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 […]
Post Author: David Reape CPA
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 […]
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 […]
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 […]
Business Taxation: What Lies Ahead?
Get ready: The upcoming presidential and congressional elections may significantly alter the tax landscape for businesses in the United States. The reason has to do with a tax law that’s […]
Tax Responsibilities When Closing a Business
While many facets of the economy have improved this year, many factors have caused businesses to close their doors. If this is your situation, we can help you, including taking […]
Beware of Tax Scams on Social Media
Social media often takes the blame for spreading misinformation, sometimes for good reason. Recently, the IRS issued a warning to both individual and business taxpayers about false claims regarding various […]
Do You Need a Buy-Sell Agreement?
Are you buying a business that will have one or more co-owners? Or do you already own one fitting that description? If so, consider installing a buy-sell agreement. A well-drafted […]
The Tax Consequences of Selling Business Property
You need to be aware of the tax implications of selling property used in your trade or business. Many complex rules can potentially apply. To simplify this discussion, let’s assume […]
2024 Q3 Tax Calendar: Key Deadlines for Businesses and Other Employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2024. Keep in mind that this list isn’t all-inclusive, so there may […]
