Business owners and their employees may not have to pay Social Security tax on ALL of their wages. Amounts above a certain threshold aren’t subject to Social Security tax. Here’s how the 2023 “wage base” will affect your payroll. Continue Reading Employers: In 2023, the Social Security wage base is going up
As we head toward year end, many people are starting to plan to give gifts to their loved ones. Here’s how to avoid gift tax implications. Continue Reading Plan now to make tax-smart year-end gifts to loved ones
With the current federal estate tax exemption at $12.06 million, you may not be worried about estate taxes. But you should still think about saving income taxes for your heirs. Continue Reading Don’t forget income taxes when planning your estate
The Inflation Reduction Act’s Clean Vehicle Credit might alter the timing of purchasing a new or used qualifying electric vehicle. Learn why. Continue Reading Clean Vehicle Credit comes with caveats
New lease accounting rules go into effect this year for private companies and nonprofits. Related-party leases continue to be a sticking point, but help may be coming soon. Continue Reading FASB proposes last-minute changes to lease accounting rules
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Achieving the right balance of working capital
/in Tax/by KKB CPAsDo you know the three keys to lowering your company’s working capital requirements? Continue Reading Achieving the right balance of working capital
Questions you may still have after filing your tax return
/in Tax/by KKB CPAsEven if you filed your 2022 tax return by the deadline, you may still have questions. We’re often asked about refund status, how long to keep records and when an amended tax return should be filed. Here are some answers. Continue Reading Questions you may still have after filing your tax return
4 ways corporate business owners can help ensure their compensation is “reasonable”
/in Tax/by KKB CPAsC corporation owners: To keep your compensation tax deductible, you need to ensure it’s “reasonable.” Otherwise, it could be deemed a dividend. Here are four steps to take. Continue Reading 4 ways corporate business owners can help ensure their compensation is “reasonable”