by Joan Buchman Miller | Feb 5, 2024 | Accounting, employees, home office, tax planning, tax records
When launching a small business, many entrepreneurs start out as sole proprietors. If you’re launching a venture as a sole proprietorship, you need to understand the tax issues involved. Here are nine considerations: You may qualify for the pass-through deduction. To...
by Joan Buchman Miller | Jan 29, 2024 | Accounting, employees, tax planning
The Employee Retention Tax Credit (ERTC) was introduced back when COVID-19 temporarily closed many businesses. The credit provided cash that helped enable struggling businesses to retain employees. Even though the ERTC expired for most employers at the end of the...
by Joan Buchman Miller | Jan 22, 2024 | Accounting, employees, tax planning
As part of the SECURE 2.0 law, there’s a new benefit option for employees facing emergencies. It’s called a pension-linked emergency savings account (PLESA) and the provision authorizing it became effective for plan years beginning January 1, 2024. The IRS recently...
by Joan Buchman Miller | Jan 8, 2024 | Accounting, employees, tax planning
If you’re an employer with a business where tipping is routine when providing food and beverages, you may qualify for a federal tax credit involving the Social Security and Medicare (FICA) taxes that you pay on your employees’ tip income. Credit fundamentals The FICA...
by Joan Buchman Miller | Oct 30, 2023 | Accounting, employees
Are employees at your business traveling and frustrated about documenting expenses? Or perhaps you’re annoyed at the time and energy that goes into reviewing business travel expenses. There may be a way to simplify the reimbursement of these expenses. In Notice...
by Joan Buchman Miller | Oct 23, 2023 | employees, tax planning
The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $168,600 for 2024 (up from $160,200 for 2023). Wages and self-employment income above this threshold aren’t subject to Social Security tax....