Preparing for the 2024 Tax Season
There are many tax uncertainties to consider as we face the end of 2024. Chief among them is whether proposals from the presidential candidates will affect our taxes; new legislation may be enacted this year, or changes may occur that will be retroactive. However, in any year, core tax planning strategies relative to income and […]
What is Third-Party Sick Pay?
The end of the year brings company parties, holiday parties, and family parties. For those of us in payroll, there’s also third-party sick pay. Put the ugly sweater away—you won’t need it for this kind of party. Understanding third-party sick pay is essential for businesses to ensure accurate payroll compliance and proper handling of sick […]
What’s the Story on Meal Deductions?
Business meals: yes or no on deductions? In brief, you cannot take a deduction for any expense related to activities generally considered entertainment, amusement or recreation. However, you can deduct 50% of the cost of business meals if you (or your employee) are present and the food or beverages aren’t considered lavish or extravagant, according to the IRS. The […]
Important Tax Tips for 2024
The U.S. tax code is complicated and often hard to understand, with many provisions, credits and disallowances. Let’s review a few credits that many people are interested in, as well as how to respond to the IRS if you get married — or get a taxes-due notice. The Employee Retention Credit The ERC was implemented […]
The IRS Announces Inflation Changes for 2025
The following is not a comprehensive list of all changes, but a summary of key adjustments that will affect a wide range of taxpayers: Standard deductions. For single taxpayers and married individuals filing separately for tax year 2025, the standard deduction rises to $15,000 for 2025, an increase of $400 from 2024. For married couples […]