Summer is around the corner, so you may be thinking about hiring young people at your small business. At the same time, you may have children looking to earn extra spending money. You can save family income and payroll taxes by putting your child on the payroll. It’s a win-win!
With rising interest rates, inflation, and continuing market volatility, tax planning is as essential as ever for taxpayers looking to manage cash flow while paying the least amount of taxes possible over time. As we approach year-end, now is the time for individuals, business owners, and family offices to review their 2022 and 2023 tax situations and identify opportunities for reducing, deferring, or accelerating their tax obligations.
Posted in Individual Tax
The end of any tax year is a natural time to consider tax planning ideas for the year ahead — and beyond. What tax-related changes should you be aware of this year? We expect to see adjustments to tax brackets and other minor changes to the tax code. But the prospects for more impactful developments in the tax environment are still unclear.
Posted in Individual Tax
The IRS urges everyone to complete a paycheck checkup to make sure they are withholding the right amount of tax from their paychecks.
You can check out the IRS Tax Withholding Estimator to help navigate the complexities of multiple employer tax situations and determine the correct amount of tax for each employer to withhold.
Posted in Individual Tax
White House Unveils Plan to Help American Families Funded by Tax Increases on Wealthy

Posted by Michael D. Machen, CPA, CVA on May 13, 2021
On April 28, 2021, the Biden administration unveiled a $1.8 trillion plan to provide assistance to middle- and low-income families that would be largely funded by tax increases on wealthy Americans. The plan is expected to be fleshed out during President Biden’s first address to a joint session of Congress.
Posted in Individual Tax
The legislation signed in March allows taxpayers who earned less than $150,000 in modified adjusted gross income to exclude unemployment compensation up to $20,400 if married filing jointly and $10,200 for all other eligible taxpayers. The legislation excludes only 2020 unemployment benefits from taxes.
Posted in Individual Tax
What Individuals Need to Know About the American Rescue Plan Act

Posted by Michael D. Machen, CPA, CVA on Mar 18, 2021
The American Rescue Plan Act of 2021 (ARPA), signed into law by President Biden on March 11, 2021, provides additional major relief to individuals and businesses that continue to be impacted by the COVID-19 pandemic. The ARPA includes the following provisions related to individual taxpayers:
Posted in Individual Tax, Business Tax
"No Surprises Act" Protects Patients From Unexpected Medical Costs

Posted by Jessica L. Pagan, CPA on Feb 05, 2021
According to research, millions of Americans receive a surprise medical bill each year, most often as a result of emergency room visits where out-of-network providers perform services at an in-network facility. While the average surprise bill is roughly $600, bills can reach into the tens of thousands. In fact, a COVID-19 patient received a surprise air ambulance bill that was over $52,000.
Posted in Individual Tax
Posted in Individual Tax
Do You Run Your Business From Home? You Might Be Eligible for Home Office Deductions

Posted by Marty Williams, CPA on Mar 04, 2020
If you’re self-employed and work out of an office in your home, you may be entitled to home office deductions. However, you must satisfy strict rules.
Posted in Individual Tax, Business Tax