The Tax Consequences of Gig Work
Over the last decade, in particular, the definition of the term “career” has changed. Rather than being employed by a single entity for which you receive a W2 at the…
Time is Running Out to Take Your 2022 RMD
Required Minimum Distributions (RMD) are required taxable distributions from qualified retirement plans and are commonly associated with traditional IRAs, but they also apply to 401(k)s and SEP IRAs. The tax…
2022 Year-End Tax Planning for Businesses
U.S. businesses are facing pressure to drive revenue, manage costs and increase shareholder value, all while surrounded by economic and political uncertainties. Disruptions to supply chains brought about by the…
2022 Year-End Tax Planning For Individuals
With rising interest rates, inflation and continuing market volatility, tax planning is as essential as ever for taxpayers looking to manage cash flow while paying the least amount of taxes…
IRS Plans On Targeting Abusive ERTC Claims
Have you seen those ads on television or received email solicitations promoting a large tax credit? The large tax credit they are referring to is the employee retention tax credit…
Inflation Reduces Income Tax
As the country emerges from the COVID pandemic and supply chain issues, along with the fallout from the war in Ukraine, the country has been experiencing high inflation rates that…
Is This an Opportune Time to Convert Your Traditional IRA to a Roth IRA?
If your traditional IRA is invested in stocks and/or mutual funds, the recent substantial downward slide by the stock markets may provide a unique opportunity to convert your traditional IRA…
Social Security Administration Announces 2023 Wage Base and Cost of Living Adjustment
Recently, the Social Security Administration (SSA) published their annual release detailing changes to the Social Security wage base and the cost-of-living adjustment (COLA) for Social Security and Supplemental Security Income…
Research Credit Potentially Doubled By The Inflation Reduction Act
The Inflation Reduction Act that President Biden signed into law back in August, has a lesser-known provision that could benefit many small business startups, allowing them to potentially double the…
Health Savings Accounts Fill Multiple Tax Needs
The Health Savings Account (HSA) is one of the most misunderstood and underused benefits in the Internal Revenue Code. Congress created HSAs as a way for individuals with high-deductible health…