The Social Security Administration recently announced that the Social Security wage base tax will increase to $160,200 for 2023 (up from $147,000 for 2022). Wages and self-employment income above this threshold aren’t subject to Social Security tax. Basics About Social Security The Federal Insurance Contributions Act (FICA) imposes two taxes on employers, employees and self-employed … Continue reading “Employers: In 2023, the Social Security Wage Base Is Going Up”
Month: October 2022
Manageable Growth Should Be a Strategic Planning Focus
When a company’s leadership engages in a strategic planning meeting, growing the business is typically at the top of the agenda. This is as it should be: ambition is part and parcel of being a successful business owner. What’s more, in many industries, failing to manage business growth could leave the company at the mercy … Continue reading “Manageable Growth Should Be a Strategic Planning Focus”
Providing Fringe Benefits To Employees With No Tax Strings Attached
Businesses can provide benefits to employees that don’t cost them much or anything at all. However, in some cases, employees may have to pay tax on the value of these benefits. Here are examples of two types of nontaxable fringe benefits which generally applicable for employees. A No-Additional-Cost Benefit This involves a service provided to … Continue reading “Providing Fringe Benefits To Employees With No Tax Strings Attached”
M&A on the way? Consider a QOE report
Whether you’re considering selling your business or acquiring another one, due diligence is a must. In many mergers and acquisitions (M&A), prospective buyers obtain a quality of earnings report (QOE) to evaluate the accuracy and sustainability of the seller’s reported earnings. Sometimes sellers get their own QOE reports to spot potential problems that might derail … Continue reading “M&A on the way? Consider a QOE report”
What Local Transportation Expenses Can Your Business Deduct?
You and your small business are likely to incur a variety of local transportation expenses each year. There are various tax implications for these costs. First, what is “local transportation?” It refers to travel in which you aren’t away from your tax home (the city or general area in which your main place of business … Continue reading “What Local Transportation Expenses Can Your Business Deduct?”
Shine A Light On Sales Prospects To Brighten The Days Ahead
When it comes to sales, most businesses labor under two major mandates: Keep selling to existing customers. Find new ones (sales prospects). To accomplish the former, your sales staff probably gets some help from the marketing and customer service departments. Succeeding at the latter may be more difficult. Yet perhaps the most discernible way a … Continue reading “Shine A Light On Sales Prospects To Brighten The Days Ahead”
Worried About An IRS Audit? Prepare In Advance
IRS audit rates are historically low, according to a recent Government Accountability Office (GAO) report , but that’s little consolation if your return is among those selected to be examined. Plus, the IRS recently received additional funding in the Inflation Reduction Act to improve customer service, upgrade technology and increase audits of high-income taxpayers. But … Continue reading “Worried About An IRS Audit? Prepare In Advance”
Formalizing Your Business’s BYOD Policy
When the pandemic hit about two and a half years ago, thousands of employees suddenly found themselves working from home. In many cases, this meant turning to personal devices to access their work email, handle documents and perform other tasks. Even before COVID, more and more businesses were allowing employees to use their own phones, … Continue reading “Formalizing Your Business’s BYOD Policy”