The IRS is offering some updated rules as guidance for deductible expenses that may have been murky as a result of the Tax Cuts and Jobs Act. The rules being updated involve using optional standard mileage rates when figuring the deductible costs of operating an automobile for business, charitable, medical or moving expense purposes, among other issues.
It is not news that the talent shortage is making employers think about ways to attract and retain exceptional talent. Offering a range of benefits is one such method they are using, and the statistics bear them out: 80 percent of workers would keep a job with benefits rather than take one that offered more pay but no benefits. It should come as no surprise the Society for Human Resource Management found that retention (72 percent) and recruiting (58 percent) were top reasons companies increased their benefits.
You'll receive a letter from the IRS when the information on your tax return doesn't match the data reported to the Internal Revenue Service by employers, banks and other third parties. The letter is called an IRS Notice CP2000. It gives detailed information about the issues the IRS has identified and provides steps you should take to resolve them.
Major life changes, whether good or bad, can be so overwhelming that we fail to realize just how deeply they affect our estate plan. For example, if you get divorced, you need to update not only your will but also your 401(k) beneficiary designation, since the latter trumps your will.
You may have been told that you should put down 20% to buy a home. This may give you more choices and let you avoid private mortgage insurance, but this large amount may not be prudent, or necessary, in all circumstances. Some experts advise keeping your mortgage down payment small — a strategy that sets you up so you'll be better assured of liquidity when life happens.
Mothers and fathers have been navigating maternity and paternity leave policies for decades. Unfortunately, the U.S. has one of the least impressive frameworks for this time off in place. But with knowledge and planning, you can make this time work for you and your employees.
Beginning on January 1, 2020, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) are:
If you engaged in certain financial transactions during the calendar year as a small business or self-employed (individual), you are most likely required to file an information return to the IRS. Below are some of the transactions that you have to report.
Here's the good news: You can start taking your Social Security payments as early as age 62. However, it may not be in your best interest to do so, as payments will be less than if you can get by on other income streams. The key to making the right decision is taking into account a variety of factors.
Each type of business entity has pros and cons as well as tax consequences. This article offers some basics about two of the most popular business formats: sole proprietorships and partnerships.
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