by DhallaCPA | Dec 13, 2022 | Tax Tips
As you may know, you can’t keep funds in your traditional IRA indefinitely. You have to start taking withdrawals from a traditional IRA (including a SIMPLE IRA or SEP IRA) when you reach age 72. The rules for taking required minimum distributions (RMDs) are...
by DhallaCPA | Dec 12, 2022 | Tax Tips
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....
by DhallaCPA | Dec 5, 2022 | Tax Tips
The overall stock market has been down during 2022 but there have been some bright spots. As year-end approaches, consider making some moves to make the best use of paper losses and actual losses from your stock market investments to help reduce taxes you’ll...
by DhallaCPA | Nov 28, 2022 | Tax Tips
Businesses can provide benefits to employees that don’t cost them much or anything at all. However, in some cases, employees may have to pay tax on the value of these fringe benefits. Here are examples of two types of benefits which employees generally can exclude...
by DhallaCPA | Jun 3, 2022 | Tax Tips
Businesses should be aware that they may be responsible for issuing more information reporting forms for 2022 because more workers may fall into the required range of income to be reported. Beginning this year, the threshold has dropped significantly for the filing of...
by DhallaCPA | May 16, 2022 | Tax Tips
The IRS recently released guidance providing the 2023 inflation adjusted amounts for HSA’s (Health Savings Accounts). High inflation rates will result in next year’s amounts being increased more than they have been in recent years. HSA basics An HSA is a trust...
