Breakaway Bulletin

Quick hits Stat of the Month: $1B in unclaimed refunds If you don't file a return, you don't get a refund. The IRS estimates that 2021 unfiled 1040 returns / unclaimed tax refunds at $1B, available to be claimed by April 15. Tax Tip of the Month Should I take a refund or roll it over for next year's estimated payments? Here are a couple of considerations: 👉 Cashflow tight? Take the refund.👉 Want the money for a dedicated purpose (e.g. investment or renovation)? Take the refund.👉 Trouble...

Quick hits Stat of the Month: Tax Procrastinators by State According to IPX1031's 6 Annual Tax Procrastinators report, 31% of Americans procrastinate on their taxes. (By the way, we call this "extensions" and are grateful to spread the work out over a reasonable amount of months instead of cramming it into a single quarter). Top procrastinators by state? Wyoming, Alaska, Vermont, and North Dakota. Guess they're all too cold to deal with it! Tax Tip of the Month Friendly reminder on tax...

Quick hits Stat of the Month: Small Business Owners Drive the Job Market According to the SBA Small Business Facts Report, small businesses are responsible for 2 out of every 3 jobs created in the past 25 years. Talk about powering the economy! Tax Tip of the Month Is there such a thing as a "too small" expense? Think about it in this extremely simplified way: If you're in the 25% tax bracket, every qualified business expense you log gets you a 25% discount. Even better than a senior...

2025 will be an interesting year from a tax perspective (who ever thought we'd say "interesting" and "tax" in the same sentence?). With the new administration coming in and key provisions from the Tax Cuts and Jobs Act of 2017 set to expire at the end of 2025, there are sure to be changes afoot. We're monitoring them closely and will pass along changes that impact you. Here are 5 updates you need to know now, with likely more to come. 2025 Tax Updates Even the IRS accounts for inflation...

A note from Gretchen Roberts, CEO December is hands-down my favorite time of the year. I'm not talking about holiday parties, cookies, and gifts (although those are fun too!), but rather taking time to review the state of my business and life and set ambitious new goals for the year. Much of this planning takes place in October prior to our annual Red Bike Advisors leadership team meeting, but I like to put the final touches on the plan and gear up for the year during the week between...

Quick hits Stat of the Month: Women-Owned Businesses From the 2020 SBA dataset: Women-owned businesses represent 42% of all U.S. businesses (about 13 million), have 9.4 million employees, and $1.9 trillion in revenue. But nearly 90% of women-owned businesses had no employees. Nonetheless their revenue topped $229 billion. Tax Tip of the Month If you make estimated income tax payments, make sure you've got good records for tax time. Payments made out of the business can be categorized so...

Must Read 12/31 Deadline: Beneficial Ownership Information Reporting In an effort to crack down on money laundering, financing terrorism, tax fraud, and other illegal acts via sketchy shell companies, Congress has enacted the Corporate Transparency Act. If you’re a small business owner, you and about 32 million other business entities have a part to play in fighting the bad guys...and the fines are steep for not complying. Read more > Quick hits Stat of the Month: Can AI Streamline...

Quick hits Stat of the Month: Still Hard to Hire According to NFIB's Monthly Jobs Report, of the 62% of small business owners trying to hire in August, 90% reported few or now qualified applicants. Friendly Reminder: September 15 Quarterly Income Tax Payments Due Although it's not a calendar quarterly date, Q3 tax payments are due to the IRS (and likely your state taxing authority) on Sept. 15. The traditional quarters were moved in the 1960s so Congress could start their Oct. 1 fiscal year...

Quick hits Stat of the Month: Motivation to Go Into Business According to Guidant Financial's 2024 Small Business Trends, 28% of small business owners were ready to be their own boss, while 23% were dissatisfied with Corporate America. Tax Tip of the Month The IRS has spent about 10% of its $57.8 billion windfall from the Inflation Reduction Act, and they're just getting started. After years of pandemic-induced leniency, the IRS is resuming its collection efforts in earnest. Getting a notice...

Must Read New Requirements for Small Businesses: Beneficial Ownership Information Reporting In an effort to crack down on money laundering, financing terrorism, tax fraud, and other illegal acts via sketchy shell companies, Congress has enacted the Corporate Transparency Act. If you’re a small business owner, you and about 32 million other business entities have a part to play in fighting the bad guys...and the fines are steep for not complying. Read more > Quick hits Stat of the Month:...