How much can your employees contribute to 401(k) plans this year? How much will your business be able to deduct for business meals, driving expenses and equipment in 2022? Here are the answers to these and other questions about tax inflation adjusted amounts and other changes affecting businesses.
Tag: tax
Is an LLC the right choice for your small business?
There are several options for operating your small business. For example, a sole proprietorship, an S corporation or a partnership. Take a look at why a limited liability company (LLC) might be right for you.
2021 individual taxes: Answers to your questions about limits
How much can you contribute to an IRA for 2021? How much is the standard deduction? Here are some Q&As about these and other tax-related amounts for 2021.
Many tax amounts affecting businesses have increased for 2021
How much do your employees have to earn in 2021 before they can stop paying Social Security tax? How much can they contribute to 401(k) plans this year? Here are the answers to these and other questions about tax-related inflation adjustments and changes affecting businesses.
Arizona Prop 208 Adds a 3.5% Surcharge to Highest Personal Income Tax Bracket
Arizona voters approved Proposition 208, which took effect on January 1, 2021. Prop 208 adds a 3.5% surcharge to Arizona’s highest personal income tax bracket, resulting in an effective tax rate of 8% for affected taxpayers. At this increased 8% tax rate, Arizona becomes one of the highest taxing states for top earners. Affected individuals are[ … ]
2021 Tax Calendar
Reference this tax calendar to learn 2021 deadlines of various tax-related forms and payments.
Will You Have to Pay Tax on Your Social Security Benefits?
After paying into Social Security for all your working years, you may be surprised to learn that the benefits may be taxed in retirement. Here are the rules.
Do you have tax questions related to COVID-19? Here are some answers
If you’re like most Americans, the coronavirus (COVID-19) pandemic has led to many questions. Health issues are of utmost concern but you may also have many financial questions. Here are some answers.
IRA charitable donations are an alternative to taxable required distributions
Are you charitably minded and have a significant amount of money in an IRA? If you’re age 70½ or older, and don’t need the money from required minimum distributions, you may benefit by giving these amounts to charity. IRA distribution basics A popular way to transfer IRA assets to charity is through a tax provision[ … ]
2 Major Tax Law Changes for Individuals in 2019
While most provisions of the Tax Cuts and Jobs Act (TCJA) went into effect in 2018 and either apply through 2025 or are permanent, there are two major changes under the act for 2019. Here’s a closer look. 1. Medical expense deduction threshold With rising health care costs, claiming whatever tax breaks related to health[ … ]
