Plan Now to Reduce AMT Exposure
First the bad news: Despite passage of the Tax Cuts and Jobs Act (TCJA), the individual alternative minimum tax (AMT) is still in place. But there's some good news: The [...]
You May Be Liable For “Nanny Tax” For All Types of Domestic Workers
You’ve probably heard of the “nanny tax.” But even if you don’t employ a nanny, it may apply to you. Hiring a house cleaner, gardener or other household employee [...]
Providing Fringe Benefits to Employees With No Tax Strings Attached
Businesses can provide benefits to employees that don’t cost them much or anything at all. However, in some cases, employees may have to pay tax on the value of [...]
Social Security Wage Base and Earnings Test Amounts Increase in 2023
The Social Security Administration (SSA) recently announced that the "wage base" for computing Social Security tax will increase for 2023 to $160,200. This is up from $147,000 for 2022. Federal [...]
Investing in the Future With a 529 Education Plan
If you have a child or grandchild who’s going to attend college in the future, you’ve probably heard about qualified tuition programs, also known as 529 plans. These plans, [...]
How Tax Reform Affects Divorce Settlements for Small Business Owners
How does the Tax Cuts and Jobs Act (TCJA) affect divorce settlements? Changes in the new law may require divorcing individuals — especially those who own businesses and other investments [...]
Seller-paid points: Can homeowners deduct them?
In its latest report, the National Association of Realtors (NAR) announced that July 2022 existing home sales were down but prices were up nationwide, compared with last year. “The [...]
Social Security Recipients Will Receive a Large Increase in 2023
Monthly Social Security and Supplemental Security Income (SSI) benefits for more than 70 million Americans will increase 8.7% in 2023, the federal government just announced. On average, the Social Security Administration [...]
How Will Inflation Affect Your 2023 Tax Bill
Inflation has been surging this year. The July 2022 consumer price index (CPI) was up 8.5% year over year, according to the latest data from the U.S. Bureau of Labor [...]
The Minimum Wage for Federal Contractors Is Going Up in 2023
The U.S. Department of Labor's Wage and Hour Division (WHD) recently released two Notices regarding the 2023 minimum wage rates that are going up for federal contractors. Contractor Minimum Wage Background [...]
Be a Hands-On Owner to Maximize Profits
Over the years, McDonald's has been able to sell hundreds of billions of hamburgers. The business started with a single drive-in burger stand started by two brothers in Southern California. [...]
Year-end Tax Planning Ideas for Individuals
Now that fall is officially here, it’s a good time to start taking steps that may lower your tax bill for this year and next. One of the first [...]
Due Diligence Checklist for Sellers
When it comes to due diligence procedures, much attention is focused on those who want to buy a business. But sellers must also conduct due diligence investigations and it's important [...]
Is Your Income High Enough To Owe Two Extra Taxes?
High-income taxpayers face two special taxes — a 3.8% net investment income tax (NIIT) and a 0.9% additional Medicare tax on wage and self-employment income. Here’s an overview of [...]
2022 Q4 tax calendar: Key deadlines for businesses and other employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2022. Keep in mind that this list isn’t all-inclusive, so there may [...]