Beginning January 1, 2024, corporations, limited liability companies, and other entities that file with the Secretary of State must report information about their beneficial owners to the Financial Crimes Enforcement Network (FinCEN). The FinCEN is a bureau of the Department of the Treasury, separate from the IRS, that collects and[…]
Read More »Individual taxable earnings of up to $168,600 annually will be subject to Social Security tax in 2024, the Social Security Administration (SSA) announced Thursday. The amount, an increase from $160,200 in 2023, is the wage base limit that applies to earnings subject to the 6.2% OASDI tax (old age, survivors,[…]
Read More »There are special considerations if you’re a business owner who also works in the business, depending on its structure: Partnerships and limited liability companies. Generally, all trade or business income that flows through to you for income tax purposes is subject to self-employment taxes — even if the income isn’t[…]
Read More »You can be subject to penalties if you don’t pay enough tax during the year through estimated tax payments and withholding. Here are some strategies to help avoid underpayment penalties: Know the minimum payment rules. For you to avoid penalties, your estimated payments and withholding must equal at least 90%[…]
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