There are two main categories forbenefits: taxable and non-taxable. Although they are both benefits, they are not the same when it comes to payroll and income tax responsibilities. As a small business owner, it is important that you have an understanding of taxable benefits as they relate to...
Gifts up to a certain value per recipient per year are subject to theannual exclusion. The amount is $18,000 for 2024 and $19,000 for 2025. Spouses may both give gifts to the same person, doubling the gift: This means that each may give up to the limit ($36,000 for 2024, $38,...
These taxes only affect those who leave behind a significant amount of money and property upon their death or who make gifts of substantial value during their lifetime. Unless you are in the top 2 percent of the wealthiest Americans, these taxes are not likely to be of concern to you. ...
Gift tax rates are based on the size of the taxable gift and can range between 18% and 40%.In cases where the value is not immediately evident, such as art or stocks, taxpayers use thefair market value (FMV)of the asset to assess their tax liability. Ageneration-skipping transfer tax ...
The birth of a child is not just a blessed event; it's the beginning of a whole new set of tax breaks for your family. Learn how the newest addition to your family can help trim your tax bill, and how to save for your child's future in the most tax-effic
There are differences between taxable and nontaxable fringe benefits. Learn how your business can create a great benefits plan for your company.
Anallowancelets the employer know how much money to withhold. The employer calculates the amount of taxes to be withheld based on the amount of money an employee makes in a year. But because the tax code offers deductions to reduce the taxpayer's taxable income, the amount that needs to be...
Here are seven key factors to consider when assessing your potential tax refund: Income level: Your AGI, or adjusted gross income, is a crucial figure in your tax return. It’s calculated by subtracting specific deductions from your gross income, and it helps determine your taxable income. ...
“One thing that really resonates a lot with our employees is sending them surprise gifts. Whether it’s branded swag, boxes of snacks or custom coffee mugs, everyone gets excited and the Slack blows up.” Employees have lives outside of work, as well as physical and mental health goals ...
Tax write-offs are expenses that individuals and businesses can claim to reduce their taxable income. By claiming all eligible deductions, small business owners can reduce their income tax bill and save money. In this article, we’ll explore what a tax write-off is, how it works, and what...