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Payroll Taxes

Year-end tax planning for accrual-basis taxpayers

Accrual Method of Accounting, Accrual-Basis Taxpayers, Business Income Tax, Taxes 2025, Year End Planning /

Projecting your business’s income for this year and next can allow you to time income and deductible expenses to your tax advantage. It’s generally better to defer tax — unless you expect to be in a higher tax bracket next year. Timing income and expenses can be easier for cash-basis taxpayers. But accrual-basis taxpayers have […]

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The 2021 “Social Security wage base” is increasing

Employees, Small Business, Social Security & Medicare (FICA) taxes /

If your small business is planning for payroll next year, be aware that the “Social Security wage base” is increasing. The Social Security Administration recently announced that the maximum earnings subject to Social Security tax will increase from $137,700 in 2020 to $142,800 in 2021. For 2021, the FICA tax rate for both employers and

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