These days, most businesses have some intangible assets. The tax treatment of these assets can be complex. What makes intangibles so complicated? IRS regulations require the capitalization of costs to:
Businesses shut down for many reasons. Some of the reasons that businesses shutter their doors:
These days, most businesses buy or lease computer software to use in their operations. Or perhaps your business develops computer software to use in your products or services or sells or leases software to others.
No one needs to remind business owners that the cost of employee health care benefits keeps going up. One way to provide some of these benefits is through an employer-sponsored Health Savings Account (HSA).
How much can you and your employees contribute to your 401(k)s next year — or other retirement plans? In Notice 2022-55, the IRS recently announced cost-of-living adjustments that apply to the dollar limitations for pensions, as well as other qualified retirement plans for 2023.
The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $160,200 for 2023 (up from $147,000 for 2022). Wages and self-employment income above this threshold aren’t subject to Social Security tax.
The IRS recently released the 2023 cost of living adjustments for retirement plans and related items. You can view the updated numbers below or click the button at the bottom to view a printable version!
Businesses can provide benefits to employees that don’t cost them much or anything at all. However, in some cases, employees may have to pay tax on the value of these benefits. Here are examples of two types of benefits which employees generally can exclude from income:
You and your small business are likely to incur a variety of local transportation costs each year. There are various tax implications for these expenses.
At SEK, we are dedicated to helping you maximize your income through a variety of tax-saving strategies. We are excited to share our 2022 Year-End Year-Round Tax Planning Guide, which includes: