A job change is a significant undertaking. It requires readjustments in one’s life irrespective of whether the change is due to a better career opportunity elsewhere or an employer-directed reduction in the workforce. A job change can also have tax consequences. Here are three important tax-related issues that departing employees should pay close attention to: […]
Should You Pay Estimated Taxes?
Once you’ve filed your income tax return, you may be ready to put some distance between you and the IRS and turn your attention to other things. If you’re employed, you probably can take a breather, since your employer will handle ongoing income tax payments for you through the wage withholding process. But it’s a […]
Common (and Costly) Payroll Errors and How to Avoid Making Them
Payroll is one of the most important aspects of any business, but it’s one that, when running smoothly, business owners don’t tend to think about; however, when there’s a payroll glitch, it jumps to the forefront of an owner’s mind. Here are several payroll mistakes that can cost you a bundle and how to avoid […]
Federal Budget Tax Proposals
President Biden’s budget contains a number of tax proposals as detailed in an article by the AICPA. This is a short summary of some of the more important changes, and more details are available in the article. Individual Taxation Increase the top marginal tax rate from 37% to 39.6% for taxable income over $509,300 for […]
PPP Loan Forgiveness in 2021
REFRESHER: What is the Paycheck Protection Program? The Paycheck Protection Program (PPP) is a Small Business Association (SBA)-backed loan to help businesses retain employees during the Coronavirus (COVID-19) pandemic enacted under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Funds can be used for payroll expenses and benefits and some non-payroll related expenses such […]
6 Ways Income Taxes Will Be Different in 2021
Every year brings some degree of change regarding filing income taxes. While 2020 taxes are a done deal, it’s never too early to begin thinking about the next tax year. To help you be prepared for next year’s filing, here are 6 Ways Income Taxes Will Be Different for 2021. Standard Deduction Increase Standard deductions […]