January 10, 2022

Businesses with employees who receive tips may be eligible for a tax credit

Employees, Federal Tax Credit, Federal Taxes, Small Business, Social Security & Medicare (FICA) taxes, Tip Tax Credit / Douglas Freeman

If you’re an employer with a business where tipping is customary for providing food and beverages, you may qualify for a federal tax credit involving the Social Security and Medicare (FICA) taxes that you pay on your employees’ tip income. Basics of the credit. The FICA credit applies with respect to tips that your employees […]

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How will revised tax limits affect your 2022 taxes?

401 K, Build Back Better Act, Deductions, Federal Taxes, FICA, Gift Tax, Individual Income Tax, IRA, Itemized Deduction, Social Security / Douglas Freeman

While Congress didn’t pass the Build Back Better Act in 2021, there are still tax changes that may affect your tax situation for this year. That’s because some tax figures are adjusted annually for inflation. If you’re like most people, you’re probably more concerned about your 2021 tax bill right now than you are about

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