A Health Savings Account (HSA) is a tax-advantaged savings account available to individuals enrolled in a high-deductible health plan (HDHP). HSAs are designed to help individuals save money specifically for medical expenses not covered by their HDHP, such as deductibles, copayments, and other qualified medical expenses. Here’s how an HSA typically works: Eligibility To be eligible [...]
The U.S. Department of Labor (DOL) has proposed a substantial update to the minimum salary requirements for employees to be exempt from overtime pay under the Fair Labor Standards Act (FLSA). This proposed rule, introduced on August 30, 2023, has significant implications for employers and employees. Who is Exempt? Employees earning a salary of at least [...]
The taxation of Social Security benefits and income limits is an important aspect to consider for individuals receiving Social Security payments. Here's an overview: Taxation of Social Security Benefits Provision for Taxation Social Security benefits may be subject to federal income tax based on your combined income. Combined income is calculated as the sum of your [...]
As tax season unfolds, the age-old question arises – should you tackle your tax return solo or seek the guidance of a professional tax adviser? While handling a straightforward tax situation independently is feasible, there are instances where consulting a tax professional becomes not just a choice, but a necessity. Seeking professional advice can make all [...]
Missouri’s minimum wage was raised to $12.30 per hour on January 1, a direct outcome of Proposition B, which gained voter approval in 2018. Prop B initiated an annual increase of 85 cents in the state minimum wage, a trend that continued until 2023. Before Prop B, Missouri's minimum wage was linked to the inflation [...]
Abacus CPAs received its first national nod of 2024 by Accounting Today as a Top Regional Leader in the Midwest, announced March 5. For the second consecutive year, Abacus CPAs emerges as a leader in the Midwest region, achieving the highest growth percentage amongst regional firms. Abacus CPAs was also named the No. 16 [...]
Abacus CPAs received its first national ranking of 2024 as the No. 16 fastest-growing firm in the U.S. by Accounting Today, announced March 5. Abacus CPAs is the only local firm recognized on the fastest-growing firms list after recording 29.93% growth in 2023 and $17.8 million in net revenue. The firm has continued to [...]
In the intricate world of business finance, understanding what can be deducted from your gross income is pivotal for optimizing tax benefits. Defining Ordinary and Necessary Expenses The Internal Revenue Service (IRS) outlines that ordinary expenses are those common and widely accepted within your industry. On the other hand, necessary expenses are deemed helpful and [...]
As the fiscal year unfolds, businesses and individuals alike are gearing up for crucial tax deadlines that demand attention and adherence. We’ll break down two significant dates that could impact your financial landscape. March 15: S-Corporations and Partnerships The first date, March 15, holds particular importance for those operating S-Corporations and Partnerships. Here's a quick [...]
Beneficial Ownership Information reporting is new in 2024 Changes are underway for business owners. As of January 1, 2024, business owners need to report beneficial ownership information (BOI) to the Financial Crimes Enforcement Network (FinCEN), an agency within the U.S. Department of Treasury. Q: Will my business have to start reporting? All businesses will need [...]
