Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2024. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing […]
2024 Q2 tax calendar: Key deadlines for businesses and employers Read More »
You may have heard of the “nanny tax.” But if you don’t employ a nanny, you may think it doesn’t apply to you. Check again. Hiring a housekeeper, gardener or other household employee (who isn’t an independent contractor) may make you liable for federal income and other taxes. You may also have state tax obligations.
The “nanny tax” must be paid for nannies and other household workers Read More »
The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $168,600 for 2024 (up from $160,200 for 2023). Wages and self-employment income above this threshold aren’t subject to Social Security tax. Basic details. The Federal Insurance Contributions Act (FICA) imposes two taxes on employers, employees, and self-employed
Do you and your spouse together operate a profitable unincorporated small business? If so, you face some challenging tax issues. The partnership issue. An unincorporated business with your spouse is classified as a partnership for federal income tax purposes unless you can avoid that treatment. Otherwise, you must file an annual partnership return, on Form
Spouse-run businesses face special tax issues Read More »
Summer is around the corner so you may be thinking about hiring young people at your small business. At the same time, you may have children looking to earn extra spending money. You can save family income and payroll taxes by putting your child on the payroll. It’s a win-win! Here are four tax advantages.
The tax advantages of hiring your child this summer Read More »
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 employees (who isn’t an independent contractor) may make you liable for federal income and other taxes. You may also have state tax obligations. If you employ a
You may be liable for “nanny tax” for all types of domestic workers Read More »
The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $160,200 for 2023 (up from $147,000 for 2022). Wages and self-employment income above this threshold aren’t subject to Social Security tax. Basics about Social Security The Federal Insurance Contributions Act (FICA) imposes two taxes on employers, employees
Employers: In 2023, the Social Security wage base is going up Read More »
If you’ve recently begun receiving disability income, you may wonder how it’s taxed. The answer is: It depends. The key issue is: Who paid for the benefit? If the income is paid directly to you by your employer, it’s taxable to you just as your ordinary salary would be. (Taxable benefits are also subject to
How disability income benefits are taxed Read More »
Here’s an interesting option if your small company or start-up business is planning to claim the research tax credit. Subject to limits, you can elect to apply all or some of any research tax credits that you earn against your payroll taxes instead of your income tax. This payroll tax election may influence some businesses
Help when needed: Apply the research credit against payroll taxes Read More »
Many tax limits that affect businesses are annually indexed for inflation, and a number of them have increased for 2022. Here’s a rundown of those that may be important to you and your business. Social Security tax. The amount of an employee’s earnings that is subject to Social Security tax is capped for 2022 at
Numerous tax limits affecting businesses have increased for 2022 Read More »
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