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2024 Q2 Tax Deadlines for Businesses and Employers
Key 2024 Q2 Tax Deadlines for Businesses and Employers 850 500 smolinlupinco

Key 2024 Q2 Tax Deadlines for Businesses and Employers

The second quarter of 2024 has arrived! If you’re a business owner or other employer, add these tax-related deadlines to your calendar.  April 15 Calendar-year corporations: File a 2023 income tax return (Form 1120) or file for an automatic six-month extension (Form 7004) and pay any tax due. Corporations: Pay the first installment of estimated…

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Ensuring Transparency When Using Non-GAAP Metrics to Prepare Financial Statements
Ensuring Transparency When Using non-GAAP Metrics to Prepare Financial Statements 850 500 smolinlupinco

Ensuring Transparency When Using non-GAAP Metrics to Prepare Financial Statements

Mind the GAAP! Staff from the Securities and Exchange (SEC) commission expressed concerns at last November’s Financial Executives International’s Corporate Financial Reporting Insights Conference about the use of financial metrics that don’t conform to U.S. Generally Accepted Accounting Principles (GAAP). According to Lindsay McCord, chief accountant of the SEC’s Division of Corporation Finance, many companies…

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Can Social Security Benefits Be Taxed?
Can Your Social Security Benefits Be Taxed? 850 500 smolinlupinco

Can Your Social Security Benefits Be Taxed?

Did you know that Social Security benefits can be federally taxed? It’s true. Depending on your income, up to 85% of your benefits could be impacted by federal income tax. Understanding provisional income How do you determine the amount of Social Security benefits to report as taxable income? That depends on your “provisional income.” To…

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Read This Before Listing Your Property as a Vacation Rental
Read This Before Listing Your Property as a Vacation Rental 850 500 smolinlupinco

Read This Before Listing Your Property as a Vacation Rental

Whether you own a lakefront cottage, vacation beach home, or ski chalet, renting out your property for part of the year can have significant tax impacts. Here’s what you need to know. Your level of personal use impacts your taxes The number of days the property is rented has a direct impact on your taxes.…

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Estate Planning Don’t Forget the Generation-Skipping Transfer (GST) Tax
Estate Planning? Don’t Forget the Generation-Skipping Transfer (GST) Tax 850 500 smolinlupinco

Estate Planning? Don’t Forget the Generation-Skipping Transfer (GST) Tax

Would you like to include grandchildren, great grandchildren, or nonrelatives who are significantly younger than you in your estate plan? If so, you’ve got more to consider than gift and estate taxes. The generation-skipping transfer (GST) tax may also apply. GST Tax Basics One of the harshest taxes in the Internal Revenue Code, the GST…

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Stressed About Long-Term Care Expenses Here’s What You Should Consider.
Stressed About Long-Term Care Expenses? Here’s What You Should Consider 850 500 smolinlupinco

Stressed About Long-Term Care Expenses? Here’s What You Should Consider

Most people will need some form of long-term care (LTC) at some point in their lives, whether it’s a nursing home or assisted living facility stay.  But the cost of unanticipated long-term care is steep. LTC expenses generally aren’t covered by traditional health insurance policies like Social Security or Medicare. A preemptive funding plan can…

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Can the Research Credit Help Your Small Business Save On Payroll Taxes
Can the Research Credit Help Your Small Business Save On Payroll Taxes? 850 500 smolinlupinco

Can the Research Credit Help Your Small Business Save On Payroll Taxes?

Often called the R&D credit, the research and development credit for increasing research activities offers a valuable tax break to many eligible small businesses. Could yours be one of them?  In addition to the tax credit itself, the R&D credit offers two additional features of note for small businesses:  Small businesses with $50 million or…

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How do cash accounting and accrual accounting differ
How Do Cash Accounting and Accrual Accounting Differ? 850 500 smolinlupinco

How Do Cash Accounting and Accrual Accounting Differ?

Financial statements play a key role in maintaining the financial health of your business. Not only do year-end and interim statements help you make more informed business decisions, but they’re also often non-negotiable when working with investors, franchisors, and lenders. So, which accounting method should you use to maintain these all-important financial records—cash or accrual?…

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Choosing the Best Accounting Method for Business Tax Purposes
Choosing the Best Accounting Method for Business Tax Purposes 850 500 smolinlupinco

Choosing the Best Accounting Method for Business Tax Purposes

Businesses categorized as “small businesses” under the tax code are often eligible to use accrual or cash accounting for tax purposes. Certain businesses may be eligible to take a hybrid approach, as well.  Prior to the implementation of the Tax Cuts and Jobs Act (TCJA), the criteria for defining a small business based on gross…

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What’s the Difference Between Filing Jointly or Separately as a Married Couple a Business as a Sole Proprietor Here’s How It Could Impact Your Taxes
What’s the Difference Between Filing Jointly or Separately as a Married Couple? 850 500 smolinlupinco

What’s the Difference Between Filing Jointly or Separately as a Married Couple?

You know that you must choose a filing status when you file your tax return, but do you know what your choice really means? Picking the right filing status matters because the status you select will influence your tax rates, eligibility for certain tax breaks, standard deduction, and correct tax calculation. And there are plenty…

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Is Qualified Small Business Corporation Status Right for You
Is Qualified Small Business Corporation Status Right for You? 850 500 smolinlupinco

Is Qualified Small Business Corporation Status Right for You?

For many business owners, opting for a Qualified Small Business Corporation (QSBC) status is a tax-wise choice. Potential to pay 0% federal income tax on QSBC stock sale gains For the most part, typical C corporations and QSBCs are treated the same when it comes to tax and legal purposes, but there is a key…

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sole proprietor business tax impacts
Starting a Business as a Sole Proprietor? Here’s How It Could Impact Your Taxes 850 500 smolinlupinco

Starting a Business as a Sole Proprietor? Here’s How It Could Impact Your Taxes

It’s not uncommon for entrepreneurs to launch small businesses as sole proprietors. However, it’s crucial to understand the potential tax impacts first. Here are 9 things to consider.  1. The pass-through deduction may apply If your business generates qualified business income, you could be eligible to claim the 20% pass-through deduction. (Of course, limitations may…

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  • Develop insights into new markets
  • Streamline operations
  • Raise capital, control risks
  • Devise tax strategies
  • Maintain research and development
  • Help position your business for long-term growth in emerging fields

For biotechnology accounting advice tailored to your needs, contact your trusted Smolin advisor today.

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