Make sure you are meeting the requirements to avoid penalties. A distribution from a retirement plan is considered early when it’s participant takes money out of the plan before the age of 59 ½. Since most retirement withdrawals are subject to income tax these early distributions are taxable but may also subject to an additional […]

Due to high inflation, many of the tax related limits that impact business that are evaluated annually have had a more significant increase for 2023. Here are some examples that may affect your business. Social Security tax The amount of employees’ earnings that are subject to Social Security tax is capped for 2023 at $160,200 […]

All business want to find them, but it is often a challenge. We’re talking about cutting costs. Sometimes, cutting specific expenses is more difficult than anticipated. Here are three ways to uncover cost opportunities. 1. Study your suppliers Many companies find that just a few of their suppliers account for most of their spending. By […]

The IRS opened the 2023 individual income tax return filing season on January 23. This means that any individual can now file their tax return for 2022. One of the main reasons to filing your individual tax returns early, may be to help protect yourself from tax identity theft. How can your tax identity be […]

While many small businesses start out as “lean enterprises,” with costs kept to a minimum to lower risks and maximize cash flow, the current tight labor market challenges that premise as it relates to employee benefits, especially retirement plans. Is now the time for you to consider a retirement plan as part of your benefits […]

Congratulations! Your child or grandchild has taken the next big step in life. Many parents and grandparents saved for years in tax-favored accounts to send their children to college. Did you know that there are a number of tax breaks that you may be able to claim once your child begins attending college or post-secondary […]

This law has several provisions that will kick in over the next several years. Several changes from automatic retirement plan enrollment to higher catch-up contributions are included in the new law. Small businesses with or without a retirement plan may see changes and benefits from this recently enacted new law. Read below on how to […]

Data analytics used to belong to big business with deep pockets. Today, even the smallest companies can gain invaluable insight from the data they already own. But finding, organizing and deriving meaning from the terabytes upon terabytes of information out there isn’t easy. How can your company harness the power of data without throwing dollars […]

If you’re a parent or grandparent with college-bound children, you may want to save to fund future education costs. You want to take maximum advantage of tax benefits to minimize your expenses. Here are some possible options. Savings bonds Series EE U.S. savings bonds offer two tax-saving opportunities when used to finance college expenses: You […]

The Employee Retention Credit (ERC) was a valuable tax credit that helped employers that kept workers on staff during the height of the COVID-19 pandemic. While the credit is no longer available, eligible employers that haven’t yet claimed it might still be able to do so by filing amended payroll returns for tax years 2020 […]