The due dates for the estimated tax payments for the year 2024 are as follows: You can generally avoid an IRS penalty for underpayment of estimated taxes if you pay at least 100% of the tax shown on your return … Read More
First, we’d like to sincerely thank you for considering us for your tax preparation and/or accounting needs. We know you had a lot of choices and we’re excited to have the opportunity to work with you. At our firm, we … Read More
MyCTSavings is a retirement savings program established by the State of Connecticut to provide private-sector employees, who do not have access to an employer-sponsored retirement savings plan, with a convenient way to save for retirement. Here’s a detailed overview of … Read More
A question we’ve increasingly gotten as more clients convert to S-Corps and/or add employees is “What is the advantage to going with a payroll service” and “which one should I go with”. While there are many payroll providers to choose … Read More
We get this one a lot and it is a great question. Unfortunately, the answer is most likely no. The rules regarding the deductibility of unreimbursed job-related expenses for W-2 employees had changed due to tax law changes. The … Read More
Pass through entity tax is a state tax imposed on pass-through entities (S-Corps & Partnerships). A Pass-Through Entity Tax (PET) was primarily implemented to address the federal tax changes under the Tax Cuts and Jobs Act (TCJA) that limited state … Read More
Here are our tips on how to prepare for the 2021 tax season! If you check off any item on this list, it will help streamline the tax process. As always, please don’t hesitate to contact us and let us … Read More
The Senate unanimously passed a $2 trillion economic rescue plan on Wednesday that will offer assistance to tens of millions of American households affected by the coronavirus. Its components include stimulus payments to individuals, expanded unemployment coverage, student loan … Read More
With all of the recent changes to the tax code as part of the 2019 tax reform plan, it’s no surprise that many folks have a lot of questions. Northern Business Solutions strives to not only stay ahead of changes … Read More