With a new year comes a new opportunity to plan better and save on your taxes, allowing you to focus on meeting your business objectives and having a stress free tax return season
With a new year comes a new opportunity to plan better and save on your taxes, allowing you to focus on meeting your business objectives and having a stress free tax return season
Visit our business tax deductions calculator to help you understand the deductions your business is eligible for.
These year-end tax planning tips can also help you get the ball rolling on putting effective strategies in place for the year ahead for your business.
If you’re self-employed or have other income that requires you to pay quarterly estimated taxes, you need to get them postmarked by January 15, 2024 or pay online.
Businesses with employees must send staffers W-2 forms to report wages paid and taxes withheld. Businesses making use of independent contractors must also send certain 1099 forms to report money paid to them.
If your company operates on a calendar year, this date should serve as your company’s deadline to allow your accountant time to prepare your taxes for the March 15 deadline.
If your company operates on a calendar year, no later than March 1 is a good time to submit your documents to your accountant, so they have enough time to prepare your return.
S-Corporations, Partnerships and multi-member LLCs that operate on a calendar year must submit their income tax returns by March 15 2024, using IRS Form 1065 or 1120S.
March 15 is also the deadline to file for an extension for S-Corp and Partnership tax returns.
If your company operates on a calendar year, you need to file IRS Form 1120 by this date. If you require an individual tax return extension for 2024, you must submit IRS Form 4868 by no later than April 15, to request this extension.
If you’re self-employed or have other income that requires you to pay quarterly estimated taxes, you must get your Form 1040-ES postmarked by this date.
If you haven’t already funded your retirement account for 2023, do so by April 15, 2024 – this is the deadline for the contribution to a traditional IRA, deductible or not, and a Roth IRA as well as HSA contributions.
If you’re self-employed or have other income that requires you to pay quarterly estimated taxes, make sure your payment is postmarked by this date.
If your company operates on a calendar year, your extension deadline is September 16 2024, and now would be a good time to start preparing for it.
C-Corporation and Individuals who applied for an extension should submit supporting documents to their accountant. The extension deadline is no later than October 15 and your accountant needs time to prepare your tax return.
Submit IRS Form 1120S or 1065 if your business operates on a calendar year and applied for an extension before April 15 this year.
If you’re self-employed or have other income that requires you to pay quarterly estimated taxes, make sure your third-quarter payment is postmarked by no later than September 16, 2024.
Submit IRS Form 1041 on a calendar year and applied for an extension before April 15 this year.
If your company operates on a calendar year and you applied for an extension, IRS Form 1120 is due now.
If you’re self-employed or have other income that requires you to pay quarterly estimated taxes, get them postmarked by January 15, 2025.
The Internal Revenue Service announced 2024 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. Consider Revenue Procedure 2023-34 for details about these adjustments and how they might impact your tax submissions.
Businesses are subject to different tax liabilities, depending on their entity structure. Study the tax liability for your business using the Revenue Procedure 2023-37, or visit our entity structures tax guide.
If your business operates in more than one state, or if you frequent another state for business purposes regularly, you might be subject to multistate or residency taxes. The tax requirements for this differ per state. Visit our multistate tax guide for more information, and study the apportionment tax laws for the states in which your business operates. You can also track your days per state using special residency software to ensure your accurate reporting to the IRS.
It’s important for your business to have its taxable income calculated correctly by a professional. Getting the assistance from the experts will offer you tax savings, save you time, give you peace of mind and help your business grow.
Ideally, you want an experienced CPA for tax assistance, as automated services aren’t going to offer the thorough tax planning and preparation that a CPA can. At Fusion CPA we have outsourced, online accountants that are extremely dedicated to what they do.
We use accounting software to streamline your taxes, but we aren’t tied to any specific platforms and offer software integration too. This is valuable when your financial data is spread across a variety of platforms. Because we offer outsourced tax services, you only pay for the help you need!
You can contact one of our client success team to discuss your needs with a real person! If it looks like Fusion CPA is a good fit for you, we will put together a quote. Once you’ve accepted it, we will connect you with one of our expert CPAs.
For individual taxpayers, the tax year is the same as the calendar year, which means that it starts on January 1 and culminates on December 31. Business entities can follow the fiscal year or the calendar year. The question “when is tax season?” typically refers to the period in which tax returns can be sent to the IRS.
Tax filing season for the previous year starts on January 1 and ends with the regular filing deadline of April 15. If happened to be running behind and you had to file an extension then your tax filing is due by October 15.
