Tax, Accounting, and Business Insights

If you own a growing, unincorporated small business, you may be concerned about high self-employment tax bills. The SE tax is how Social Security and Medicare taxes are collected from self-employed individuals like you. Self-employment tax basics The maximum 15.3% self-employment tax rate hits the first $168,600 of your 2024 net SE income. The 15.3%

What are the rules for sales tax on construction labor and materials? Each state has their own laws when it comes to charging sales tax for construction services, including labor and materials. Proper sales tax compliance is incredibly important — otherwise, you could be facing steep fines. Let’s talk about how you can avoid those.

For small business owners with no employees (except a spouse) looking to establish a retirement plan, a solo 401(k) is worth considering. This option is also suitable for self-employed individuals or business owners wanting to upgrade from a SIMPLE IRA or SEP plan. A solo 401(k), also called an individual 401(k), may offer benefits in

As we near 2025, the Social Security wage base is set to change. The Social Security Administration has revealed that the wage base for calculating Social Security tax will rise to $176,100 in 2025 (up from $168,600 in 2024). Earnings and self-employment income above this threshold won’t be subject to Social Security tax. For businesses

Looking for funding to help you grow your new business? Maybe you need to invest in expensive equipment or need access to working capital to expand your current services. While an injection of cash can be helpful for accelerating growth, there are several important things to consider before taking out a startup business loan.

Does your business require real estate for its operations? Or do you hold property titled under your business’s name? It might be worth reconsidering this strategy. With long-term tax, liability and estate planning advantages, separating real estate ownership from the business may be a wise choice. How taxes affect a sale Businesses that are formed

Are you looking to sell a business or investment property that has gained value? One way to avoid a hefty capital gains tax is through a like-kind exchange.

What are the like-kind exchange rules? We’ve got a breakdown of those below.

Here are some of the key Q4 tax-related deadlines affecting businesses and other employers during the fourth quarter of 2024. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements.

September is a great month to start implementing tax planning strategies that could reduce your small business taxes for this year and next. For the majority of businesses, the traditional year-end tax planning strategy of deferring income and accelerating deductions to minimize taxes will probably yield the most significant results. In addition, owners should consider

Landmark CPAs is pleased to announce Garland & Greenwood CPAs will merge with Landmark CPAs, effective January 1, 2025. This merger brings together two highly respected firms, combining their extensive expertise and resources. Garland & Greenwood partners John Brock, Jake Froemsdorf, Rocky Goodman, and Greg Schichtl, along with 36 staff members, will join Landmark CPAs,

If you sell your home, you might be able to pocket up to a half million dollars in gain from the sale without owing any federal income tax. How? By claiming the home sale gain exclusion. But various rules and limits apply, so it’s important to understand the ins and outs of this tax break.

Partnerships are often used for business and investment activities. Multi-member LLCs are also treated as partnerships for tax purposes. A major reason is that these entities offer federal income tax advantages, the most important of which is pass-through taxation. They also must follow some special and sometimes complicated federal income tax rules, so it’s important