Two tax benefits are available to offset the expenses of adopting a child. In 2022, adoptive parents may be able to claim a credit against their federal tax for up to $14,890 of “qualified adoption… Read More »Adopting a child? Bring home a tax break too

How much can you and your employees contribute to your 401(k)s next year — or other retirement plans? In Notice 2022-55, the IRS recently announced cost-of-living adjustments that apply to the dollar limitations for pensions,… Read More »Inflation means you and your employees can save more for retirement in 2023

The effects of inflation are all around. You’re probably paying more for gas, food, health care and other expenses than you were last year. Are you wondering how high inflation will affect your federal income… Read More »How inflation will affect your 2022 and 2023 tax bills

Are you still using the optimal accounting method to handle your construction company’s tax deferrals? Depending on your business earnings, as well as your typical contract type and length, you can choose from various methods… Read More »Reviewing 10 tax accounting methods for construction companies

You’ve probably heard of the “nanny tax.” But even if you don’t employ a nanny, it may apply to you. Hiring a house cleaner, gardener or other household employee (who isn’t an independent contractor) may… Read More »You may be liable for “nanny tax” for all types of domestic workers

The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $160,200 for 2023 (up from $147,000 for 2022). Wages and self-employment income above this threshold aren’t subject… Read More »Employers: In 2023, the Social Security wage base is going up

Are you feeling generous at year end? Taxpayers can transfer substantial amounts free of gift taxes to their children or other recipients each year through the proper use of the annual exclusion. The exclusion amount… Read More »Plan now to make tax-smart year-end gifts to loved ones

It’s no secret that the construction industry has been struggling with a skilled labor shortage for years now. More recent events, such as the pandemic and “the Great Resignation,” have only exacerbated matters. The situation… Read More »Construction businesses must step carefully when hiring on-site labor

Businesses can provide benefits to employees that don’t cost them much or anything at all. However, in some cases, employees may have to pay tax on the value of these benefits. Here are examples of… Read More »Providing fringe benefits to employees with no tax strings attached

If you’re interested in investing in tax-free municipal bonds, you may wonder if they’re really free of taxes. While the investment generally provides tax-free interest on the federal (and possibly state) level, there may be… Read More »Tax and other financial consequences of tax-free bonds

You and your small business are likely to incur a variety of local transportation costs each year. There are various tax implications for these expenses. First, what is “local transportation?” It refers to travel in… Read More »What local transportation costs can your business deduct?

If you have a child or grandchild who’s going to attend college in the future, you’ve probably heard about qualified tuition programs, also known as 529 plans. These plans, named for the Internal Revenue Code… Read More »Investing in the future with a 529 education plan