Author: taxsecretsblog

According to one recent study, replacing an employee who has left your business can cost between 50% to 60% of that person's salary. This is why it's virtually always more expensive to hire a new person than it is to simply retain one of your

Parents - especially new ones - are always looking for new ways to improve the lives of their children. Surprisingly, one of the most effective opportunities that people also often overlook has to do with starting a savings account for that child as early as

Due to the admittedly complicated nature of the tax code in the United States, the idea that someone might experience issues when filing is not exactly unheard of. Oftentimes people will calculate certain aspects of their returns wrong, fail to submit the necessary paperwork, or

Article Highlights: Standard Deductions Personal & Dependent Exemptions Child Tax Credit Home Mortgage Interest Limitations Tier 2 Miscellaneous Deductions Phaseout of Itemize Deductions SALT Limits Moving Deduction Commuting Tax Benefits Personal Casualty Losses Estate Tax Exclusion Tax Brackets Alternative Minimum Tax (AMT) Qualified Business Income

Article Highlights: What is the Work Opportunity Tax Credit? Maximum Credit Who Can Claim the Credit? Qualified Employees Pre-screening and Certification Tax-exempt Employers Summer is upon us, which signals the need for seasonal employees to fill in for workers who are on vacation during the

Article Highlights: Employer Medical Fringe Benefits. Flexible Spending Account (FSA). FSA Annual Contribution Limits. FSA Limited Annual Carryover Provisions. Health Savings Account (HSA). HSA Qualifications. High Deductible Insurance. HSA as a Retirement Vehicle. Comparison Table. Many employers offer health flexible spending accounts (FSAs) and health

Article Highlights: Separated Taxpayers Divorced Taxpayers Recently Married Taxpayers Widowed Taxpayers Filing Status Joint and Several Liability Who Claims the Children Alimony Community Property States Affordable Care Act Taxpayers are frequently blindsided when their filing status changes because of a life event such as marriage,

Article Highlights: Child Under the Age of 19 or a Student Under the Age of 24 Kiddie Tax Tax on a Child’s Earned Income Deduction for the Business Employment Taxes IRAs and Retirement Plans You might consider hiring your children to help in your business.

July 2023 Individual Due Dates July 3 - Time for a Mid-Year Tax Check Up Time to review your 2023 year-to-date income and expenses to ensure estimated tax payments and withholding are adequate to avoid underpayment penalties. July 10 - Report Tips to Employer If

Article Highlights: Health Insurance Retirement Plans Special Rule for Military Spouses Qualified Transportation Fringe Benefits Flexible Spending Accounts (FSAs) Group Term Life Insurance Qualified Employee Discounts Employer-Provided Education Assistance Adoption Expenses Child and Dependent Care Benefits Health Savings Accounts Special Rule for Military Spouses Tax