Understanding Self Employment Tax
If you own a growing, unincorporated small business, you might find self-employment (SE) tax bills to be a significant concern. The SE tax ensures that Social Security and Medicare taxes […]
Category: Tax
Ohio Department of Taxation Issues Refund Error Notice
The Ohio Department of Taxation (ODT) has informed the OSCPA that a limited number of taxpayers received incorrect refunds or inflated credit carryforward amounts due to a system error. Refund […]
IRS Announces New Retirement Contribution Limits for 2025
The IRS has set new contribution limits for retirement plans in 2025, raising the cap for 401(k) plans to $23,500, up from $23,000 in 2024. Here’s a quick overview of […]
Building Retirement with a Solo 401(k)
If you’re self-employed and operate a small business without any employees (other than your spouse), a solo 401(k) plan is a great option for establishing a retirement plan. This plan […]
FinCEN Extends BOI Reporting Deadline for Hurricane Victims
Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) announced that victims of Hurricanes Milton, Helene, Debby, Beryl, and Francine will have an additional six months to […]
Prepare for 2025: Social Security Wage Base Set to Increase
As 2025 approaches, there are important changes to the Social Security wage base. The Social Security Administration recently announced that the wage base for calculating Social Security tax will increase […]
Beware of Charity Scams Following Natural Disasters
Following natural disasters like Hurricanes Milton and Helene, many feel compelled to help those affected by donating to charities. Unfortunately, scammers often exploit this generosity by creating fraudulent organizations. The […]
Preparing for and Responding to an IRS Audit
The IRS is ramping up its audit efforts, targeting large businesses and high-income individuals. By 2026, the agency plans to nearly triple its audit rates for large corporations with assets […]
Manufacturers: Start Year-End Tax Planning Now
As the year comes to a close, manufacturers have the opportunity to implement year-end tax planning strategies to help reduce their 2024 tax liability. Several provisions of the Tax Cuts […]
Benefits of Separating Business and Real Estate Ownership
Does your business rely on real estate for operations, or do you currently hold property in your business’s name? It may be time to reconsider this approach. Separating the ownership […]
2024 Q4 Tax Deadlines: Key Filing Dates Every Business Must Know
Below are some of the key tax deadlines that businesses and employers need to be aware of for the fourth quarter of 2024. However, note that this list is not […]
Do You Know When Your Nonprofit’s Debt-Financed Income is Subject to Tax?
If your nonprofit has investment income, dividends, interest, rents and annuities, they’re generally excluded when calculating unrelated business income tax (UBIT). However, income from debt-financed property typically is taxable. So […]
