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 …
If you own or manage a business with employees, there’s a harsh tax penalty that you could be at risk for paying personally. The Trust Fund Recovery Penalty (TFRP) applies to Social Security and income taxes that are withheld by a business from its employees’ wages. Sweeping penalty The TFRP is dangerous because it applies …
The Trust Fund Recovery Penalty: Who can it be personally assessed against? Read More »
Are you getting ready to retire? If so, you’ll soon experience changes in your lifestyle and income sources that may have numerous tax implications. Here’s a brief rundown of four tax and financial issues you may contend with when you retire: Tax planning is still important As you can see, you may have to make …
4 tax challenges you may encounter if you’re retiring soon Read More »
An array of tax-related limits that affect businesses are indexed annually, and due to high inflation, many have increased more than usual for 2023. Here are some that may be important to you and your business. These are only some of the tax limits and deductions that may affect your business and additional rules may …
Many tax limits affecting businesses have increased for 2023 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 »
Some people who begin claiming Social Security benefits are surprised to find out they’re taxed by the federal government on the amounts they receive. If you’re wondering whether you’ll be taxed on your Social Security benefits, the answer is: It depends. The taxation of Social Security benefits depends on your other income. If your income …
Social Security benefits: Do you have to pay tax on them? Read More »
If you’re married, you may wonder whether you should file joint or separate tax returns. The answer depends on your individual tax situation. In general, it depends on which filing status results in the lowest tax. But keep in mind that, if you and your spouse file a joint return, each of you is “jointly …
Married couples filing separate tax returns: Why would they do it? Read More »
The IRS began accepting 2021 individual tax returns on January 24. If you haven’t prepared yet for tax season, here are three quick tips to help speed processing and avoid hassles. Tip 1. Contact us soon for an appointment to prepare your tax return. Tip 2. Gather all documents needed to prepare an accurate return. …
Smooth sailing: Tips to speed processing and avoid hassles this tax season Read More »
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 …
How will revised tax limits affect your 2022 taxes? Read More »
If your business receives large amounts of cash or cash equivalents, you may be required to report these transactions to the IRS. What are the requirements? Each person who, in the course of operating a trade or business, receives more than $10,000 in cash in one transaction (or two or more related transactions), must file …
Large cash transactions with your business must be reported to the IRS Read More »
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