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Social Security Administration announced a new taxable earnings wage base limit increase for (COLA) Set For 5.9% for 2022
Social Security Administration announced a new taxable earnings wage base limit increase for (COLA) Set For 5.9% for 2022 People who collect Social Security are about to see bigger checks. The cost-of-living adjustment in 2022 will be 5.9%, the Social Security Administration announced October 13, 2021, compared with a COLA increase for 2021 of 1.3%. The bump, which will... Read More

How to Avoid Personal Liability for Unpaid Federal Employee Payroll Taxes
How to Avoid Personal Liability for Unpaid Federal Employee Payroll Taxes Lessons from an Employee Payroll Tax Withholding (CFO Embezzlement) Case - IRS held the president personally liable for the unpaid taxes. Read More

Tax hikes on wealthy individuals and corporations to pay for Biden agenda approved by the House Panel
Tax hikes on wealthy individuals and corporations to pay for Biden agenda approved by the House Panel The biggest set of U.S. tax increases in a generation took a major step forward on September, 15th 2021 with approval by the House Ways and Means Committee of $2.1 trillion in new levies mostly focused on corporations and the wealthy. Read More

The American Rescue Plan Act of 2021 Changes to Gig Freelancer Economy Tax Reporting- PayPal 1099-K Threshold Loophole closed
The American Rescue Plan Act of 2021 Changes to Gig Freelancer Economy Tax Reporting- PayPal 1099-K Threshold Loophole closed New tax reporting provisions for 1099 self employed, gig economy workers. The rise of the so-called “sharing economy” has been an ongoing phenomenon that began several years prior to the pandemic. The Baker Institute article points out that statistic... Read More

Should I Hire a Financial Advisor? What are the benefits and process?
Should I Hire a Financial Advisor? What are the benefits and process? if you would rather have an easy plan you can execute without having to constantly worry about changes in legislation or the economy or financial products, you might consider hiring a financial advisor.” Consulting a financial planner could be a sma... Read More

New IRS Notice 2021-25: Some Business Meal Expenses are 100% Tax Deductible for 2021 and 2022
New IRS Notice 2021-25: Some Business Meal Expenses are 100% Tax Deductible for 2021 and 2022 A 2020 COVID-19 relief bill made taxpayer-friendly changes. The “Taxpayer Certainty and Disaster Tax Relief Act of 2020” (the Act), enacted as part of the “Consolidated Appropriations Act, 2021” (CAA 2021), which increased the business-meal deducti... Read More

What Professional Golfers Can Teach You About Investing for Retirement
What Professional Golfers Can Teach You About Investing for Retirement Now this may seem relatively straight forward or obvious; the goal in the game of golf is to hit the ball in the little hole hundreds of yards away with as few strokes as possible.   When developing a financial plan, defining your goal could be sa... Read More

The IRS Home Office deduction-do you qualify, pros and cons of taking it?
The IRS Home Office deduction-do you qualify, pros and cons of taking it? Since the beginning of the Covid-19 pandemic and the beginning of the work from home trend, some workers are now wondering if they are eligible to take advantage of an IRS tax break for home offices. In this article I will discuss the pros and cons o... Read More

How high income earners can use a Backdoor Roth IRA conversion to supplement their retirement savings
How high income earners can use a Backdoor Roth IRA conversion to supplement their retirement savings Many higher-income earners cannot use a regular Roth individual retirement account (IRA) thanks to strict income caps on contributions to these accounts. So if you are someone who is a professional that makes over $100,000 a year and you may want to ... Read More

11 Things to Keep in Mind for Filing Your 2020 Income Taxes
11 Things to Keep in Mind for Filing Your 2020 Income Taxes 2020 tax filing season begins Feb. 12, 2021 which is fast approaching, and the Covid-19 stimulus aid has made filing your 2020 tax filings a little more complex. This article covers 11 tips for you to review as you are getting prepared and organized ... Read More

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2020 Taxes | 2021 Taxes | Business Payroll | Economic Aid Act | home office deduction | IRA | Paycheck Protection Program | PPP Loans | retirement | social security | ssi income | Taxes | Wealth Management | work from home |