When a couple is going through a divorce, taxes are probably the last thing on their minds. While divorce is never a pleasant experience, without proper planning and advice it can be even more of a headache. Here are four issues that should be addressed to ensure taxes are kept to a minimum and that […]
Author Archive: rudleradmin
New business? Don’t forget about a retirement plan!
When setting up a new business, you might consider setting up a retirement plan for yourself and employees. There are various options for qualified plans that are eligible for the below tax advantages. Tax advantages include: A current deduction from income to the employer for contributions to the plan, Tax-free buildup of the value of […]
Now’s the time to brush up on your inventory management
As we approach the time to close the books, taking a look at your inventory is an item that to needs to checked off your year-end checklist – or added to. The pandemic may have your attentions elsewhere, however, the way you manage and track your inventory could impact your financial statements greatly. Cut back […]
The need-to-knows about buying and selling mutual fund shares
Investing in and selling mutual funds is a great way to pocket money, however, there are some rules and consequences you need to be aware of before you do so. Surprise Sales, Recordkeeping, Timing Purchases and Sales and Identify Shares You Sell. Surprise Sales You may already have made “taxable sales” as part of your […]
Just Announced: Increase to Social Security Wage Base For 2021
The Social Security Administration recently announced that the maximum earnings subject to Social Security tax will increase from $137,700 in 2020 to $142,800 in 2021. For 2021, the FICA tax rate for both employers and employees is 7.65% (6.2% for Social Security and 1.45% for Medicare). For 2021, the Social Security tax rate is 6.2% […]
Have you ever seen a better reason than 2020 to review your disaster plan?
For most of us, 2020 has been a punch to the gut. The intense impact of COVID-19 has put unforeseen pressure on many of us. Hopefully, your disaster plan was in place and you kept the mindset of when and not if! So, how did yours do? Although it may still be a little early […]
Are your tax records looking like an episode of Hoarders? Here is guidance on what you can clear away.
Who says that spring is the best season for cleaning. With the October 15th tax deadline for extended filers passed, let’s take inventory of what tax information you need to retain and what can be destroyed. Let’s channel our inner Marie Kondo and tidy things up! The general rules At minimum, you should keep tax […]
Confused by the passive activity loss rules? We can offer the clarity you desire.
Passive activity loss rules can be some of the most confusing parts of this great nation’s tax code. No need to worry, Rudler, PSC can help guide you through these complex issues. If the ventures are passive activities, the passive activity loss rules prevent you from deducting expenses that are generated by them in excess […]
Boost your company’s sales with these 4 easy steps.
Many businesses have taken a hit during the COVID-19 pandemic. Consumers and businesses may not necessarily be in the buying mood, resulting in sales staff returning less than desirable numbers. Below you will find 4 simple steps to help focus your sales staff to seek more definite sales, which can save both time and energy […]
If you are considered an “innocent spouse”, there may be opportunity for tax liability relief.
When filing a tax return with your spouse the “default” option is to file jointly. However, many people do not think of the potential implications this can have on the spouse or taxpayer as individuals. Depending on your situation, the spouse may be just as liable for tax liability as the taxpayer. This can lead […]