Article Highlights: Background Court Battle Forgiveness Under Income-Driven Repayment (IDR) Plans Debt Relief Income American Rescue Plan Act General Welfare Exception Insolvent Taxpayer Exclusion Employer-Provided Educational Assistance Sec 529 Plans Back in August of 2022, President Biden issued an executive order that would forgive federal student loan debt for lower income individuals. The program would […]
Article Highlights: Mid-Year Planning Avoiding Unpleasant Surprises Events That Have Tax Consequences Waiting until after the close of the tax year to worry about your taxes can result in missed opportunities that could have reduced your tax liability or provided financial benefits. Mid-year is the perfect time for tax planning. The following are some events […]
If you’ve been paying attention to the news recently, you’re no doubt well aware that artificial intelligence is a topic of much discussion. Thanks largely due to the launch of ChatGPT and the potentially disruptive implications of what this topic can do, it’s everywhere. The FTC recently announced that it’s investigating whether ChatGPT itself harms […]
Article Highlights: Distinguishing Employee and Independent Contractor State Legislation Federal Guidelines Partners Advantages of Independent Contractor Status Form SS-8 SE Tax Form 8919 Penalties for Misclassifying Workers IRS’ Voluntary Classification Settlement Program It is not uncommon for employers to misclassify employees as independent contractors, either to intentionally avoid their withholding and tax responsibilities or because […]
August 2023 Individual Due Dates August 10 – Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during July, you are required to report them to your employer on IRS Form 4070 no later than August 10. Your employer is required to withhold FICA […]
According to one recent study, replacing an employee who has left your business can cost between 50% to 60% of that person’s salary. This is why it’s virtually always more expensive to hire a new person than it is to simply retain one of your existing workers. If you’re replacing someone who makes about $100,000 […]
Article Highlights: Standard Deductions Personal & Dependent Exemptions Child Tax Credit Home Mortgage Interest Limitations Tier 2 Miscellaneous Deductions Phaseout of Itemize Deductions SALT Limits Moving Deduction Commuting Tax Benefits Personal Casualty Losses Estate Tax Exclusion Tax Brackets Alternative Minimum Tax (AMT) Qualified Business Income (QBI) Deduction Blog: By now you have probably gotten used […]
Due to the admittedly complicated nature of the tax code in the United States, the idea that someone might experience issues when filing is not exactly unheard of. Oftentimes people will calculate certain aspects of their returns wrong, fail to submit the necessary paperwork, or something similar. That’s part of what amended returns are for […]
Parents – especially new ones – are always looking for new ways to improve the lives of their children. Surprisingly, one of the most effective opportunities that people also often overlook has to do with starting a savings account for that child as early as they’re capable of doing so. On the one hand, no […]
Article Highlights: 100% Business Primarily Vacation Primarily Business Special Circumstances Foreign Conventions, Seminars, and Meetings Cruise Ships Spousal Travel Expenses Note: the business expenses discussed in this article – both foreign and domestic – are not deductible by employees during years 2018 through 2025. However, they are available to self-employed individuals. When a self-employed individual […]