The Social Security Administration has released new numbers for those paying Social Security and those collecting it. Check out the new maximum taxable earnings amount as well as COLA and other key adjustments. Every year, the Social Security Administration takes a fresh look at its numbers and typically makes adjustments. Here are the basics for 2020 […]
After an incredibly difficult year (so far), let’s pause to reflect on all that we are thankful for today. The frenzied pace of life will resume unabated tomorrow. May the Lord bless your family, friends, and you.
Financial statement information is most useful if owners and managers can use it to improve their company’s profitability, cash flow, and value. Getting the most mileage from financial statement data requires some analysis. Ratio analysis looks at the relationships between key numbers on a company’s financial statements. After the ratios are calculated, they can be […]
A 1099 tax form is a record that someone was paid non-salary income. It comes in multiple versions, and there’s a good chance you’ll be dealing with one or more of them each tax season. Here’s a rundown of how they work. You’ve probably received a 1099-INT tax form from your bank. It signifies it […]
The so-called gig economy may be the wave of the future for a substantial number of workers. There are lots of implications – especially regarding taxes. The word “gig” has broadened from its original usage by musicians for an engagement for a performance to now include any type of job that’s temporary or flexible, where […]
It isn’t easy deciding whether a worker should be treated as an employee or an independent contractor. But the IRS looks at the distinction closely. Tax Obligations For an employee, a business generally must withhold income and FICA (Social Security and Medicare) taxes from the employee’s pay and remit those taxes to the government. Additionally, […]