By Eric Revell FOXBusinessSource: https://www.foxbusiness.com/economy/irs-sets-new-tax-brackets-raises-standard-deduction-2025 The Internal Revenue Service (IRS) on Tuesday announced its inflation adjustments to tax brackets and deductions for the 2025 tax year, potentially giving
If a taxpayer does not keep accurate books and records establishing gross income, the IRS may determine it under a prescribed method that clearly reflects
For Federal income tax purposes, virtual currency is treated as “property,” not currency. This means that a transaction involving virtual currency, such as a sale
Paid by South Dakota employers:Unemployment/Reemployment Assistance Tax Rate: varies 0% – 9.45% (based on reserve account). Max. taxable earnings (wage base): $15,000.Investment Fee: varies 0%
Paid by employee:CA State Disability Rate: 1.10%. Max. taxable earnings: $145,600. Paid by employer:CA Unemployment Tax Rate: 1.5%-3.4%. Max. taxable earnings: $7,000.CA Employers Training Tax:
Social Security (OASDI) Rate: 6.2%. Maximum taxable earnings: $147,000Rate is the same as 2020. Taxable earnings increased from $137,700 in 2020) Medicare Rate (HI): 1.45%.
401(k) Employee deferral remains at $19,500. 401(k) Catch-up (age 50 yrs and older) remains at $6,500.401(k) max limit employee + employer (age 49 and younger)
Social Security Rate: 6.2%. Maximum taxable earnings: $142,800 Rate is the same as 2020. Taxable earnings increased from $137,700 in 2020) Medicare Rate: 1.45%. Max
Source: https://advocacy.sba.gov/2020/11/03/some-states-may-tax-forgiven-ppp-loan-proceeds/?fbclid=IwAR1UeYyOmOjvXLEbfbIbuzT21u35Ep4kTkI_f7lQk-Ss9tAGzXpVFpuqzEo By Charles Jeane, Assistant Chief Counsel ‘Tis better to have a loan and be taxed than to never have had the loan at
Source: https://www.irs.gov/pub/irs-drop/n-15-82.pdf Increase in De Minimis Safe Harbor Limit for Taxpayers Without an Applicable FinancialStatementNotice 2015-82PURPOSEThis notice provides an increase in the de minimis safe
Source: https://proconnect.intuit.com/taxprocenter/tax-law-and-news/business-meals-that-are-fully-deductible-yes-they-do-exist/#:~:text=Meal%20expenses%20by%20an%20employee,always%20only%2050%20percent%20deductible. Credit: Jackie Meyer, CPA, CTC Dining out on business is nothing new, but accounting for it properly on your taxes can be a
The Coronavirus, Aid, Relief and Economic Security Act (CARES Act) allows employers to defer the deposit and payment of the employer’s share of Social Security