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Hot Midyear Tax Planning Ideas for Individuals

The summer months are a good time to brainstorm tax planning strategies. Some ideas will help cut your tax bill for the current year; others will allow you to minimize future taxes. Here are various short- and long-term strategies to consider. They factor in changes included in the Tax Cuts and Jobs Act (TCJA). Perform … Continued

As Legal Challenges Continue, Don’t Miss this EEOC Deadline

Legal skirmishes continue over whether the detailed employee pay data collection scheme (on top of the original basic employee census data) should be enforced. In 2017, the Trump administration suspended the EEOC-1 Component 2 data collection rules, which originated during the Obama Administration. But, in March 2019, a federal court held that those rules should … Continued

Summer Loving? Think About Taxes Before You Tie the Knot

For many couples, summer is the quintessential time to tie the knot. The weather is warm, the flowers are blooming and nature offers plentiful backdrops for photos. But there’s more than the ceremony to consider when a couple merges their lives, including taxes and other financial issues. Though finances aren’t necessarily a romantic topic, some … Continued

The “nanny tax” must be paid for more than just nannies

You may have heard of the “nanny tax.” But even if you don’t employ a nanny, it may apply to you. Hiring a housekeeper, 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 … Continued

It’s a good time to buy business equipment and other depreciable property

It’s a good time to buy business equipment and other depreciable property There’s good news about the Section 179 depreciation deduction for business property. The election has long provided a tax windfall to businesses, enabling them to claim immediate deductions for qualified assets, instead of taking depreciation deductions over time. And it was increased and … Continued

Volunteering for charity: Do you get a tax break?

If you’re a volunteer who works for charity, you may be entitled to some tax breaks if you itemize deductions on your tax return. Unfortunately, they may not amount to as much as you think your generosity is worth. Because donations to charity of cash or property generally are tax deductible for itemizers, it may … Continued

You may have to pay tax on Social Security benefits

During your working days, you pay Social Security tax in the form of withholding from your salary or self-employment tax. And when you start receiving Social Security benefits, you may be surprised to learn that some of the payments may be taxed. If you’re getting close to retirement age, you may be wondering if your … Continued

Tax Issues When Winding Up the Estate of a Loved One

When a loved one who was “financially comfortable” passes away, his or her family must deal with the emotional issues that come with the loss — as well as winding up the decedent’s financial affairs. Surviving family members are often unprepared for the tax issues that may arise when a loved one dies. Here’s some … Continued

Employers: Take Note of New Penalties and Visa Requirements

The payroll obligations of employers are much more extensive than withholding taxes from paychecks. There are myriad complex rules to navigate — and failing to comply with requirements may result in significant penalties. Recent action in three areas highlights the range of employer responsibilities. Alien Workers Employing immigrant workers remains a hot-button issue in the … Continued

Prepare to Receive a Social Security Administration No-Match Letter

According to the Society for Human Resource Management, in recent weeks no-match letters “have returned with a vengeance” following a six-year hiatus. The original distribution of these letters began in 1993, but were suspended in 2012 in response to complaints from employers, labor unions and immigration rights advocates. Those concerns apparently are no longer guiding … Continued