Health Savings Accounts for Your Small Business
Small business owners are well aware of the increasing cost of employee health care benefits. As a result, your business may be interested in providing some of these benefits through
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Tag: Tax
Taking Distributions from a Traditional Individual Retirement Account
Although planning is needed to help build the biggest possible nest egg in your traditional individual retirement account (IRA) (including a Simplified Employee Pension IRA and Savings Incentive Match Plan
Tax Planning for President-Elect Biden’s Proposed Tax Changes
Now that Joe Biden has been projected as the winner of the presidential election by major news outlets,* you may wonder if your federal taxes will be affected. President-elect Biden
2021 Cost-of-Living Adjustments for Popular Fringe Benefits
The IRS recently released 2021 cost-of-living adjustments (COLAs) for a wide variety of tax-related limits, including those related to many popular fringe benefits. Here are some highlights to be aware
What Do The 2021 Cost-Of-Living Adjustment Numbers Mean for You?
The IRS has announced its 2021 cost-of-living adjustments to tax amounts that might affect you. Many increased to account for inflation but some remained at 2020 levels. As you implement
Tax Responsibilities for Businesses Closing Amid the Pandemic
Unfortunately, the COVID-19 pandemic has forced many businesses to shut down. If this is your situation, we are here to assist you in any way we can, including helping with
Disability Income: How Is It Taxed?
Many Americans receive disability income. You may wonder if — and how — it is taxed. As is often the case with tax questions, the answer is, it depends. The
The 2021 ‘Social Security Wage Base’ is Increasing
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
Buying & Selling Mutual Fund Shares: Avoid These Tax Pitfalls
If you invest in mutual funds, be aware of some potential pitfalls involved in buying and selling shares. Surprise Sales You may already have made taxable ‘sales’ of part of
Year-End Tax Strategies Amid an Unusual Year
Like so many things this year, the recommended practices for your annual end-of-the-year tax planning reflect the COVID-19 pandemic and its far-reaching effects. The economic impact, as well as federal