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3 types of internal benchmarking reports for businesses

By |2023-12-28T21:05:39+00:00December 28th, 2023|Latest News|

As each year winds to a close, owners of established businesses can count on having plenty of at least one thing: information. That is, they have another full calendar year of financial results to peruse, parse and ponder over. Indeed, you shouldn’t let this valuable data go to waste. Within your company’s financial statements lies a

Court awards and out-of-court settlements may (or may not) be taxed

By |2023-12-20T20:49:56+00:00December 20th, 2023|Latest News|

Monetary awards and settlements are often provided for an array of reasons. For example, a person could receive compensatory and punitive damage payments for personal injury, discrimination or harassment. Some of this money is taxed by the federal government, and perhaps by state governments. Hopefully, you’ll never need to know how payments for personal injuries

The “nanny tax” must be paid for nannies and other household workers

By |2023-12-12T21:25:59+00:00December 12th, 2023|Latest News|

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.

4 ideas that may help reduce your 2023 tax bill

By |2023-12-12T21:24:17+00:00December 12th, 2023|Latest News|

If you’re concerned about your 2023 tax bill, there may still be time to reduce it. Here are four quick strategies that may help you trim your taxes before year end. 1. Accelerate deductions and/or defer income. Certain tax deductions are claimed for the year of payment, such as the mortgage interest deduction. So, if you

Is your business underestimating the value of older workers?

By |2023-12-12T21:21:32+00:00December 12th, 2023|Latest News|

The job market remains relatively tight for businesses looking to fill open positions or simply add top talent when the fit is right. That means it’s still important for companies to continuously reassess where they’re looking for applicants and which job candidates they’re focusing on. In October, global employment nonprofit Generation, in partnership with the

Key 2024 inflation-adjusted tax amounts for individuals

By |2023-11-21T15:56:33+00:00November 21st, 2023|Latest News|

The IRS recently announced various 2024 inflation-adjusted federal tax amounts that affect individual taxpayers. Most of the federal income tax rate bracket thresholds are about 5.4% higher than for 2023. That means that you can generally have about 5.4% more income next year without owing more to the federal government. Standard deduction Here are the

11 Exceptions to the 10% penalty tax on early IRA withdrawals

By |2023-11-21T15:54:47+00:00November 21st, 2023|Latest News|

If you’re facing a serious cash shortfall, one possible solution is to take an early withdrawal from your traditional IRA. That means one before you’ve reached age 59½. For this purpose, traditional IRAs include simplified employee pension (SEP-IRA) and SIMPLE-IRA accounts. Here’s what you need to know about the tax implications, including when the 10%

Some businesses may have an easier path to financial statements

By |2023-11-21T15:52:39+00:00November 21st, 2023|Latest News|

There’s no getting around the fact that accurate financial statements are imperative for every business. Publicly held companies are required to not only issue them, but also have them audited by an independent CPA. Audited financial statements provide the highest level of assurance to third-party users that the documents in question are free of material

Contributing to your employer’s 401(k) plan: How it works

By |2023-11-08T20:09:47+00:00November 8th, 2023|Latest News|

If you’re fortunate to have an employer that offers a 401(k) plan, and you don’t contribute to it, you may wonder if you should participate. In general, it’s a great tax and retirement saving deal! These plans help an employee accumulate a retirement nest egg on a tax-advantaged basis. If you’re thinking about contributing to

Is your business subject to the new BOI reporting rules?

By |2023-11-08T19:32:59+00:00November 8th, 2023|Latest News|

The Corporate Transparency Act (CTA) was signed into law to fight crimes commonly associated with illegal business activities such as terrorist financing and money laundering. If your business can be defined as a “reporting company” under the CTA, you may need to comply with new beneficial ownership information (BOI) reporting rules that take effect on

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