At its core, the federal R&D tax credit, enacted in 1981 to stimulate innovation and business investment, provides dollar-for-dollar savings tied to qualified research activities. It is now complemented by similar tax credits in many states and, together, federal and state credits can amount to as much as 20% of the costs incurred in developing […]

Each year, parents can claim a child tax credit for each of their children who is under 17. This is a valuable credit, worth up to $2,200 for each child 16 years old or younger for the 2025 tax year. If you have a 15-year-old and a 10-year-old, then you could claim a combined tax […]

For most individuals, the federal income tax return is due April 15. If that date falls on a weekend or holiday, the deadline moves to the next business day. Businesses have different deadlines based on their formal structure. If you need more time to file, you can request an automatic extension by submitting Form 4868 […]

Maintaining accurate payroll records is essential for more than just compliance with labor and tax regulations. Good records provide a clear picture of earnings and deductions, strengthen budget planning and build trust with employees. They serve as evidence in the event of an audit, help identify irregularities before they become problems, and reduce the risk […]

The first step in preparing for a possible audit is understanding the model your childcare business follows. While each model may be taxed differently, all are subject to IRS oversight when it comes to reporting income and expenses. Some caregivers offer “kith and kin” care — watching a few children, sometimes alongside their own, in […]

All businesses have tax filing and compliance obligations, but whether any tax is owed — and which taxes apply — varies by business type and activity. For federal tax purposes, common categories include income tax, estimated tax, self-employment tax, employment tax and excise tax, though not all apply to every business. Most businesses must file […]

Recent guidance from the United States Postal Service may affect how paper tax returns are treated when filing close to deadlines. Since the Internal Revenue Service uses the postmark date to determine whether a return is filed on time, these changes could create new risks if you mail tax documents at the last minute. What […]

Many companies offer a retirement plan of one kind or another to their employees, but some businesses may feel they are too small to offer one, or that the plans are too expensive or complex to run. Fortunately, retirement plans come in many flavors, and there’s a good chance you can find one that’s right […]

Audits play a crucial role in providing transparency for clients and fostering confidence in a company’s financial reporting. An audit is particularly reassuring in uncertain business environments. At their core, audits are designed to assess whether a company’s financial statements are materially accurate and fairly reflect its financial position in accordance with applicable accounting standards. […]

In general, explains the IRS, contributions to charitable organizations may be deducted up to 50 percent of adjusted gross income. Contributions to certain private foundations, veterans organizations, fraternal societies, and cemetery organizations are limited to 30 percent adjusted gross income, however. Yes, this can get complicated, so be sure to keep records and discuss the tax situations with a […]