In the News

Copyright 2022
Over the last year, consumer prices rose 7.9%, according to the latest data from the U.S. Bureau of Labor Statistics. The Consumer Price Index covers the prices of food, clothing, shelter, fuels, transportation, doctors' and dentists' services, drugs, and other goods and services that people buy for day-to-day living. This is the highest 12-month increase since 1982.
Copyright 2022

If your business doesn’t already have a retirement plan, now might be a good time to take the plunge. Current retirement plan rules allow for significant tax-deductible contributions.

Copyright 2022
With salaries on a plateau or rising only slightly at most not-for-profit organizations, employers should be alert to other ways to give their employees a financial break. Having an accountable plan for business expense reimbursement is one way to save your employees some money.
Copyright 2022
For many manufacturers and distributors, employee overtime has become a complicated issue. Some firms pay too much in overtime, while others misclassifying employees as exempt from overtime when they're actually entitled to it under the law. Either way, it can be an expensive mistake.
Copyright 2022
t's no surprise that construction sites are ranked high on the list of the most dangerous workplaces. Nail guns, heavy falling objects, saws and other items are often the cause of serious injuries. The possibility of serious injuries or fatalities is higher in construction than most other industries. Therefore, it's essential for employers to strive to create the safest possible work environment for their employees. The following are a few areas of safety that should not be overlooked:
Copyright 2022
If you're an employee of your practice, you may receive company-paid long-term disability insurance coverage as a tax-free fringe benefit. Sounds good but here's the problem: Most long-term disability policies limit benefit payments to only 60 or 70 percent of your normal salary before taxes. That's generally enough coverage -- as long as you don't owe income taxes on the benefit payments. But if you do owe income taxes, you'll probably have to cough up at least 30 to 40 percent to the IRS and your state tax collector. When benefits are already limited to only 60 or 70 percent of your usual pre-tax salary, this tax bill can create serious financial hardship. For example, a disability insurance benefit of 60 percent that gets taxed at 30 percent equates to only 42 percent of your normal salary. In the event of a disability, that may not be enough to live on comfortably.
Copyright 2022
Tax Season Filing Tips: Did you know that tax return errors can delay refunds and increase audit risk? Before your tax return preparation appointment, make sure you've gathered all 2021 tax documents received, such as W-2s and 1099s.
Copyright 2022
If you own a small or medium-sized business, it may be eligible for some significant tax breaks that aren't available for larger entities. Here are three examples to consider as you file your tax return for 2021 and plan for 2022.
Copyright 2022
The federal tax code's self-employment tax provisions were enacted long before the existence of limited liability companies (LLCs). As LLCs became increasingly popular, an important question arose: How do the self-employment tax rules apply to LLC members? Despite IRS attempts to make the issue go away, that question still exists for LLCs with several members, which we'll call "multi-member LLCs."
Copyright 2022
Medical expenses can be costly — and they're not always covered by insurance. But there may be a silver lining: You may be able to claim an itemized deduction for the amounts you pay for medical, dental and vision care, if you incur enough costs to exceed the applicable threshold for the tax year. Here are the details about this deduction.

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