If an employee receives anything that looks or smells like money from the employer, it’s probably taxable income. Think about everything from gift cards to small financial incentives to the personal use of a company car – unless an income…
Each year, dollar limits for various employee benefit and tax-related items are updated based on the rate of inflation. Here’s an overview of key items updated for 2025 announced by the IRS within the last couple of weeks: The 401(k)…
While goblins, ghosts, and ghouls can be fun, haunting financial practices are anything but! Here are some best practices to keep your accounting from becoming a horror story. Avoid the Ghosts of Transactions Past: Reconcile Regularly Much like how ghosts…
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…
Everybody’s busy. We might have had a bit of a respite during the pandemic, but we’re all back to full steam ahead these days, and looking for any opportunities to streamline our tasks to add efficiency. Back office technology has…
It’s no secret that many employees struggle with making their funds stretch until to payday. Earned wage access (EWA) is an employee benefit that has emerged in recent years as a way for employees to meet their financial needs in…
Have you thought about claiming the research tax credit for your small business? If you earn any research tax credits during the year, you can elect to apply them against your payroll taxes rather than your income tax. This tax…
The IRS has released contribution amounts for Health Savings Accounts (HSAs) for the 2023 calendar year. Based on the current rate of inflation, it’s not surprising that these went up substantially. Here’s a comparison to current 2022 contribution levels: 2023…