Recent News & Blog / Business Tax
Self-employed? Build a nest egg with a solo 401(k) plan
If you own a small business with no employees (other than your spouse) and want to set up a retirement plan, consider a solo 401(k) plan. This is also an option for self-employed individuals or business owners who wish to upgrade from a SIMPLE IRA or SEP plan. Questions? Contact the business tax advisors at SEK.
Business owner? A buy-sell agreement should be part of your estate plan
If you hold an interest in a business that’s closely held or family owned, a buy-sell agreement should be a component of your estate plan. The agreement provides for the orderly disposition of each owner’s interest after a “triggering event.” It’s essential to revisit the agreement’s valuation provision to ensure that it reflects the business’s current value. Contact the business and estate planning advisors at SEK with questions.
Employers: In 2025, the Social Security wage base is going up
The Social Security Administration has announced that the wage base for computing Social Security tax will rise to $176,100 in 2025. The Federal Insurance Contributions Act imposes two taxes on employers, employees and self-employed workers. One is Social Security and the other is Medicare. Contact the business tax advisors at SEK for more info.
Separating your business from its real estate
Does your business own real estate titled under the business’s name? With long-term tax, liability and estate planning advantages, separating real estate ownership from the business may be a better choice. Contact the CPAs and business tax advisors at SEK to learn more.
Is your business required to report employee health coverage?
Certain employers are required to report information about employees’ health coverage. Is your business required to comply? Read this article to find out or contact the CPAs and business advisors at SEK.
2024 Q4 tax calendar: Key deadlines for businesses and other employers
Mark your calendar: It’s time for businesses to start thinking about the fourth quarter 2024 tax filing deadlines.
Maryland Department of Labor issues new guidance on Wage Transparency and Paystub Notice obligations
Maryland will have two significant laws go into effect on October 1, 2024. These laws will require employers to provide employees with more upfront information about a job's wage and benefits, as well as, more transparency on paystubs. Read here to ensure your business is compliant.
Reasons an LLC might be the ideal choice for your small to medium-size business
For many businesses, a limited liability company (LLC) is an enticing choice. It can be structured to resemble a corporation for owner liability purposes and a partnership for federal tax purposes. This may provide the owners with several advantages. Contact the CPAs and business tax advisors at SEK to discuss whether an LLC is the best option for you and your business.
Comparison of Harris and Trump tax policy proposals
Presidential nominees Kamala Harris (D) and Donald Trump (R) are floating proposals ahead of what will be a consequential year for tax, with key provisions from the GOP’s 2017 tax overhaul (Public Law 115-97
Year-end tax planning ideas for your small business
It’s time to take proactive steps that may help lower your business’s taxes for 2024 and 2025. Eligible businesses also may be able to defer income or accelerate deductions to keep income under certain thresholds to claim a qualified business income deduction. Contact the CPAs and business tax advisors at SEK to customize a tax plan for your business.