2022 Reporting of Personal Use of Automobiles

As the end of the year fast approaches, we want to remind you of the tax reporting required for personal use of company provided vehicles. Law Fringe benefits provided to an employee are taxable to the employee and must be reported in his/her income unless the law specifically excludes the benefit. This rule includes the […]

Will inflation affect your 2022 and 2023 tax bills?

The effects of inflation are all around. You might be paying more for gas, food, health care and other expenses now than you were last year. With that being said could high inflation affect your federal income tax bill for 2023? The IRS recently announced next year’s inflation-adjusted tax amounts for several provisions. Some highlights […]

2023 Retirement Plan Contribution Increases

In this article Rudler will go over the changes to notice 2022-55, that the IRS recently announced. The notice includes cost-of-living adjustments that apply to the dollar limitations for pensions, as well as other qualified retirement plans for 2023. Due to the rise of inflation the contribution amounts have increased more so this year than […]

Understanding EBHRAs for Flexible Coverage

Health coverage is a focus for many employers as they look for innovative and cost-effective ways to provide benefits. An Excepted Benefit Health Reimbursement Arrangement, or EBHRA, is timely and can offer substantial flexibility for your employer groups. Rules to follow Under a traditional HRA, the employer owns and funds the tax-advantaged account up to […]

“Nanny Taxes” – Are you liable?

You’ve probably heard of the “nanny tax.” But even if you don’t employ a nanny, it may apply to you. Hiring a house cleaner, gardener or other household employee (who isn’t an independent contractor) may make you liable for federal income and other taxes. You may also have state tax obligations. If you employ a […]

Social Security Benefits Increase in 2023

Starting January 1, 2023, the maximum earnings subject to the Social Security payroll tax will increase by nearly 9 percent to $160,200 (up from the $147,000 maximum for 2022). Wages and self-employment income above this threshold aren’t subject to Social Security tax. Basics about Social Security The Federal Insurance Contributions Act (FICA) imposes two taxes […]

Year end gifts to loved ones could be tax free!

Do you plan on spreading your wealth among your children and loved ones? Well good news! You can gift a substantial amount to your children and other recipients without any tax implications. The amount for 2022 for exclusion, adjusted annually for inflation, is up to $16,000 per gift to an individual. The exclusion covers gifts […]