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The Social Security Administration (SSA) recently announced that the "wage base" for computing Social Security tax will increase for 2024 to $168,600. This is up from $160,200 for 2023. Read more
Entrepreneurs and others who work for themselves are often on the hook for significant federal self-employment (SE) tax, in addition to federal and state income taxes. Here are the answers to some common questions about this tax.
Artificial intelligence (AI) has been around for years. In November 2022, however, the technology became more broadly used by the general public with the advent of Chat Generative Pre-Trained Transformer (ChatGPT). This conversation bot uses AI to immediately respond to user prompts, simulating the…
Years ago, employers could exclude part-time employees — those who work less than 1,000 hours per year in the business — from participating in 401(k) plans. That was before the Setting Every Community Up for Retirement Enhancement (SECURE) Act became law in 2019. The old rules made life simpler for…
The Setting Every Community Up for Retirement Enhancement (SECURE) Act brought numerous changes to the retirement and estate planning landscape in late 2019. Congress followed up with the SECURE 2.0 Act in late 2022. This law introduced some additional taxpayer-friendly changes, including an…
Intangible assets have become increasingly vital to the value of many companies. While their benefits may be obvious to business owners, their tax treatment often isn't. Taxpayers may be surprised by the expansive IRS definition of "intangible asset" and the impact it can have on their tax bills.
Section 529 plans can be a tax-smart way to save for college and other qualified education expenses. Contributions to these plans aren't deductible for federal tax purposes, but earnings and gains accumulate federal-income-tax-free. Then you can take federal-income-tax-free withdrawals to cover…
