Everyone is feeling the effects of the current financial climate. Prices are on the rise, and questions are swirling as to whether we're headed toward a recession. No one is certain what tomorrow holds. Whether it's the loss of a job, a health crisis, or an economic downturn, none of us can predict what will happen. Your home is one of your most valued [...]
You have been planning for your retirement for years. You have a good handle on expected living expenses and what you will need to live comfortably. However, what would happen in retirement if your needs unexpectedly changed — and your expenses suddenly, drastically exceeded your budget? That's the great retirement income gap. The retirement income gap is a significant problem encountered by many people [...]
The United States economy is nothing if not cyclical - which can be a good thing or a bad thing depending on when, exactly, you're trying to operate a business. According to one recent study, roughly 57% of small business owners say that they fear the U.S. economy will only get worse over the last year. Many are worried that if something doesn't change, [...]
You've just gotten your college diploma. Congratulations! Graduating is an enormous accomplishment well worth celebrating, and with the added complication of the global pandemic, your experience was more challenging than most. But now that the last parties are over and you've packed up your dorm room or apartment, it's time to get ready for the next phase of your life: a full-time, professional job. [...]
Article Highlights: What is the Work Opportunity Tax Credit? Maximum Credit Who Can Claim the Credit? Qualified Employees Pre-screening and Certification Tax-exempt Employers The Work Opportunity Tax Credit (WOTC) is a general business credit that is jointly administered by the Internal Revenue Service (IRS) and the Department of Labor (DOL). The WOTC is available for wages paid to certain individuals who begin work on [...]
Article Highlights: Social Security Administration Contractors Internal Revenue Service U.S. Postal Service Withholding & Estimated Tax Payments Health Insurance Marketplace This is the time of year for many couples to tie the knot. When you marry, here are some post-marriage tips to help you avoid stress at tax time. Notify the Social Security Administration − Report any name change to the Social Security Administration [...]
Article Highlights: Forgoing Vacation, Sick, or Personal Leave in Exchange for Ukrainian Relief Program Duration Employee and Employer Tax Implications IRS Notice 2022-28 There is a little-known disaster provision of the tax code that, where if an employer has adopted a leave-based donation program, the employees can forgo paid vacation, sick, or personal leave in exchange for their employer making equivalent cash payments to [...]
Every small business — whether a respected local mom-and-pop retailer, a startup tech company, or an online venture — has accounting and bookkeeping responsibilities, including selecting the accounting method that works best for them. If you’re new to small business ownership, you might not even realize that there are multiple ways to keep tabs on your company’s finances. Don’t worry, though, that’s where this [...]
Article Highlights: Mid-year Increase Items Included in the Optional Mileage Rate What Can Be Deducted in Addition to the Optional Mileage Rate Switching Methods With gas prices soaring it has been expected the IRS would increase the mileage rate that business owners can deduct for vehicle use instead of keeping a record of actual expenses. Sure enough, the IRS recently announced a 4-cent increase [...]
Article Highlights: Form W-4 Watch Out for Payroll Surprises Tips Odd Jobs Self-Employment Tax Working for Parents ROTC Students Newspaper Delivery Retirement Contributions As the summer break from school approaches, many students are looking for part-time summer employment. Both parents and students should be aware of the tax issues that need to be considered when working a summer job. Here is a rundown of [...]
