Ida's Tax, Accounting & QuickBooks Services

03/26/2025

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Important Tax & Legal Deadlines and Updates

💥 APRIL 1st, 2025: 💥

🔸️Deadline to Take 1st IRA Required Minimum Distribution (RMD)

🔸️Entity Renewal for Iowa and Vermont LLCs and Corps

🔸️Entity Renewals Due for All Connecticut and Wisconsin Entities (Foreign Only)

🔸️Entity Renewals Due for All GA, NH, TN, & DC Entities

💥 APRIL 15th, 2025: 💥

🔸️Individual 2024 1040 tax returns due or extension (Form 4868)

🔸️C-Corp 2024 1120 tax returns due or extension (Form 7004)

🔸️Estate & Trust 2024 1041 tax returns due or extension (Form 7004)

🔸️1st quarter 2024 estimated tax payment due

🔸️Contributions to HSAs due for 2024

🔸️Contributions to 2024 traditional, Roth & Coverdell IRAs due

🔸️Deadline to fund 2024 SEP IRA or solo 401K for sole-props unless extending

🔸️Renewal due for New Mexico corps

🔸️Renewals due for all MS, MT, ND and KS entities

🔸️2024 franchise taxes due for California SMLLCs (Form 568) & S-Corps (Form 1005)

🔸️Tennessee franchise tax due or FONCE exemption certificate (Form FAE 183)

🔸️Deadline for self-directed IRAs with UBIT or UDFI

🔸️Must file 990-T tax return or extension (Form 8868)

🔸️IRS Update: 401k Contribution Limit Increase

💥For 2025, the IRS has increased the 401(k) limit to $23,500 for those under 50, with an additional $7,500 catch-up for those over 50, totaling $31,000.

01/11/2025

The IRS will start accepting 2024 federal tax returns on January 27, given that no forms or schedules are in "draft" mode.

12/12/2024

BOI REPORTS DUE BY 12/31
*** All U.S. Businesses ***
(unless you're exempt)

Beneficial Ownership Info

REQUIRED to file to avoid big fines for businesses. Better to file by 12/31 than to get a letter with Penalty for not filing.

This is just information for security purposes for the Corporate Transparency Act.

EXEMPT BUSINESSES:
According to the Corporate Transparency Act, entities considered exempt from Beneficial Ownership Information (BOI) reporting include: publicly traded companies classified as "securities reporting issuers," government entities, banks, credit unions, depository institution holding companies, money services businesses, broker-dealers in securities, and certain types of non-profit organizations meeting specific qualifications under the Internal Revenue Code (like 501(c)(3) charities).
Key points about BOI

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11/13/2024

MANDATORY...
BOI Report DUE 12/31/24 for all Business Entities (LLCs, Corps, etc)
$500 Penalty PER DAY for Not Filing‼️

A few exceptions, like Nonprofits & Accounting firms.

FREE Masterclass with Mark Kohler starts on November 20th - https://markjkohler.com/tax-advisory-path?utm_source=youtube&utm_medium=description-link&utm_cont...

10/23/2024

https://www.buzzsprout.com/1387561/episodes/15971248

In this episode of the Main Street Business Podcast, host Mark J. Kohler shares his more powerful and essential year-end tax tips. From managing expenses to charitable giving and real estate strategies, get actionable insights to wrap up the year ...

10/22/2024

https://www.wsj.com/personal-finance/taxes/tax-brackets-2025-c47c9c66?st

The brackets that determine how much Americans pay in taxes each year are moving up by their smallest amount in a few years.

10/21/2024

09/05/2024

Who knows the answer to this little math related puzzle?

08/06/2024

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For those OVERreacting to the Stock Market... it ALWAYS fluctuates. Only about 30% of the US population has investments in the Stock Market.

It's STILL higher than ever.
Yes, what goes up must come down. It's cyclical.

It was manipulated due to Tax Cuts for Billionaires on tRump's 2018 Tax Scam. Billionaires took the money tRump handed over to them (while taking more from the working class) and bought back their own stock... which Falsely Overinflated the Stock Market.

With Corporate Greed, these Big Greedy Corporations have reaped EXCESS in HUGE PROFITS that are higher than ever -- as they inaccurately call it "inflation" and Blame Biden, while YOU AND I pay out the whazoo in ridiculous OVERINFLATED prices = accurately called:
Price Gauging‼️

Biden has been working behind the screens to bring prices down. Not easy in a capitalistic society. However the FDA has been conducting investigations into this Big Corp Price Gauging.

As this happens, and prices come down, expect the Stock Market to ALSO come down to balance the scales.

Which would you rather have:
👎 Price Gauging on Consumer Goods, while billionaires are stuffing their pockets with Excessive Profits, buying back their own stock, causing an Overinflated & Manipulated Stock Market⁉️

[OR]

👍 Lower prices, with a still healthy level of Profit for Big Corp Billionaires, causing the Stock Market to balance out to its UNmanipulated norms⁉️

05/30/2024

https://www.businessinsider.com/guides/style/b-corp-retail-companies

Explore companies we love to shop from that also happen to be certified B Corps, helping drive a global movement that uses business as a force for good.