SECURE 2.0 Law May Make You More Secure in Retirement
A new law was recently signed that will help Americans save more for retirement, although many of the provisions don’t kick in for a few years. The Setting Every [...]
Looking Ahead: 2023 Minimum Wage and Overtime Threshold Increases
In 2023, many states and localities will increase their minimum wage amounts. In some areas, the amounts paid to tipped employees may also increase and overtime salary thresholds may also [...]
Renting to a Relative? Watch Out For Tax Traps
If you own a home and rent it to a relative, you may be surprised to find out there could be tax consequences. Quick rundown of the rules Renting [...]
Are You Missing the Roth IRA Boat?
Many self-employed individuals are eligible to make annual contributions to Roth IRAs, despite having healthy earnings from their businesses. But some haven't yet taken advantage of this retirement saving strategy. [...]
The Tax-Deductible Mileage Rate for Business Driving Increases for 2023
The IRS has announced the 2023 optional standard mileage rates used to calculate the deductible costs of operating a vehicle for business, charitable, medical or moving purposes. Background: If you use [...]
A Dozen Ways the SECURE 2.0 Law Helps Individuals and Employees
In the waning hours of the 117th Congress, a large government funding bill was passed that includes many provisions that will help Americans save more for retirement. The Setting Every Community Up [...]
Do you qualify for the QBI deduction? And can you do anything by year-end to help qualify?
If you own a business, you may wonder if you’re eligible to take the qualified business income (QBI) deduction. Sometimes this is referred to as the pass-through deduction or [...]
Save for Retirement by Getting the Most Out of Your 401(k) Plan
Socking away money in a tax-advantaged retirement plan can help you reduce taxes and help secure a comfortable retirement. If your employer offers a 401(k) or Roth 401(k), contributing [...]
HSA 2023
With Health Savings Accounts (HSAs), individuals and businesses buy less expensive health insurance policies with high deductibles. Contributions to the accounts are made on a pre-tax basis. The money can [...]
How Much Does the IRS Let Delinquent Taxpayers Live On?
The IRS uses "Collection Financial Standards" to help determine a taxpayer's ability to pay a delinquent tax liability. Allowable living expenses include those that meet the test of being necessary to provide for [...]
Let’s Be Reasonable about Owners’ Compensation
Is it possible to have too much of a good thing? The IRS thinks so, at least in the context of compensation paid to business owners. If an owner's compensation is [...]
Answers to your questions about taking withdrawals from IRAs
Answers to your questions about taking withdrawals from IRAs As you may know, you can’t keep funds in your traditional IRA indefinitely. You have to start taking withdrawals from [...]
Computer software costs: How does your business deduct them?
These days, most businesses buy or lease computer software to use in their operations. Or perhaps your business develops computer software to use in your products or services or [...]
Year-end giving to charity or loved ones
The holiday season is here and many people plan to donate to their favorite charities or give money or assets to their loved ones before the end of the year. [...]
Strategies for Investors to Cut Taxes as Year-End Approaches
The overall stock market has been down during 2022 but there have been some bright spots. As year-end approaches, consider making some moves to make the best tax use [...]