November 2024 Newsletter
As the holidays approach, it’s time to consider tax planning moves that will help lower your 2024 taxes, as well as set you up for tax savings in future years. Here are seven year-end tax planning ideas to consider.
Now is a good time to consider year-end moves that can help reduce your business’s 2024 taxes. The effectiveness of a particular action depends on the circumstances of your business. Here are several possibilities.
To prepare for a business audit, an IRS examiner generally researches the specific industry and issues on the taxpayer’s return. Examiners may use IRS Audit Techniques Guides (ATGs). A little-known secret is that these guides are available to the public on the IRS website. In other words, your business can use the same guides to gain insight into what the IRS is looking for in terms of compliance with tax laws and regulations.
Tax Tips
QuickBooks Tips
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Tax Due Dates
November 15
Employers: Deposit Social Security, Medicare and withheld income taxes for October if the monthly deposit rule applies.
Employers: Deposit nonpayroll withheld income tax for October if the monthly deposit rule applies.
Calendar-year exempt organizations: File a 2023 information return (Form 990, Form 990-EZ or Form 990-PF) if a six-month extension was filed. Pay any tax, interest and penalties due.
December 10
Individuals: Report November tip income of $20 or more to employers (Form 4070).
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Please call us at (310) 666-7772 if you have any questions.
World Accounting Group
10436 Santa Monica Blvd #3030
Los Angeles, CA 90025