Tax season is officially here! If you haven’t started gathering your tax documents yet, now is the time. Many people tend to procrastinate on filing their taxes, either because they feel overwhelmed by the process or because they assume they have plenty of time. However, waiting until the last minute can lead to unnecessary stress, delays, [...]
Tax season is here, and it’s time to get everything in order for a smooth and stress-free filing. Whether you’re doing it yourself or working with a tax professional, being organized is key to making the process as simple as possible. To help you prepare, we’ve put together a comprehensive tax season checklist of the documents [...]
2/27/25 Update: Last week, the Financial Crimes Enforcement Network (FinCEN) made significant announcements regarding the enforcement of Beneficial Ownership Information (BOI) reporting requirements. On Monday, February 17, 2025, a U.S. District Court judge lifted the final nationwide injunction that had previously halted BOI report filings. Reporting companies now have until March 21, 2025, to file their [...]
Abacus! is pleased to share 25 employee promotions, announced at the firm’s semiannual retreat in Dec. 2024. These promotions highlight the dedication and hard work of Abacus staff in driving the firm’s success and growth. Additionally, three interns accepted full-times roles with the firm. The recent promotions include staff in various departments and offices across the [...]
Intuit QuickBooks will change its automated payroll tax withdrawals in the new year. Beginning January 1, 2025, QuickBooks will withdraw payroll taxes when payroll is processed and when taxes owed increase, a difference from its current process of withdrawing payroll taxes when they’re due. You or a company admin must confirm if you wish to continue [...]
Missing the October 15 tax deadline can result in more than just extra paperwork—it can lead to financial penalties and long-term issues with the IRS. Here’s what happens if you miss this important date and what you can do to mitigate the damage. Late-Filing Penalty The most immediate consequence of missing the October 15 deadline is [...]
Abacus! celebrates Teri Wingo becoming the newest partner of the firm, beginning today, Oct. 1. Teri has been at the helm of the Transportation Department since 2016. “I’m extremely grateful and humbled to reach this milestone,” Teri said. “To me, this is just a continuation of what I love to do. I love being here, serving [...]
With one more tax deadline looming this year, it’s tempting to take a well-deserved break from all things tax-related. However, taking a proactive approach now, in the fall, can save you time, money, and stress when tax season rolls around again in the spring. Here’s why a little fall planning can make all the difference: 1. [...]
Introduction Understanding the various tax forms and their specific purposes is essential for individuals and businesses alike. Four commonly encountered tax forms are the W-2, W-4, W-9, and 1099 forms. Each form serves a unique function and must be used appropriately to ensure compliance with tax regulations. In this article, we will delve into the [...]
This article was first published in the Springfield Business Journal's 2024 Giving Guide. As we enter a season of giving, being mindful of tax credit availability can put you ahead during tax season and greatly reduce your tax bill. Both tax deductions and credits can be beneficial in reducing taxes each year. A deduction reduces taxable [...]
