Does your son or daughter work during the summer or school year? A part-time job can be a great way for your child to learn about financial responsibility. It can also teach a valuable lesson about owing taxes. In addition to explaining why the government takes money from kids' paychecks, parents may need to help their children file their taxes by April 15.
Most private sector employers, for better or worse, put you in the driver's seat when it comes to saving for retirement. If you're a genuinely savvy and diligent investor, you might prefer the flexibility of rolling over your accumulated retirement savings into an IRA. This choice assumes, however, that your next employer's 401(k) plan allows you to move money into it from another 401(k) plan. Most, but not all, do.
The Tax Cuts and Jobs Act (TCJA) imposes a new limitation on deductions for business interest expense. The IRS recently issued guidance in the form of proposed regulations. The business interest expense limitation is a permanent change for tax years that began in 2018. Thankfully, many businesses are unaffected. Here's what you need to know.
For the first time since the Reagan Administration, the U.S. Government has implemented a tremendous shift to the tax code creating major adjustments that have affected millions of taxpayers. To name a few changes, the child tax credit and threshold have increased, the standard deduction has doubled, and the state and local tax deduction has been limited for many taxpayers. Among the significant adjustments to the tax code includes a qualified business income (QBI) deduction for business owners of a flow-through entity. Flow-through entities include LLCs, sole-proprietorships, partnerships, s-corporations, and more. This article will describe the composition of the deduction and who was able to benefit the most from the deduction in 2018 and for years to come.
We are proud to announce that retired Bowman & Company LLP Partner John "Jack" F. Dailey Jr., CPA, was presented with the American Institute of Certified Public Accountants' (AICPA's) Special Recognition Award for his influence, commitment, and length of service to the CPA profession.
In the United States, June marks the start of a peak wedding season that runs through the early fall. All across the country happy couples are discussing their seating charts, selecting a song for their first dance and planning their honeymoons. But there is one conversation that they cannot afford to forget – how they will manage their finances once they become legally married. As the big day approaches, here are some tips to make sure money issues don’t get in the way of happily ever after.
For many Americans, taking a family vacation is an relatives across the state, friends across the country or even flying to some far-off region, more than two-thirds of Americans report that they plan to take a vacation this summer. And they’re budgeting $2,373 on average for their vacation travel. That’s a lot of money! Here are some tips to help you and your family save money on your vacation this summer.annual tradition. Whether it’s visiting
The SSA explains that it's seeking to reconcile discrepancies between the names and Social Security Numbers (SSNs) it has on file with the names and SSNs that employers report. The purpose isn't to support enforcement of immigration law, but rather to "properly post employees' earnings to the correct record." That's an important distinction because if you confused such a letter with, for example, a "tentative non-confirmation" red flag coming from the Department of Homeland Security's E-Verify system, you might unintentionally take an action that would get you into trouble.
Welcome to Part 3 of our series on retirement planning for your employees. Part 1 discussed the different types of retirement plans you can offer to your employees. Part 2 discussed the different types of eligibility requirements you can have in place for your plan and when your employees can begin to participate. This month we will briefly explore loans, hardships, timeliness of employee contribution transmittals, and what your responsibilities are if you have to terminate a plan.