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You may be liable for “nanny tax” for all types of domestic workers

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 make you liable for federal income and other taxes....
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2023 limits for businesses that have HSAs — or want to establish them

No one needs to remind business owners that the cost of employee health care benefits keeps going up. One way to provide some of these benefits...
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Inflation means you and your employees can save more for retirement in 2023

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...
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Year-end giving to charity or loved ones

The holiday season is here and many people plan to donate to their favorite charities or give money or assets to their loved ones before the...
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Investing in the future with a 529 education plan

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 section that provides for them, allow prepayment of higher...
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Plan now to make tax-smart year-end gifts to loved ones

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...
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What local transportation costs can your business deduct?

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,...
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Inflation Reduction Act Doubles R&D Credit Payroll Tax Offset for Qualified Small Businesses

The Inflation Reduction Act (H.R. 5376), which President Biden signed into law on August 16, 2022, doubles the federal research and development (R&D) credit payroll tax...
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Don’t forget income taxes when planning your estate

As a result of the current estate tax exemption amount ($12.06 million in 2022), many estates no longer need to be concerned with federal estate tax....
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Separating your business from its real estate

Does your business need real estate to conduct operations? Or does it otherwise hold property and put the title in the name of the business? You...
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