As a matter of business operations, filing 1099 forms falls into the accounts payable arena, while W2 forms would generally be managed by the payroll team. Users can also easily make corrections update values, save it, and Avalara will re-file the information forms with the IRS.
As we approach the new year, it will be time soon to start working on everyone’s favourite activity i.e. getting your tax stuff in order :). Below are the deadlines that all small businesses need to know for 2024. Download our free Canada unincorporated businesstax deadline calendar for 2024 (both Federal and Quebec).
Filing taxes as a small business owner can be complex, with numerous factors to consider. From tax law revisions to the overwhelming number of forms, understanding your small businesstax rate and how to file can be difficult. Your business entity type and preferred filing status will also affect your tax rate.
Single-Sales Factor (SFS) Apportionment Tennessee aligns itself with more than 30 states by adopting the SSF apportionment for franchise and excise tax purposes, to be implemented over a three-year transition period. property, payroll, three times receipts with a denominator of five) that applied to tax years ending before December 31, 2023.
Before I get to those things, let me make a quick plug for getting on my calendar because businesstax deadlines are coming and last-minute action is NOT a good strategy for keeping your Mount Vernon business compliant and tax-light. Most businesses formed before 2024 have until Jan. more workers.
“Employer” means any person or entity engaged in a for-profit or non-profit business conducting activities in New Jersey. Employers must offer it to employees through payroll deduction unless they have an alternative plan. Comply by August 15, 2025. Overview: How Does It Work? RetireReady NJ is a Roth IRA. Employees can opt out.
The Internal Revenue Service announced today tax relief for individuals and businesses in parts of California affected by severe storms and flooding that began on Jan. These taxpayers now have until June 17, 2024, to file various federal individual and businesstax returns and make tax payments.
While many businesses would like to limit their 174 R&E capitalization to the same expenditures utilized for the research credit, Section 174 R&E expenditures include direct and indirect expenditures.An Let’s Chat The post Do You Need Help With 174? appeared first on Withum.
Due dates for businesstaxes can change from year to year based on a variety of factors, including weekends and federal holidays. So, if you’re wondering when are taxes due in 2024, you’re asking the right question at the right time. Missing these tax payment deadlines might result in penalties or interest charges.
The Act delays the IRC §174 R&E capitalization requirement until the taxable year starting after December 31, 2025. And even though the Act would only extend §174 immediate expensing through 2025, it gives companies a longer runway to plan accordingly. policy would never penalize businesses conducting R&E in the U.S.,
While business leaders and accountants would like to believe that federal tax reform will be the priority issue for congressional leaders after the November elections, tax reform may need to be placed to the side until the U.S. In addition, the surge is projected to boost economic activity and, in turn, tax revenues.
Let’s go over a few summertime tax tips for payroll professionals this season: 1) Interns. in 2025, and a base rate of $16.00 The TRD recommends that taxpayers use one of the special payment methods even if their tax liability was less than $25,000 per month but use of these payment methods is not required for those taxpayers.
The IRS said this week that individuals and businesses in 67 Texas counties affected by Hurricane Beryl now have until Feb. 3, 2025, to file various federal individual and businesstax returns and make tax payments. As a result, affected individuals and businesses will have until Feb. 16, 2024, and Jan.
Because of hurricanes Debby, Helene, and, most recently, Milton, all taxpayers in Florida now have until May 2025 to file individual and businesstax returns and make tax payments, the IRS announced on Friday. 10—individuals and businesses in 51 counties will receive disaster tax relief. Lucie counties.
Below are the deadlines that all small businesses/sole proprietors need to know for 2025. Coming Soon: Download your free Canada unincorporated businesstax deadline calendar for 2025 (both Federal and Quebec). QST (TVQ) returns for 2024 are due by June 16th, 2025 for those who are required to file annually.
The deadline for submitting the San Francisco Gross Receipts Tax return is quickly approaching on February 28, 2025. Before calculating the first quarterly payments for 2025, consider the changes enacted by voters in 2024 as part of Proposition M. The small business exemption threshold increased from $2.25
While filing paperwork with the relevant tax authorities is probably not your idea of a great time, the certainty of the requirements and deadlines can feel reassuring right now. Here are some things your business needs to do in the coming year, no matter how things shift. If youre completing a paper filing, its due February 28, 2025.
As your go-to tax pro whos on the roller coaster ride with you, let me assure you that I will do anything I can to help prepare your Skagit County businesstax-wise for whats coming. Let me briefly address some 2024 trends that could bring potential 2025tax changes at the local and state levels across the country.
Blog home A recent report from the nonpartisan Tax Foundation unveiled substantial differences in unemployment insurance (UI) tax rates and structures across the United States. The 2025 State Tax Competitiveness Index offers a detailed examination of each state’s tax system, with a focus on UI taxes.
The California wildfires that broke out on January 7, 2025, have caused tremendous devastation to individuals and businesses alike. The fires have destroyed more than 12,000 homes and businesses and more than 180,000 people were under evacuation orders during the worst of it.
My aim today is simple: Offer your Skagit County business clarity with this presidential transition. BusinessTaxes2025 In Your Skagit County Business Under Trump “The only limit to our realization of tomorrow will be our doubts of today.” If it stays, your 2025taxes (and beyond) will continue to benefit.
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