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 [...]
Federal Tax News for Individuals
Crypto Investors: Loss Deductions, Regulation and Oversight There have been three recent developments in the cryptocurrency arena: Loss tax deductions for FTX investors. Investors with inaccessible assets tied up [...]
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. [...]
Important Tax Figures for 2023
The following table provides some important federal tax information for 2023, as compared with 2022. Many of the dollar amount increases are higher than in past years due to inflation. [...]
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 [...]
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 [...]
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 [...]
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 [...]
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, [...]