2022 Q1 tax calendar: Key deadlines for businesses and other employers
Here are a few key tax-related deadlines for businesses during Q1 of 2022. JAN. 17: Pay the final installment of 2021 estimated tax. JAN. 31: File 2021 Forms W-2 with the Social Security Administration and provide copies to employees. Also provide copies of 2021 Forms 1099-MISC to recipients and, if reporting nonemployee compensation in Box 7, file, too. FEB. 28: File 2021 Forms 1099-MISC if not required earlier and paper filing. MARCH 15: If a calendar-year partnership or S corp., file or extend your 2021 tax return. Contact us to learn more about filing requirements and ensure you’re meeting all applicable deadlines.
Providing a company car? Here’s how taxes are handled
The use of a company car is a valuable fringe benefit for business owners and key employees. This perk results in tax deductions for the employer and tax breaks for the owners and employees using the cars. (And of course, they get the nontax benefit of getting a company car.) For tax deduction purposes, a business will treat the car much the same way it would any other business asset. Providing an auto for an owner or key employee comes with complications and paperwork. Personal use will have to be tracked and valued under the fringe benefit tax rules and treated as income. We can help you stay in compliance with the rules and explain more about this prized perk.
Stock market investors: Year-end tax strategies to consider
Year-end is a good time to plan to save taxes by structuring your capital gains and losses. Consider some possibilities. For example, suppose you lost money this year on some stock and have other stock that has appreciated. Consider selling appreciated assets before Dec. 31 (if you think the value has peaked) and offset gains with losses. Long-term capital losses offset long-term capital gains before they offset short-term gains. Similarly, short-term capital losses offset short-term capital gains before they offset long-term gains. You may generally use up to $3,000 of capital losses in excess of total capital gains as a deduction against ordinary income in computing adjusted gross income.
Helping your employees make the most of email
For many people, email has become an afterthought. This can cause problems for businesses in lost productivity, lower morale and even unhappy customers. Here are some email management tips to address with staff: 1) Set up project-specific folders to stay better organized. 2) Regularly check junk email folders and adjust the filters so legitimate messages aren’t missed. 3) Encourage employees to unsubscribe from e-newsletters and other messages they’re no longer reading. 4) Refine distribution lists to better target recipients; delete obsolete lists. 5) Establish specified times during the workday to check email. 6) Consider company policies for how quickly employees should respond to emails.
Website Strategies for Keeping Renters Engaged
How the virtual front door keeps prospects’ attention and converts leads to leases. From cinematic videos to chatbots, website design provides multifamily marketers with a myriad of features. But the primary goal of any apartment website is to welcome prospects and engage them with the brand—an important part of the lead-to-lease conversion process. “Our websites serve […]
How Multifamily Properties Are Rebooting Best Practices
Five industry leaders share COVID-inspired strategies that have staying power. Never let a crisis go to waste: Such was the sage advice of Winston Churchill more than 75 years ago. Today, that could be the mantra of many COVID-tested multifamily executives. Managing through the pandemic has posed formidable challenges, but it has also prompted the […]
Ways to Strategically and Effectively Manage (Increase) Your Self-Storage Rental Rates
Managing (primarily raising) rental rates is a necessary part of any thriving self-storage operation, but it takes finesse. Here are some tips that’ll help you adjust your street and existing-tenant rates strategically and effectively.
Why (and How) to Talk to Your Parents About Estate Planning
If you have a parent over the age of, say, 65, thoughts about their future may have started to creep into your mind. But because end-of-life planning can be emotional and overwhelming, it’s tempting to put these conversations off — and even more pleasing to avoid them altogether. If there’s a lesson to be learned from […]
Tax Planning Tips To Minimize Your 3.8% Medicare Surtax
Every year, it seems like I talk to more people who are getting an additional tax bill thanks in part to the 3.8% Medicare surtax. They often call me after the fact, looking for ways to minimize the sting of this additional tax which they often weren’t even aware of. Proactive tax planning can help […]
How are court awards and out-of-court settlements taxed?
Awards and settlements are paid for many reasons. For example, a person could receive payments for personal injury or discrimination. By law, individuals can exclude from gross income damages that are received on account of personal physical injury or physical sickness. For purposes of this exclusion, emotional distress isn’t considered physical injury or sickness. So, for example, an award under state law that’s meant to compensate for emotional distress caused by age discrimination would have to be included in gross income. However, if you require medical care for treating the consequences of emotional distress, the amount of damages not exceeding those expenses would be excludable.
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