Tag: tax
8 Year End Tax Tips
With year-end fast approaching, it is essential to focus on key deadlines and financial strategies that may affect your tax position. Taking timely action on these matters can help you optimize deductions, minimize liabilities, and close the year on a...
Social Security wage base, COLA set for 2024
Seniors got some welcome news this week, when the Social Security Administration (SSA) announced a cost-of-living adjustment (COLA) of 3.2% for both Social Security and Supplemental Security Income (SSI) benefits beginning in January 2024. COLA, which is based on the consumer...
What to do when an IRS notice shows up in your mailbox
In the course of a typical person’s lifetime, they likely have very little interaction with the IRS. However, it is possible to receive a legitimate written piece of correspondence from the IRS. What next? The most important response is to...
Employer-provided tuition assistance programs must meet requirements
An employer-provided educational assistance program is a formal plan that offers educational benefits to employees*. The program qualifies under these conditions: It does not favor highly compensated employees**. Exclusion from the program based on a collective bargaining agreement is disregarded...
SR Client Question: Is a salary advance taxable?
Some employers allow employees to request a salary advance, receiving their paycheck earlier than the standard payday. For example, if a paycheck is issued on the 1st of the month instead of the usual 15th, the advance received on the...
SR Client Question: How do I handle taxes for my Health Savings Account (HSA)?
If you have a high deductible health insurance plan (HDHP), you're eligible to contribute to a Health Savings Account (HSA) up to the annual maximum limit. Often, employers also contribute to an HSA, but your total contributions cannot exceed this...
SR Client Question: Do I owe Michigan sales tax when I buy a vehicle from a business I own?
The transfer of vehicles from a business entity to the owner of the business is addressed in Revenue Administrative Bulletin 1991-1 and makes, in most instances, the transfer or "sale" of a vehicle from a business to its owner exempt from owing State...
SR Video Client Question: “What are the benefits of year-round tax planning?”
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How long should a business keep its records?
This question is regularly asked by our clients. Retention of financial records can be time-consuming, and many times will require a significant amount of floor space to keep these records. Some of our clients are hesitant to throw any records...
Make the most of your non-cash donations this holiday season
Many New Year resolutions involve clearing unwanted items out of the house. Here are five tips taxpayers should consider when making non-cash donations in an effort to keep your New Year Resolution: Assess Item Condition: Ensure items like clothing and...