We’re closing in on the end of 2021, and it’s a time when many people consider making year-end gifts to charities and family members. When you transfer cash or other assets to someone else, it may be subject to the…
Many parents struggle to find the balance between setting aside money for their own retirement accounts or to help fund a child’s college education. Here are some things to consider: Retirement Savings If your main retirement savings vehicle is a…
A new law has retroactively ended the Employee Retention Credit (ERC) to apply only through September 30, 2021 (rather than through December 31, 2021) — unless the employer is a recovery startup business. The Infrastructure Investment and Jobs Act, which…
Many businesses are having trouble recruiting and retaining qualified workers today. Nearly 90% of employers reported difficulty filling open positions, according to a recent survey conducted by the Society for Human Resource Management. The report entitled, "The COVID-19 Labor Shortage:…
The federal income tax rules for depreciating vehicles used for business are complicated. And different rules apply to different categories of vehicles. Special limitations apply to vehicles that are classified as passenger autos, including many pickups and SUVs. As a…
With Thanksgiving just around the corner, the holiday season will soon be here. At this time of year, your business may want to show its gratitude to employees and customers by giving them gifts or hosting holiday parties again after…
The Social Security Administration recently announced some changes to benefits and taxes for 2022. First, the wage base for computing Social Security tax will increase from $142,800 to $147,000. Also, the cost-of-living adjustment (COLA) is getting a rather substantial bump…
When you take withdrawals from your traditional IRA, you probably understand they're taxable. But what does that really mean? Important: Once you reach a certain age, you must start taking required minimum distributions (RMDs) from your traditional IRAs or you…
It may seem premature, but it’s never too early to start tax planning for small businesses. Here are three tax breaks to consider. 1. Claim bonus depreciation or a Section 179 deduction for newly purchased assets Current tax law allows…
If you use an automobile in your trade or business, you may wonder how depreciation tax deductions are determined. The rules are complicated, and special limitations that apply to vehicles classified as passenger autos (which include many pickups and SUVs)…