Tax Tips & More
Blueprint for Employee-Spouse 105-HRA (Health Reimbursement Arrangement)
I’m excited to introduce you to a valuable strategy that could significantly reduce your taxable income by converting personal medical expenses into business deductions.
5 Rules for Turning Your Vacation into Tax-Deductible Business Travel
Here’s an idea: how about transforming your next vacation into business travel? With careful planning, your transportation to any destination could be fully deductible.
Create Tax-Free Fringe Benefit Deductions for Your Smartphone
I hope you can benefit from this fringe benefit opportunity related to business smartphones.
Tax Rules for Providing Free Meals and/or Lodging to Employees
If you’re wondering about tax-free treatment for employer-provided meals and lodging, you may find the following overview helpful.
Deducting a Loss from an Airbnb Bedroom Rental
When you rent a bedroom in your home and that rental unit creates a tax loss, can you deduct the loss? Yes, if you meet the four technical requirements.
No Mercy for You When Your CPA Does Not File Your Tax Return
What’s your worst tax nightmare? Identity theft? Not having enough money to pay all the taxes you owe? How about this: your CPA, enrolled agent, or other tax preparer has not filed your taxes for three years.
Best Practices When E-Filing Returns
Avoid future problems by following these best practices for e-filing.
Common Mistakes in Tax Preparation
Avoid errors that can occur when preparing tax returns by learning these common mistakes.
Top Audit Triggers
Avoid these common issues that may trigger an audit by the IRS.
April 2024 Tax Due Dates
April 1: First Required minimum distribution (RMD) by individuals who turned 73 in 2023
April 10: Tips for March 2024 reported to employer
April 15: File 2023 tax return and pay tax due
April 15: File Form 4868 to request 6-month income tax return filing extension (payment of tax not extended)
April 15: File Schedule H (1040) and pay employment taxes for household employees (file separately if Form 1040 is not filed)
April 15: Estimated tax payment for 1st quarter of 2024
April 15: Contribute to individual retirement account (IRA) for 2023
April 15: Withdraw excess IRA contributions in 2023 to avoid penalty if filing of form 1040 was not extended
April 15: Contribute to health savings account (HSA) for 2023
April 15: Contribute to solo 401(k) plan or simplified employee pension (SEP) plan for 2023 by self-employed if filing of form 1040 was not extended
April 15: File 2020 tax return (Form 1040) to request unclaimed tax refund for the 2020 tax year
May 2024 Tax Due Dates
May 10: Tips for April 2024 reported to employer (Form 4070)
June 2024 Tax Due Dates
June 10: Tips for May 2024 reported to employer
June 17: Estimated tax payment for 2nd quarter of 2024
June 17: U.S. taxpayers living and working abroad file 2023 tax return
June 17: U.S. taxpayers living and working abroad file form 4868 to request 4-month income tax return filing extension (payment of tax not extended)
June 17: Military personnel on duty outside the U.S. file 2023 tax return
June 17: Military personnel on duty outside the U.S. file Form 4868 to request 4-month income tax return filing extension (payment of tax not extended)