Inflation impacts everything – the cost of goods, services, utilities and even taxes. In 2023, the IRS adjusted some 2023 tax guidelines to lessen the chance of earned income bracket creep. Bracket creep occurs when your salary is increased to offset the cost of...
When you own a small business, tax deductions can lighten your tax burden and save you money. They make the cost of doing business more affordable. The more you understand deductions, the more you use them to lower your total tax liability. In other words, you keep...
The IRS reminds Americans earning over $600 on PayPal, Venmo, or Cash App transactions to report their earnings or else! The passage of the American Rescue Plan in March 2021 means the threshold for 3rd party processors to report transactions to the IRS reduced from...
1. Verify all information that will transfer to the W2s. Company information to verify for payroll would be the company name, address, and EIN accurately listed. Employee Names, social security numbers, and current addresses. 2. Account for all earnings, even outside...
The ERTC can get your small business up to $26,000 per employee from the federal government just by asking. Can Your Business Qualify for the ERTC? Here’s a little-known secret: the Employee Retention Tax Credit does just that. Congress passed ERTC at the beginning...
Inflation is at a 40 year high. Everything costs more and we are in a recession. While there may be a light at the end of the tunnel, we’re not sure if it is sunshine or a locomotive! What Can You Do to Lessen the Bite of Inflation? There are two basic ways to...
