Business owners and their employees may not have to pay Social Security tax on ALL of their wages. Amounts above a certain threshold aren’t subject to Social Security tax. Here’s how the 2023 “wage base” will affect your payroll.
Read MoreIn 2022, if you pay a household worker cash wages of $2,400 or more, you must withhold and pay Social Security and Medicare taxes. What will this amount be for 2023? Here’s the answer, as well as other tax obligations.
Read MoreAudits are critical to reassuring financial supporters of your nonprofit’s fiscal responsibility. But the work doesn’t end when the auditor leaves. You need to review the audit report and possibly take action.
Read MoreThe price of gas is going up again in some parts of the country. That may affect the tax deductions for local transportation costs that your small business can claim. Here’s what you can write off.
Read MoreDo you want to add municipal bonds to your portfolio? Here are some of the tax consequences.
Read MoreDrawing a line between employees and contractors requires nonprofits to use their judgment. Getting it wrong can result in penalties and other costs, so take steps to get it right.
Read MoreEven though for many families federal estate tax isn’t currently a concern, life insurance may offer several benefits for their estates.
Read MoreIf your nonprofit operates in or serves clients in a disaster zone, you know how difficult the recovery process can be. Unfortunately, fraud perpetrators attempting to profit off the misery of others can make rebuilding difficult. Construction fraud is particularly common. If you have damage, be sure to work with your insurance company, carefully vet potential contractors, ask for proof of insurance, put everything in writing and don’t pay for work until it’s completely finished. Also watch out for fake relief workers. Real FEMA officials will never ask for payment. Contact us with questions.
Read MoreA common piece of estate planning advice is to review your estate plan in light of a major life change. This can include getting married, having a baby or getting a divorce. Add one more event to that list: moving out of state.
Read MoreGetting contacted by the IRS and told your tax return is being audited may cause business owners to panic. But you’ll fare better if you understand IRS audits.
Read MoreThe cost of college has risen steeply in recent years so families are wise to begin saving early. Here’s how 529 plans can help you save on a tax-advantaged basis.
Read MoreMany small businesses are in need of new employees and may get creative in their hiring. The Work Opportunity Tax Credit can help if you hire from certain targeted groups.
Read MoreBy planning ahead now, you may be able to save on your 2022 and 2023 tax bills. Here are some ideas to consider.
Read MoreIt’s time for businesses to start thinking about year-end tax strategies. It’s also a good time to think about the fourth quarter 2022 tax filing deadlines.
Read MoreThe public nature of probate is a primary reason many people wish to avoid the process to the extent possible. Implementing the proper strategies in your estate plan can protect your privacy.
Read MoreIt’s not easy to get at the root of charitable donor motivation. We look at some of the financial, social and emotional reasons people give and how your nonprofit might want to act on them.
Read MoreThere are two special taxes that may have a significant effect on the tax bills of high-income folks: the 3.8% net investment income tax and a 0.9% additional Medicare tax on wage and self-employment income. Here are the basic rules.
Read MoreYour nonprofit may not have always approached its budget efficiently and productively or received the results it wanted. But it’s never too late to try some new budgeting ideas.
Read MoreFamilies with a disabled child face difficult estate and financial planning challenges. Two options available to them are a special needs trust and an ABLE account. How do they compare?
Read MoreSeparating the ownership of a business’s real estate from the business isn’t always advisable. But it might be worthwhile in some situations.
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