Watertown Regional Medical Center’s Post

Discover if your nonprofit will see an increase in state unemployment taxes for 2024 and learn how you can lessen the impact to your workforce through a federal law that allows 501c3 employers to opt out of paying state unemployment taxes. Our longtime partner, UST, can provide additional information on the options available to help you save on unemployment costs. Download the informational flyer to learn more: https://lnkd.in/gdry5CXv

Here’s a kind reminder to submit your W-9s by January 5th! We use W-9s to prepare 1099s soon after that. The W-9 is an IRS form to verify the name, address, and tax identification number of an individual receiving income. 1099s report non-employment income to the IRS. Businesses and nonprofits must issue a 1099 form to a taxpayer who has received at least $600 or more in non-employment income during the tax year. Review our 1099 process here: https://bit.ly/4a2ayXQ.

Overall, tonight's Federal Budget was 'a missed opportunity to commit to fix our tax system for a sustainable future' – Scott Treatt, CTA, CEO of The Tax Institute. See below for our initial take on the measures that matter to tax professionals from the Federal Budget 2024–25. The Treasury Laws Amendment (Support for Small Business and Charities and Other Measures) Bill 2023 referred to below can be found here: https://lnkd.in/drrUufcb #TheTaxInstitute #TTI #tax #thehomeoftax #jointhetaxconversation #TaxPolicyandAdvocacy #FederalBudget #Budget24

💡 New Blog Post Alert! 💡 Did you receive a grant or relief funds for your child care business? 🧸💼 Wondering how it affects your taxes? We’ve got you covered! Check out our latest blog post, "How to Handle Taxes on Grants: A Guide for Family Child Care Providers", where we break down: ✅ How to report grant money on your taxes ✅ What to do if you received supplies or equipment ✅ Why you’re always better off accepting a grant (even when it’s taxable!) Don’t miss out on valuable tips to make tax time easier and keep more of your hard-earned funds 💰. Read more 👉 https://lnkd.in/ervD5TMF #ChildCareBusiness #FamilyChildCare #GrantFunding #SmallBusinessTaxes #TaxTips #ChildCareGrants

Doing taxes? Save lives while you’re at it. 𝗠𝗶𝗰𝗵𝗶𝗴𝗮𝗻 𝗶𝘀 𝘁𝗵𝗲 𝟭𝘀𝘁 𝗶𝗻 𝘁𝗵𝗲 𝗻𝗮𝘁𝗶𝗼𝗻 to let you sign up on the Michigan Organ Donor Registry when you file your 2023 tax returns. Learn more at savelivesmi.org. #DonateLife #DoTaxesSaveLives

On Saturday, April 13, 2024, President Biden issued a major disaster declaration for specified California counties. The declaration “authorizes federal funding for state, tribal, and eligible local governments and certain nonprofits.” However, it does not contain business and individual relief. It is unclear at this point whether this declaration will result in the IRS and FTB granting tax filing and payment postponement relief. Counties included are: • Butte • Glenn • Los Angeles • Monterey • San Luis Obispo • Santa Barbara • Santa Cruz • Sutter • Ventura We anticipate that should the IRS provide postponement relief, the FTB will as well. Our advice? At this late stage, we recommend that you file your return and make any necessary payments today. #tax #taxes #taxseason

#TaxTipTuesday Pay the IRS only what you have to! Here are five of the most overlooked tax deductions: 1️⃣ Reinvested Dividends 2️⃣ Out-of-Pocket Charity 3️⃣ State Taxes 4️⃣ Medicare Premiums 5️⃣ Income in Respect of a Decedent Contact us to speak with an advisor about tax deductions you may be missing out on! #TaxStrategy #IRS #TaxSeason #TaxHelp #TaxResources #FinancialAdvisor #TaxSeason2024

Did you know that there are FREE Tax Preparation Services & Tax Help for special needs, the elderly, and low to moderate-income individuals? The IRS's Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) programs offer qualified individuals free basic tax return preparation. The VITA program has operated for over 50 years. VITA sites offer free tax help to people who need assistance in preparing their own tax returns, including: People who generally make $60,000 or less Persons with disabilities; and Limited English-speaking taxpayers In addition to VITA, the TCE program offers free tax help, particularly for those who are 60 years of age and older, specializing in questions about pensions and retirement-related issues unique to seniors. While the IRS manages the VITA and TCE programs, the VITA/TCE sites are operated by IRS partners and staffed by volunteers who want to make a difference in their communities. The IRS-certified volunteers who provide tax counseling are often retired individuals associated with non-profit organizations that receive grants from the IRS. To find out more about these programs, you can visit: https://lnkd.in/gs5UPQEf Related Topics: estate planning legal services wealth management financial security tax planning tax preparation #irs #financialeducation #financialplanning #financialgoals #assets #financialpeace #elderly #estateplanning #eldercare #californiacoast #attorney #supporteachother #agingparents

Prepare and e-file your nonprofit tax returns with Tax 990 to avoid Automatic Revocation Start Filing Today https://bit.ly/3uYBQe0 #automaticrevocation #990deadline #taxexemptorganization #form990revocation

🤔 Why is the Nanny Tax important? 🤔 The nanny tax offers great benefits for both families and nannies: → Employee Benefits: By paying the nanny tax, your nanny becomes eligible for Social Security and Medicare benefits. → Avoid Legal Issues: Failing to pay the nanny tax can result in penalties, back taxes, and even potential legal trouble. → Peace of Mind: Knowing you're compliant with tax regulations and have a social security net ensures peace of mind for both you and your nanny. Learn more about the Nanny Tax and why it's important here 👉 https://bit.ly/4d9ERN3 #virtualcfo #taxplanning #taxprep #taxpreparation #bookkeeping #ProfessionalServices #RealEstate #NonProfits #fortcollins #downtownfortcollins #local #smallbusiness #smallbusinesses #tax #accounting #accountant #accountingfirm #momentumtax #momentumtaxandfinancial