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Self-employment tax is a tax consisting of Social Security and Medicare taxes primarily for individuals who work for themselves. It is like the Social Security and Medicare taxes withheld from the pay of most wage earners. But like most things tax it is not that simple.

Understanding Self-Employment Tax Self-employment (SE) tax is a tax consisting of Social Security and Medicare taxes primarily for individuals who work for themselves. It is like the Social Security and Medicare taxes withheld from the pay of most wage earners. But unlike wage earners who pay half the Social Security and Medicare ta...

Our aim is to help you navigate the tax implications, understand changes to retirement accounts, and make informed decisions about your social security income.

Embracing Your Next Chapter: A Guide for Retirees Returning to Work

In the ever-evolving landscape of business regulations, the Corporate Transparency Act (CTA), passed as part of the National Defense Authorization Act for Fiscal Year 2021, introduces new reporting requirements for businesses in the United States, specifically focusing on beneficial ownership. Although this reporting does not take place until 2024, it is something you need to be aware of and prepare for.

Coming Soon – Business Beneficial Ownership Reporting In the ever-evolving landscape of business regulations, the Corporate Transparency Act (CTA), passed as part of the National Defense Authorization Act for Fiscal Year 2021, introduces new reporting requirements for businesses in the United States, specifically focusing on beneficial ownership. Altho...

Wednesday Wisdom from your friends at Trust Management

A landmark December 5 Supreme Court case could change the face of certain parts of the American tax code.

Supreme Court Showdown: The Fate of American Wealth Taxes On December 5, the United States Supreme Court will hear a court case that could hugely impact the American tax code. Learn about wealth taxes.

From coast to coast, healthcare systems are receiving billions of dollars in tax breaks. Find out what all the debate is about here.

Healthcare Systems and Controversial Tax Breaks: Everything You Need to Know Healthcare systems are receiving billions in tax breaks across the country, leading to national debate. Find everything you need to know here.

Set yourself up for success with Monday Motivation from Trust Management

Here are 3 tax tips for any hair stylist, or salon!

For those who love learning: here's a tax fact from Trust Management.

Starting Jan. 1, 2024, businesses are required to electronically file (e-file) Form 8300, Report of Cash Payments Over $10,000, instead of filing a paper return. This new requirement follows final regulations amending e-filing rules for information returns, including Forms 8300.

E-File Mandate - Reporting of Cash Payments Over $10,000

The IRS has announced that the threshold for filing 1099-Ks will not be reduced for 2023 to $600 but instead will not be required unless the taxpayer receives over $20,000 and has more than 200 transactions in 2023. In addition, the IRS is planning for a threshold of $5,000 for tax year 2024 as part of a phase-in to implement the $600 reporting threshold enacted under the American Rescue Plan (ARP).

1099-K Reporting Threshold Last Minute Change Following feedback from taxpayers, tax professionals and payment processors and to reduce taxpayer confusion, the Internal Revenue Service has announced a delay of the new $600 Form 1099-K reporting threshold for third-party settlement organizations for calendar year 2023.

Get inspired. Some Wednesday Wisdom from Westlake Village based Trust Management

Some small businesses that previously filed paper information returns because the number of information returns they had to issue was below the IRS's 250 return threshold for e-filing, may need to file their 2023 and later year forms electronically, because the threshold has been reduced to 10 returns starting with 2024 filings.

IRS Expands Requirement to E- File Information Returns Starting in 2024 Businesses, whether operating as a corporation, partnership, or a sole proprietorship, have been required to electronically file information returns when the aggregate number of these returns, regardless of the type of return, for a tax year was more than 250. The IRS issued regulations in February....

Here are the December 2023 Business Due Dates

December 2023 Business Due Dates

Here are the December 2023 Individual Due Dates

December 2023 Individual Due Dates

Make your Monday great with this motivation from Trust Management

From deductible pet supplies to tax breaks on furry transportation and professional development, these tips keep your pet grooming business in top shape.

Here's your tax fact of the week from your friends at Trust Management.

Midweek Wednesday Wisdom from Trust Management

Year-end is rapidly approaching, as are the holidays. So before you become distracted with the seasonal celebrations, it may be in your best interest to consider year-end tax moves that can benefit you for both 2023 and 2024.

Year-End Tax Planning Opportunities Are Here Year-end is rapidly approaching, as are the holidays. So, before you become distracted with the seasonal celebrations, it may be in your best interest to consider year-end tax moves that can benefit you for both 2022 2023 and 2023 2024. Here are last-minute tax issues you might consider:

The holiday season is customarily a time to give gifts, whether to your favorite charity, family members or others. Some gifts have tax implications and can even provide a variety of tax benefits but be on the lookout for holiday gift-giving scammers.

Taxes and Holiday Gift Giving The holiday season is customarily a time of giving gifts, whether to your favorite charity, family members or others. Some gifts have tax implications and can even provide a variety of tax benefits.

Gain a comprehensive understanding of business valuations, from their crucial role in transactions to tax reporting, financial planning, and litigation.

Demystifying Business Valuations: A Guide for Informed Decision-Making

A little inspiration from Trust Management to start your week.

Do you work in the real estate industry? Tell us your toughest tax question in the comments!

Have you ever wondered what kinds of wild tax deductions are available to content creators? Find out here!

Tax Deductions For Content Creators: The Wild Side of Write-Offs Content creation is a relatively new industry that has unique tax considerations. Learn about the wild side of deductions here.

Gift and estate taxes are both part of the federal transfer tax system and are interconnected. Gift tax applies to transfers of wealth during a person's lifetime. Estate tax, on the other hand, applies to transfers of wealth after a person's death.

What You Need to Know about Gift & Estate Taxation Gift and estate taxes are both part of the federal transfer tax system and are interconnected.

Explore our comprehensive guide on converting personal vehicles to business use. Learn about the tax benefits, legal implications, and steps involved in this process. Maximize your tax savings with professional advice.

Converting Personal Vehicles to Business Use: A Comprehensive Guide

Employers who are willing to help disadvantaged individuals can benefit from a substantial federal tax credit. Hiring certain new employees can qualify the employer for the work opportunity credit, which is generally $2,400 per employee but which can be as much as $9,600 in certain circumstances.

Employers, Don't Miss Out on the Work Opportunity Credit The Work Opportunity Tax Credit (WOTC)allows employers who are willing to help disadvantaged individuals to benefit from a substantial federal tax credit.

Tap into your full potential. Wednesday Wisdom from Trust Management

Discover expert-backed savings hacks that empower you to build and expand your nest egg. From automated contributions to tax-savvy investments, unlock the keys to financial security.

Smart Strategies for Building and Expanding Your Nest Egg

Acknowledging a mistake on your tax return is the first crucial step. Learn the next steps.

What to Do When You've Made a Mistake on Your Tax Return

Trust Management has the motivation you need to get going this Monday.

Maximize your food truck's success with these 3 essential tax tips

Let's get the weekend started. Friday from Trust Management

The IRS created a withdrawal option to help small business owners and others who were pressured or misled by ERC marketers or promoters into filing ineligible claims. Claims that are withdrawn will be treated as if they were never filed. The IRS will not impose penalties or interest.

IRS Offering a Withdrawal Process for Ineligible ERC Claims The IRS has created a withdrawal option to help small business owners and others who were pressured or misled by ERC marketers or promoters into filing ineligible claims. Claims that are withdrawn will be treated as if they were never filed. The IRS will not impose penalties or interest. The IRS con...