News

In 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.

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.

Your business may provide low- or no-cost tax-free fringe benefits to employees. Here are the details of these benefits, along with a court case in which an employee was found to have received a taxable benefit but he didn’t include its value in his income.

As we head toward year end, many people are starting to plan to give gifts to their loved ones. Here’s how to avoid gift tax implications.

Do you want to add municipal bonds to your portfolio? Here are some of the tax consequences.

The 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.

The 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.

Getting 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.

By planning ahead now, you may be able to save on your 2022 and 2023 tax bills. Here are some ideas to consider.

Many 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.

With the current federal estate tax exemption at $12.06 million, you may not be worried about estate taxes. But you should still think about saving income taxes for your heirs.

It’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

In general, points a BUYER pays in a home sale are a tax-deductible interest expense. But what about SELLER-paid points?

Separating the ownership of a business’s real estate from the business isn’t always advisable. But it might be worthwhile in some situations.

There 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.

Before you know it, the end of 2022 will be near. Here are some year-end moves to consider that may help your small business save on taxes.

If you’re interested in purchasing energy-saving property for your home or an electric vehicle, you may qualify for a tax break under the new Inflation Reduction Act. Here are the basic rules.

The new Inflation Reduction Act provides small businesses with an incentive to increase their investments in research.

Many people started working from home during the pandemic and have continued working out of home offices. Some of them qualify for home office deductions, but unfortunately, not all of them do. Here are the rules.

If you run a one-person small business, you might be able to build a bigger retirement nest egg with a solo 401(k) plan. Here are the basic rules.

A limited liability company can give you corporate-like protection from creditors while providing the benefits of taxation as a partnership. Can it work for you?

In some cases, a married couple files a joint tax return and one spouse is unaware of all the income of the other spouse. The spouse who is in the dark still must generally pay the tax bill even if the couple divorces. But there may be “innocent spouse” relief.

Form 1095-C is filed with the IRS and provided to employees of “applicable large employers” who are full-time employees. Which employers are affected and what must they do?

Self-employed taxpayers generally must make quarterly estimated tax payments. But even if you’re not self-employed, you may have to make them to avoid a penalty if you don’t have enough federal tax withheld. Here are the rules.

A big tax bill (or a large refund) may mean you don’t have the proper amount of tax withheld from your paycheck. Here’s how to make sure that doesn’t happen next year.