Stay Ahead: August 2024 Tax Deadlines and Essential Updates

As we move into August, it's essential to stay informed about key tax deadlines and updates that could significantly impact your business. Staying ahead of these deadlines and understanding recent tax developments is crucial for maintaining compliance and avoiding potential penalties.

August 2024 Tax Deadlines

August 12: Report Tips for July 2024

Make sure to report tips received by your employees in July to your employer by August 12. Accurate reporting is not only vital for payroll tax compliance but also ensures that your business adheres to federal requirements. Timely reporting can save your business from potential fines and keep your payroll processes running smoothly.

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Hurricane Beryl Tax Relief for Texas Residents

For those affected by Hurricane Beryl in Texas, the IRS has extended several tax deadlines to February 3, 2025. This relief applies to individuals and businesses in 67 counties, giving you extra time to file returns and make payments without penalties. If your business is in one of the affected areas, be sure to take advantage of this extension.

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IRS Free File Service for Extension Filers

If you requested an extension for filing your taxes, now is the time to take advantage of the IRS Free File service. Instead of waiting for the October deadline, you can get ahead by filing over the summer. The IRS website offers a range of tools to help you navigate the filing process easily and accurately.

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Beware of Misleading “Self Employment Tax Credit” Claims

The IRS has issued a warning about misleading claims regarding a non-existent “Self Employment Tax Credit.” Promoters and social media posts are falsely suggesting that self-employed individuals and gig workers can claim this credit and receive substantial payments. Be cautious of these claims, as filing a false return could lead to penalties.

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Business Credit: Why You Should Register Your Business in the 411 Directory

Registering your business in the 411 Directory is a simple yet effective way to enhance your business's credibility. This registration helps creditors and lending institutions easily verify your business, which can be crucial when securing business credit. Ensure your contact information is accurate and up-to-date to facilitate this verification process.

Now, if you are ready to take action and secure your financial future, book a call with us today!

Explore Our Latest Blogs

Whether you're looking to enhance your accounting knowledge or sharpen your business acumen, our latest blog posts offer valuable insights tailored to your needs:

Blogs on Finance

• Make Informed Decisions: Leveraging Financial Statements: Learn how to make informed business decisions using financial statements.

• Monitor Financial Health: The First Step to Business Growth: Discover how to monitor your business's financial health using balance sheets and income statements.

Blogs on Business Operations

• Transform Your Business with Automation: A Success Story: Discover how automation can transform your accounting practice by managing workloads more effectively, reducing errors, and enhancing client service.

• Crafting a Compelling Brand Story: Engage and Inspire Your Audience: Learn how to create an engaging brand story that resonates with your audience, building trust and loyalty.

Stay informed and ahead of deadlines this August. These updates and resources are essential for keeping your business compliant and thriving.

And once again, take action today, book a call with us!

Wishing you a smooth and successful month!