Hiring? How to Benefit from the Work Opportunity Tax Credit

Hiring? How to Benefit from the Work Opportunity Tax Credit

If you’re a business owner or manager who is seeking to hire, you should be aware of the details of a valuable tax credit for hiring individuals from one or more targeted groups. Employers can qualify for the Work Opportunity Tax Credit (WOTC), which is worth as much as $2,400 for most eligible employees (higher or lower for certain employees). The credit is limited to eligible employees who begin work for an employer before January 1, 2026.

read more
Retirement Saving Options for Your Small Business

Retirement Saving Options for Your Small Business

If you’re looking for a retirement plan for yourself and your employees but worried about the financial commitment and administrative burdens involved, there are some options to consider. One possibility is a Simplified Employee Pension (SEP). This plan, which comes with relative ease of administration and the discretion to make or not make annual contributions, is especially attractive for small businesses.

read more
Tax Tips for March 2024

Tax Tips for March 2024

Click on the links below to jump to each section in this article: A Strategy to Raise Your Medical Expense Deduction Handling Large Cash Transactions Erroneous Refund   A Strategy to Raise Your Medical Expense Deduction With a little planning, you may be able to boost your itemized medical expense deduction when you file your 2024 tax return next year. Only eligible expenses exceeding 7.5% of your adjusted gross income are deductible. It’s not an easy hurdle to clear, short of a major medical disaster, which, of course, you want to avoid. But you can use a strategy called “bunching” medical expenses to exceed the 7.5% threshold. Say, for example, that you’ve already scheduled surgery that will involve out-of-pocket expenses but you still fall short of the deductible threshold. Think...

read more
Tracking Down Donation Substantiation

Tracking Down Donation Substantiation

If you’re like many Americans, your mailbox may have been filling up in recent weeks with letters from your favorite charities acknowledging your 2023 donations. But what happens if you haven’t received such a letter for a contribution? Can you still claim a deduction on your 2023 income tax return for the gift? It depends.

read more
Tax Tips for March 2024

Tax Tips for February 2024

Click on the links below to jump to each section in this article: There May Still Be Time to Lower Your 2023 Tax Bill Deductions vs. Credits: What's the Difference? ERC Voluntary Disclosure Program Available for a Limited Time   There May Still Be Time to Lower Your 2023 Tax Bill The 2023 individual income tax return filing season will open soon. Even if you typically don't file until much closer to the April 15 deadline (or you file for an extension), consider filing earlier this year. Why? You may be able to protect yourself from tax identity theft. In a tax identity theft scheme, a thief uses your personal information to file a fraudulent tax return early in the filing season and claim a bogus refund. Then when you file your return, you'll hear from the IRS that the return is...

read more
Appraisals Aren’t Just for Businesses

Appraisals Aren’t Just for Businesses

Whether you’re in the process of making a retirement or estate plan or you intend to donate property to charity, you’ll need to know the value of your assets. For many hard-to-value items, such as closely held business interests, real estate, art and collectibles, an appraisal may be necessary.

read more
Tax Tips for March 2024

Tax Tips for January 2024

Click on the links below to jump to each section in this article: One Reason to File Your 2023 Tax Return Early Did You Get Married in 2023? 2024 vehicle mileage rates   One Reason to File Your 2023 Tax Return Early The 2023 individual income tax return filing season will open soon. Even if you typically don't file until much closer to the April 15 deadline (or you file for an extension), consider filing earlier this year. Why? You may be able to protect yourself from tax identity theft. In a tax identity theft scheme, a thief uses your personal information to file a fraudulent tax return early in the filing season and claim a bogus refund. Then when you file your return, you'll hear from the IRS that the return is being rejected because someone has already filed a return with the...

read more