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- Will the Recently Passed Pension Legislation Affect You?
- The President, on December 29, 2022, signed the Consolidated Appropriations Act, 2023, which is the “omnibus spending bill” Congress needed to pass to avoid a government shutdown. That legislation also included the Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act, a.k.a. the SECURE 2.0 Act, that can significantly impact and augment your retirement planning strategies. The SECURE 2.0 Act incorporates provisions from proposed legislation that was passed by the House and another bill that was passed by the Senate that had not previously been reconciled.
- Video Tips: Watch Out for Improper ERC Claim Promotion
- Employers should be wary of third parties advising them to claim the employee retention credit when they may not qualify.
- Start Off on the Right Foot for the 2023 Tax Year
- Individuals and small businesses should consider various ways of starting off on the right foot for the 2023 tax year.
- Wonder What a Tax Deduction Is Worth?
- Individuals are always looking for tax deductions that can reduce their tax liability. But what is the actual tax benefit derived from a tax deduction? There is no straightforward answer because some deductions are “above the line”, others must be itemized, some must exceed a threshold amount before being deductible, and certain ones are not deductible for alternative minimum tax purposes, while business deductions can offset both income and self-employment tax. In other words, there are many factors to consider, and the tax benefits differ for everyone, depending on their particular situation and tax bracket.
- Video Tips: Employee Holiday Gifts May Be Taxable
- Under the right conditions, employee holiday gifts would be tax-free to the employee, and its cost is tax deductible by the employer.
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