2021 Q4 tax calendar: Key deadlines for businesses and other employers

The State and Local Tax (SALT) deduction cap, introduced under the 2017 Tax Cuts and Jobs Act, limits the amount of state taxes you can deduct on your federal return. For many pass-through business owners in the Midwest, this can result in a higher federal tax bill.

The Financial Crimes Enforcement Network (FinCEN) is tightening regulations to improve transparency in business ownership, primarily through the implementation of Beneficial Ownership Information (BOI) reporting requirements. These requirements are aimed at helping combat illicit financial activities by ensuring that accurate and current ownership information is available to law enforcement and other authorities. If you own 25% or more of a company or have significant control over it, it’s essential to understand how the new BOI reporting requirements apply to you, particularly if your business was established before January 1, 2024, or is a new venture launched in 2024.

As summer draws to a close, small business owners balance numerous responsibilities—wrapping up seasonal sales, reflecting on the past few months, and preparing for the busy fall ahead. Amid all this, one crucial task that shouldn’t be overlooked is tax planning. The end of summer is an ideal time for small businesses to review their tax strategies. By taking proactive measures now, you can set the stage for significant savings and ensure a seamless transition into the year-end tax season.

In recent years, many workers have become engaged in the “gig” economy. You may think of gig workers as those who deliver take-out restaurant meals,...

The IRS recently released guidance providing the 2024 inflation-adjusted amounts for Health Savings Accounts (HSAs). HSA fundamentals An HSA is a...

Many businesses use independent contractors to help keep their costs down — especially in these times of staff shortages and inflationary pressures....

Are you getting ready to retire? If so, you’ll soon experience changes in your lifestyle and income sources that may have numerous tax implications....

Whether you’re operating a new company or an established business, losses can happen. The federal tax code may help soften the blow by allowing...

If you itemize deductions on your tax return, you may wonder: What medical expenses can I include? The IRS recently issued some frequently asked...

If you’re thinking about setting up a retirement plan for yourself and your employees, but you’re worried about the financial commitment and...

If you’re buying or replacing a vehicle that you’ll use in your business, be aware that a heavy SUV may provide a more generous tax break this year...

Many businesses in certain industries employ individuals who receive tips as part of their compensation. These businesses include restaurants,...

If you have a child or grandchild in college — congratulations! To help pay for the expenses, many parents and grandparents saved for years in...

If your small business has a retirement plan, and even if it doesn’t, you may see changes and benefits from a new law. The Setting Every Community...

If you’re a parent or grandparent with college-bound children, you may want to save to fund future education costs. Here are several approaches to...

The Employee Retention Credit (ERC) was a valuable tax credit that helped employers that kept workers on staff during the height of the COVID-19...