Auburn-Opelika (334) 887-7022 | Montgomery (334) 244-8900

Returning Value Blog

Murry Guy, CPA

Recent Posts

Form W-2 and 1099-NEC Are Due to Be Filed Soon

Posted by Murry Guy, CPA on Jan 24, 2023

With the 2023 filing season deadline drawing near, be aware that the deadline for businesses to file information returns for hired workers is even closer. By January 31, 2023, employers must file these forms:

Full Story

Posted in Accounting & Outsourcing

The Standard Business Mileage Rate Is Going Up in 2023

Posted by Murry Guy, CPA on Jan 05, 2023

Although the national gas price is a bit lower than it was a year ago, the optional standard mileage rate used to calculate the deductible cost of operating an automobile for business will increase in 2023. The IRS recently announced that the 2023 cents-per-mile rate for the business use of a car, van, pickup, or panel truck is 65.5 cents. These rates apply to electric and hybrid-electric automobiles, as well as gasoline and diesel-powered vehicles.

Full Story

Posted in Business Tax

Do You Qualify for the QBI Deduction? And Can You Do Anything by Year-end to Help Qualify?

Posted by Murry Guy, CPA on Dec 13, 2022

If you own a business, you may wonder if you’re eligible to take the qualified business income (QBI) deduction. Sometimes this is referred to as the pass-through deduction or the Section 199A deduction.

Full Story

Posted in Business Tax

Is It Time to Update Your Accounting Practices?

Posted by Murry Guy, CPA on Dec 05, 2022

If you ask some business owners why they do things a certain way, they might answer, “Because we’ve always done it that way.” But with all the changes that have taken place in the financial and accounting realm, doing things the way you’ve always done them could be costing your business in terms of lost efficiency and profits. Here are five considerations to help modernize your accounting processes and systems.

Full Story

Posted in Business Advisory

How to Manage a Payroll Schedule

Posted by Murry Guy, CPA on Nov 30, 2022

Learn how to create an effective payroll budget to avoid wondering how and where your money was spent. Creating a payroll budget helps you understand what percentage of your budget should go to payroll and enables you to stay on track throughout the year. Generally, payroll should account for about 15% to 30% of your company’s gross income, but with service industries, costs can be as high as 50%.

Full Story

Posted in Payroll, HR & Benefits

How to Set Up and Maintain Payroll Policies

Posted by Murry Guy, CPA on Nov 16, 2022

The endgame is accurate and timely employee paychecks. How do you get there? Have a payroll plan that outlines what the procedures are to get to your goal.

Full Story

Posted in Payroll, HR & Benefits

Reap the Benefits of QuickBooks Software Solutions

Posted by Murry Guy, CPA on Nov 09, 2022

Bookkeeping is essential to running a business. QuickBooks® is one of the most popular software programs for this purpose because it offers numerous features that other programs may not have.

Full Story

Posted in Business Advisory

How Do Taxes Work With Bonuses?

Posted by Murry Guy, CPA on Nov 02, 2022

Bonuses, frequently given at the end of the year, is a popular "thank you" for a job well done, and smart business owners know they can build loyalty, helping retain the most productive employees. However, both owners and employees often misunderstand how taxes work with bonuses, leading to confusion and frustration. Fortunately, with some education and preparation, the situation can work out for everyone.

Full Story

Posted in Payroll, HR & Benefits

Employers: In 2023, the Social Security Wage Base Is Going Up.

Posted by Murry Guy, CPA on Oct 25, 2022

The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $160,200 for 2023 (up from $147,000 for 2022). Wages and self-employment income above this threshold aren’t subject to Social Security tax.

Full Story

Posted in Business Tax

Work Opportunity Tax Credit Provides Help to Employers

Posted by Murry Guy, CPA on Oct 04, 2022

In today’s tough job market and economy, the Work Opportunity Tax Credit (WOTC) may help employers. Many business owners are hiring and should be aware that the WOTC is available to employers that hire workers from targeted groups who face significant barriers to employment. The credit is worth as much as $2,400 for each eligible employee ($4,800, $5,600, and $9,600 for certain veterans and $9,000 for “long-term family assistance recipients”). It’s generally limited to eligible employees who begin work for the employer before January 1, 2026.

Full Story

Posted in Business Tax

Recent Posts

Returning_Value