Have you ever wondered why your accountant sets up quarterly estimated tax payments? This article is intended to serve as a brief, not all-inclusive, explanation as to why some individuals are required to pay in estimated tax payments, and what happens if they don’t pay…
Some people mistakenly believe that Social Security benefits are always free from federal income tax. Unfortunately, that’s often not the case. In fact, depending on how much overall income you have, up to 85% of your benefits could be hit with federal income tax. While…
The use of trusts can be an effective way to avoid certain taxes and to control assets from beyond the grave. Trusts and wealth management are very complex situations, that require much deliberation when determining if to use a trust and what type of trusts…
Thinking about retirement in the coming years? Here are some helpful tools to help you prepare and plan better. According to the Social Security Administration, the benefit for social security will increase 3.2 percent in 2024. Back in 2019, the Secure Act was signed into…
The U.S. Department of Labor has published a final rule on how to classify who is an employee or independent contractor under the Fair Labor Standards Act (FLSA). The new rule goes into effect on March 11, 2024 and considers six factors instead of the standard…
With the high cost of college, many parents begin saving with 529 plans when their children are babies. Contributions to these plans aren’t tax deductible, but they grow tax deferred. Earnings used to pay qualified education expenses can be withdrawn tax-free. However, earnings used for…
A recent report shows that post-pandemic global business travel is going strong. The market reached $665.3 billion in 2022 and is estimated to hit $928.4 billion by 2030, according to a report from Research and Markets. If you own your own company and travel for…
Before you or your company makes a payment to a foreign person, there are some withholding rules you need to be aware of. Who is a foreign person? Before knowing the withholding rules, it is important to understand whether the person/entity you are paying is…
Did you make large gifts to your children, grandchildren or others last year? If so, it’s important to determine if you’re required to file a 2023 gift tax return. In some cases, it might be beneficial to file one — even if it’s not required….
Whether you are paying off your own student loans, or paying the student loans of another person, higher education can be a very costly endeavor. Thankfully there are a number of tax benefits that exist to lower the amount of liability you will have from…