The IRS is enforcing Nanny Tax rules that regulate whether a domestic worker you pay is considered a contractor or employee. Tip Category: Miscellaneous The IRS is more strictly enforcing rules that determine whether a worker is actually your employee, rather than an independent contractor. So be careful if you regularly pay a gardener, housekeeper, …
Month: October 2022
Inflation Spikes Social Security for 2023
How much you pay and checks received are all going up! Tip Category: Retirement The Social Security Administration announced a whopping 8.7% boost to monthly Social Security and Supplemental Security Income (SSI) benefits for 2023. This is on the heels of a 5.9% increase last year. The increase is based on the rise in the …
Lower This Year’s Tax Obligation
Lower This Year's Tax Obligation! Tip Category: Planning Now is a good time to assess your current situation and address those lingering tax moves that may improve your tax picture for 2022. Here are five things to consider: 1. Check on your withholdings. Review your taxable income and the amount of tax you’ve paid to Uncle …
Leveraging Your Children’s Lower Tax Rate
One of the best places for parents to look for tax savings You can legally lower your tax by shifting unearned income to your children. Here are some ideas. Tip Category: Your Income If you're a parent, your dependent children can be a source of tax savings. There are the well-known provisions in the tax code …
Client Update Newsletter: October 2022
Here are some tax planning strategies to consider before the end of 2022. Also read about some ideas to improve your personal cash flow and the ingredients of a successful business partnership. Watching summer transform into beautiful fall colors can be just as mesmerizing as tax planning. Similar to looking closely for gorgeous autumn scenery, …
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