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IRS Issues Warning About Fake CharitiesIn a recent news release, the IRS issued a warning to taxpayers to be careful about donating to fake charities. While this has always been an issue to some extent, the problem has become more acute of late, as dishonest people look to take advantage of disasters and crises around the world. The IRS advises that you should always check to see if a charity is legitimate before donating money to them...
KVLSM is nominated for Long Island's Best Accounting Firm! Be sure to vote for us every day until December 15th!
Year-End Tax Planning Tips for Your BusinessAs 2023 winds down, here are some ideas to help you prepare for filing your upcoming tax return...
Tax Planning: Now More Important Than EverThankfully it’s not too late to try and minimize your taxes for 2023. If you haven’t scheduled a tax planning session, now is a great time to do so. Here's how a tax planning session can potentially help your situation...
Where to Find Small-Business GrantsTo help you boost your business resources — or start a new business — in 2024, you may want to consider a small-business grant instead of a loan. Why? You don’t have to pay back a grant. However, your business will most likely have to include any grant amounts in taxable income...
New at the SBAEarlier this year, the Small Business Association (SBA) made changes to its programs that will widen access to government-backed small business loans. The change allows more non-bank lenders to offer SBA loans, expanding access to funding for underserved businesses. Additionally, implified lending criteria will save time on loan documentation, providing a more efficient path to approval... SERVICES
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NOVEMBER 2023 Q & AQ: This last quarter of 2023 is the first time my side business has had an employee besides myself. I'm used to paying estimated taxes for my FICA responsibility, but what's required for my new employee? A: Short answer: Your business generally should withhold 7.65% (6.2% for Social Security; 1.45% for Medicare) of the employee's earned income up to $160,200 for FICA. It's also required to match that amount on the employee's behalf. The full 15.3% is then reported (IRS Form 941) and paid to the IRS quarterly in January (fourth quarter 2023), April (first quarter 2024), July (second quarter), and October (third quarter). We can help you.
Gift Return PoliciesAttention shoppers: Several companies have updated their return policies. According to a goTRG survey* of 500 U.S. retailers, 72% of retailers cite returns as a moderate-to-severe problem. As a result, 60% of retailers are tightening their policies, with free returns no longer the standard for 2023 holiday shopping. HOW MUCH TIGHTER? While shoppers say free returns are important, 66% of businesses surveyed charge something for at least some returns — up from 60% last holiday season. For 67% of companies, the fees charged are additional shipping or restocking fees. Some businesses note restocking costs so high that about 25% have turned to zero-sum refunds. Retailers are also shortening return windows to cut returns and offering incentives to shoppers who return items bought online to brick-and-mortar stores. *Cost of Retail Returns, goTRG.com, 2023 Top Holiday Shopping Categories
Do you know where the majority of your holiday dollars go? The chart shows how other Americans spend during the holidays.
Source: Finances Online for Businesses Compilation
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