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Do You Need To Revise Your Final Estimated Payment?

The last installment of your 2016 estimated federal income tax is due January 17, 2017.

Read full post  |  Posted by on 01.04.17


Year-End Is Fast Approaching

Consider these planning ideas:

Sell stocks currently held at a loss. You can write off the first $3,000 of those losses as an ordinary loss and the excess capital loss can be used to offset capital gain.

Read full post  |  Posted by James F. Weber on 12.22.16


2017 Standard Mileage Rates for Business

The Internal Revenue Service today issued the 2017 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

Beginning on Jan. 1, 2017, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:

Read full post  |  Posted by on 12.13.16


Having Problems Keeping Employees?

Is retention of good employees a priority for your business? Consider conducting "stay" interviews. 

Read full post  |  Posted by James F. Weber on 12.08.16


Judge Suspends Rule Expanding Overtime for Millions of Workers

A federal judge in Texas issued a nationwide injunction on Tuesday against an Obama administration regulation expanding by millions the number of workers who would be eligible for time-and-a-half overtime pay.

Read full post  |  Posted by on 11.23.16


Higher Self-Employment Taxes Coming In 2017

Did you know the national average wage index went up? You might have missed the news, but it's likely you will notice one impact: higher self-employment taxes.

How are the two related? The index is used to calculate the social security wage base, which is the amount of income subject to the 12.4% social security portion of the self-employment tax. When the index goes up, the wage base does too, and more of your income is taxed.

Read full post  |  Posted by R. David O’Brien on 11.10.16


The New Overtime Rules

The New Overtime Rules issued by the Department of Labor regarding the overtime eligibility is still set to go into effect December 1, 2016.

The House introduced and passed legislation, H.R. 6094, which would delay the overtime rules for a six-month period, but it has yet to be heard by the Senate and likely will be delayed until after the election. Therefore, we recommend proceeding with your plan to address this change within your company.
 

Read full post  |  Posted by on 11.03.16


Putting Family Members on Payroll

As a business owner, you should be aware that you can save family income and payroll taxes by putting junior family members on the payroll. You may be able to turn high-taxed income into tax-free or low-taxed income, achieve social security tax savings (depending on how your business is organized), and even make retirement plan contributions for your child.

Read full post  |  Posted by on 11.03.16


Get Ready For a Higher Social Security Wage Base

If you're an employer, you'll need to withhold social security tax from a higher amount of your employees' wages in 2017. The wage base for withholding social security tax from wages has increased to $127,200, up from $118,500 in 2016. 

Read full post  |  Posted by on 11.02.16


Breakeven analysis helps with business choices

Breakeven analysis is an important and useful tool in business. Whether you're starting a new business, expanding current operations, contemplating an acquisition, downsizing, or approaching banks and other potential lenders, you'll want to know your breakeven. 

Read full post  |  Posted by R. David O’Brien on 10.27.16


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