The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $168,600 for 2024 (up from $160,200 for 2023). Wages and self-employment income above this threshold aren’t subject to Social Security tax. Basic Details The Federal Insurance Contributions Act (FICA) imposes two taxes on employers, employees and self-employed … Continue reading “The Social Security Wage Base for Employees and Self-Employed People is Increasing in 2024”
Month: October 2023
What Businesses Can Expect from a DOL Benefits Plan Audit
All but the smallest businesses today are generally expected to offer employees “big picture” benefits. This includes health insurance and a retirement plan. Among the risks of doing so is that many popular plan types must comply with the Employee Retirement Income Security Act (ERISA). That means lots of rules and much documentation. No matter … Continue reading “What Businesses Can Expect from a DOL Benefits Plan Audit”
Business Automobiles: How the Tax Depreciation Rules Work
Do you use an automobile in your trade or business? If so, you may question how to determine business automobile depreciation tax deductions. The rules are complicated, and special limitations that apply to vehicles classified as passenger autos (which include many pickups and SUVs) can result in it taking longer than expected to fully depreciate … Continue reading “Business Automobiles: How the Tax Depreciation Rules Work”
Valuations Can Help Business Owners Plan For The Future
If someone was to suggest that you should get a business valuation, you might wonder whether the person was subtly suggesting that you retire and sell the company. Seriously though, a valuation can serve many purposes other than preparing your business for sale so you can head to the beach. Think of it as a … Continue reading “Valuations Can Help Business Owners Plan For The Future”
What Types of Expenses Can’t be Written Off By Your Business?
If you read the Internal Revenue Code (and you probably don’t want to!), you may be surprised to find that most business deductions aren’t specifically listed. There are also several non-deductible business expenses that many are not aware of. For example, the tax law doesn’t explicitly state that you can deduct office supplies and certain … Continue reading “What Types of Expenses Can’t be Written Off By Your Business?”
Could Value-Based Sales Boost Your Company’s Bottom Line?
If your company sells products or services to other businesses, you’re probably familiar with the challenge of growing your sales numbers. At times, you might even struggle to maintain them. One way to put yourself in a better position to succeed is to diversify your approaches, so you’re not limited to a single method by which … Continue reading “Could Value-Based Sales Boost Your Company’s Bottom Line?”