Business tax returns are due on March 15 for partnerships, and S-corporations. In the case of C-corporations, the deadline is on April 15 if they operate under the calendar year.
Read our extensive article on corporate tax deadlines as well as some end-of-year tax tips from our CPAs.
Single member limited liability companies taxes are typically filed with the business owner’s personal tax return so the filing deadline is April 15th, and if an extension had to be filed then the tax filing is due by October 15th.
Our clients can get in touch with our office after their tax returns are submitted in order to learn about the status of their refunds.
Alternatively, you can also check the federal government’s website set up for this purpose.
It would take several pages to explain the basics of how tax is calculated in the United States because of the great diversity of taxpayers and their different financial situations. What you should know is that American taxation is progressive, which means that tax assessment levels will increase along with the income you report. Marginal and effective tax rates at the federal level have a lot to do with how tax is calculated; they range between 10% and 37% as of 2021, and they are by no means among the highest in the world.
If we were to boil down tax calculations to a single paragraph it would be as follows:
The most applicable filing status must be ascertained first; this is followed by a determination of all income sources and qualified deductions. These steps result in the calculation of taxable income, but there will be additional workflows to figure out if the overall tax liability can be lowered by means of credits such as education, healthcare, and child care in the case of individual tax returns.
Tax rates are currently 21% on taxable income for US C Corporations, whereas S Corporations and Partnerships remain “flow through” entities and are not subject to Federal tax.
The process is different for business entities because of matters related to equipment, depreciation, payroll, and quite a few others; nonetheless, the common denominator crucial to tax calculation will always be the determination of taxable income. You can read our article explaining US corporate tax rates.
There are several entity structures that businesses can choose from. Each structure comes with its advantages and drawbacks. The entity type that would work best for your business depends on different factors such as the size of your organization, your preferred tax structure, and more. A small business accountant can help you choose the structure that will suit your needs best. This article will explore the most suitable entity structure for your business.
Our team of experienced tax professionals is ready to assist you in navigating complex tax regulations and ensuring accurate filings.
Tailored solutions to meet your specific corporate tax needs, ensuring optimal tax savings and compliance.
Our seasoned tax professionals specialize in multi-state tax regulations, ensuring that you stay compliant with the unique tax requirements of each jurisdiction your business operates in.
We work with clients in diverse industries, but what they all have in common is that they have followed our proven process to reach their goals.
Let’s deep-dive into your unique accounting challenges, streamline a tailor-made timeline, and outline a cost projection, all in one brief, power-packed session.
Our team dives into key data driving business growth, tax strategy, and lean accounting. We examine your software synergy and align a proposal to your unique needs – all in one comprehensive sweep.
During the stabilization phase, our team will address any accounting clean-up tasks that need to be executed to stabilize your business. This includes organizing messy accounting records, reviewing prior tax fillings, and setting up efficient bookkeeping and reporting systems.
In this phase, we collaborate closely with you to design a tax strategy that effectively reduces your tax burden. We also focus on streamlining your accounting processes by analyzing your current systems and introducing tax optimization strategies.
The Strategize stage is where your business begins to see the tangible benefits of strategic financial planning. With Fusion CPA’s expertise, you can look forward to not just growing your business but doing so in a financially smart and tax-efficient manner.
At Fusion CPA, we understand that every business has its unique set of challenges and aspirations. That’s why our CFO Advisory service is designed to be more than just financial guidance – it’s a partnership to propel your business toward its unique goals.
Our team of seasoned CFOs brings a wealth of experience and a personalized approach to help your business not just grow, but scale in a way that aligns with your vision.
Both individuals and businesses are required to file 1099 forms for each recipient that receives $600 or more in a tax year. Here are the different types of 1099 forms you may be required to file.
Looking at forming an LLC? There are a number of ducks you need to have in a row to be able to do so. We take a look at some of the factors to take consider when launching your LLC entity.
By leveraging the power of QuickBooks Plus, you can maximize your tax deductions, streamline your accounting processes, and stay in control of your business finances.
Form 1120-S is a tax form used by S corporations to report the flow-through of items from the corporation to its shareholders.
Tax Form 1065 is filed annually by Partnerships and LLCs to report the income, deductions and credits to the IRS. Get more information on the submission of this form.
If you moved before the Tax Cuts and Jobs Act which came into effect in 2017, you may be able to deduct moving expenses if the move was for work or business purposes.
