A variety of tax limits have increased this year to keep up with inflation. Check out these items to see if they impact you and your business. Social Security tax The amount of employees’ earnings that are subject to Social Security tax is capped for 2020 at $137,700 (up from $132,900 for 2019). Deductions Section […]

Most business owners would probably agree that an increase in sales is a good thing. To this end, every company should strive for organic sales growth. That is, increases from existing operations unrelated to a merger or acquisition. That’s not to say a merger or acquisition is necessarily a bad idea, but you can’t rely […]

Many individuals make charitable gifts, both because they’re generous and they want to save money on their federal tax bill. But with the tax law changes that went into effect a couple years ago and the many rules that apply to charitable deductions, you may no longer get a tax break for your generosity. Are […]

In 2020, the optional standard mileage reimbursement rate used to calculate the deductible costs of operating an automobile for business decreased by one-half cent, to 57.5 cents per mile. As a result, you might claim a lower deduction for vehicle-related expense for 2020 than you can for 2019. Calculating your deduction Businesses can generally deduct […]

A provision of the SECURE Act changes what employers would have to disclose to employees at least once a year. Specifically, the law will require that the benefit statements sent to plan participants include a lifetime income disclosure at least once during any 12-month period. The disclosure will need to illustrate the monthly payments that […]

Have you heard stories or read articles on how artificial intelligence (AI) has improved a variety of industries? You may be wondering what it could do to improve yours? Here are some ways that AI might be able to help change your industry. 3 technology types AI generally refers to using computers to perform complex […]

Are you concerned that someone is going to file a false tax return using your personal information? One of the best ways to avoid that is to file as early as possible. The IRS announced that the 2019 individual tax return filing season is beginning on January 27th. Even if you do not typically file […]

To start the new year, Congress has made considerable changes to individual retirement savings, whether it be with an IRA or other plan. With the passing of the SECURE ACT, these four changes have been made to individual retirement plans. To start the new year, Congress has made considerable changes to individual retirement savings, whether […]

As the hectic and action-packed events of the holidays are in the past, many employers and businesses are ready to face the busy new year with a clear focus. Be sure workplace goals are established early on and align with staff across the board. As the hectic and action-packed events of the holidays are in […]