Filing taxes doesn’t have to be a stressful ordeal. Following some simple steps throughout the year can make the process much smoother. Here are some friendly tax tips to help you out: Organize Your Tax Records Keeping your tax records organized is essential. Create a system where you store all important documents together. You can use [...]
Becoming a new parent is a life-changing experience filled with joy, but it also comes with added responsibilities, including managing your finances. As a new parent, navigating the tax landscape can seem daunting, but with the proper knowledge, you can take advantage of valuable tax benefits and savings opportunities. Here's an in-depth look at each tip [...]
Is an S Corp right for you? If you’re choosing which business structure is right for you for tax purposes, the S corporation election (S Corp) is a popular choice for small and medium-sized enterprises seeking a balance of liability protection, tax advantages, and operational flexibility. Understanding what an S corporation entails, its distinctions from other [...]
Understanding the DOL's Final Rule updating minimum salary requirements This article is an update on the proposal for minimum salary requirements. The U.S. Department of Labor (DOL) has released its Final Rule, updating the minimum salary requirement for employees to be exempt from overtime pay under the Fair Labor Standards Act (FLSA). The increase in minimum [...]
The concept of variable pricing models has been around for a while in the minds of Quick Service Restaurant operators but has made recent headlines. Variable pricing models, also known as dynamic pricing or demand-based pricing, are strategies businesses use to adjust the price of products or services based on various factors such as demand, time [...]
Military service members and veterans receive various forms of financial compensation and benefits for their service and sacrifices. Understanding the tax implications of these payments is essential for proper financial planning and compliance with federal tax laws. In particular, military retirement pay, military disability retirement pay, and veterans' benefits are subject to different tax treatments under [...]
Cost segregation is a tax strategy used by real estate investors and property owners to accelerate depreciation deductions on certain components of their properties. It involves identifying and reclassifying certain assets within a building for tax purposes, allowing them to be depreciated over shorter periods than the building itself. Here’s how cost segregation works: Asset Identification [...]
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 [...]
