Year-end tax planning and end of year tax moves are good ideas to minimize your taxes but there are several pitfalls and traps to some of the ideas.
Valerie Escobar and Michael MacKelvie share 6 tax and wealth planning strategies you should consider before the year wraps up.
As the end of the year approaches, our client conversations turn to how we can strategically minimize taxes. This is a collaborative effort, and a client’s role in tax planning is crucial. Together, we look at the ways they give, save, and invest, and consider how tax laws might change...
If one is to receive a bonus, it is helpful to try postponing the payment for one's tax until 2009. It is appropriate to be on guard of the alternative minimum tax rules and what too many deductions mean. To pay lower-rate interest on credit cards and car loans, use money from a ...
IRS 2024 Employer Health Plan Affordability Threshold change: The tax year 2024 health plan affordability threshold, which is set by the IRS and used to determine if an employer's lowest-premium health plan meets the ACA affordability requirement, is 8.39% of an employee's household income for...
Do Year-End Bonuses Get Taxed? Yes, year-end bonuses get taxed. They are seen as another form of compensation and are subject to income tax just like any other form of payment from your employer. Why Do Companies Give Year-End Bonuses?
Order Forms W-2, Wage and Tax Statement, and W-3, Transmittal of Wage and Tax Statements, as part of your year-end payroll checklist. You can buy these forms from the IRS or another authorized provider. Get updated federal and state labor law posters to hang up next year (e.g., Fai...
If you have a Flexible Spending Account (FSA), time is running out to use up your remaining balance. Check in with your employer’s rules regarding any balance remaining on Dec. 31 this year so you aren’t left forfeiting your hard-earned funds. ...
Related: HRAs Make It Easy to Provide Tax-Free Health Benefits to Your Team Make sure your end-of-year bonus is a discretionary bonus. First, let’s be clear about exactly what we mean when we say that end-of-year bonuses should be “discretionary.” ...
2020 End of Year Tax Planning for BusinessesLinkedIn Facebook X Send Embed As the 2020 year draws to a close, businesses should review the tax-related provisions adopted in the CARES Act and related IRS guidance with their tax advisers: EMPLOYER REFUNDABLE CREDIT AND PAYROLL TAX DEFERRAL: ...