If you are the owner of a business with employees, you could be at risk for The Trust Fund Recovery Penalty (TFRP. This penalty applies to Social Security and income taxes that are withheld by a business from its employees’ wages. The TFRP applies to a broad range of actions and people involved in a […]
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While hiring family members can offer tax advantages, but Be sure to Dot your I’s and Cross your T’s:
It’s hiring time for many business types this summer. With legions of working-age kids and college students out of school, and some spouses of business owners looking for part-time or seasonal work, companies may have a much deeper hiring pool to dive into this time of year. There are some tax saving opportunities to look […]
Did you know that a spouse not earning compensation may still be eligible to make and IRA contribution?
Saving enough for retirement may be difficult if only one spouse in a married couple is earning compensation. In general, an IRA contribution is allowed only if a taxpayer earns compensation. However, there’s an exception involving a “spousal” IRA. The exception for a “spousal” IRA is available for a couple that files a joint tax […]
Dates You Need to Mind Regarding 2023 Q3:
Are you a business or other employer? These are key tax-related deadlines you should be looking out for during the third quarter of 2023. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Please contact your Rudler PSC advisor at 859-331-1717 to ensure you’re meeting all […]
Have you ever wondered what’s best for financial planning? Forecasts & projections are different, but both may benefit you.
Businesses are rightly encouraged to regularly generate professionally prepared financial statements. Doing so is important for both understanding your own financial position and providing accurate, comprehensive information to stakeholders such as investors, lenders and advisors. However, keep in mind that financial statements are historical records. They depict the state of the company at a given […]
Individuals 65 or older maybe eligible to deduct their Medicare premiums.
If you’re age 65 and older and have basic Medicare insurance, you may need to pay additional premiums to get the level of coverage you want. The premiums you pay may be expensive, but it most cases these payments will result in a tax break on your tax return. Premiums count as medical expenses For […]
You may be able to claim a big first year deduction, but is it worth it?
During the first year, it may be advantageous to claim a big depreciation tax deduction for real estate expenditures. In this article, the pros & cons are discussed as to when it may be a good idea or when it may be best to wait. Qualified improvement property For qualifying assets placed in service in […]
What is ESG and why should it be considered in your company’s strategic planning.
ESG is the acronym for Environmental, Social and Governance issues. If you are engaged in strategic planning, you may want to consider how you can address ESG issues and how to communicate your approach to employees and customers. 3 areas of focus As a general concept, ESG (as it’s often called for short) focuses on […]
Can high income taxpayers reduce their net investment income tax?
Net investment income tax is an additional 3.8% tax for many high income taxpayers who may already be in the 35% and 37% tax brackets. There are ways, however, to diminish the impact of this tax on top of your regular income tax. Affected taxpayers The NIIT applies to you only if modified adjusted gross […]
Don’t forget what you can and can’t deduct while traveling for business.
If you have travel expenses for business this year there are some considerations that may save you money. In order to take a deduction for out-of-town travel you must meet certain requirements. 2023 brought some changes to deducting food and beverages on travel as well as a continuation of changes from the Tax Cuts and […]