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Basics of Tax-Efficient Investing

Money Talk

Below are six tax-saving ideas gleaned from recent webinars and research for my book: Look Toward the Future - Absent new tax legislation, the Tax Cuts and Jobs Act is scheduled to sunset after 2025, tax rules will return to what they were in 2017, and tax rates will be higher than they are right now.

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Save on taxes: Bonus depreciation for business vehicle purchase

WEX Inc.

Tax deductions if you have a fleet of commercial vehicles Are you a small or large business owner with commercial vehicles, or a fleet manager? Rather than taking the traditional vehicle depreciation over time, business owners and fleet managers can now take immediate deductions during tax season.

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Colin Godfrey: Supreme Court ruling on unlawful wages deduction from unpaid or underpaid holiday pay

Employee Benefits

In a judgment that will be welcomed, the Supreme Court has determined that, in a claim by an employee for an unlawful deduction of wages arising from unpaid or underpaid holiday pay , a series of deductions will not be broken by a gap of three months or more. This will usually be as a claim for an unlawful deduction from wages.

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Looking Ahead to Your 2024 Tax Return

Money Talk

Do Strategic Tax Planning- Explore tax planning strategies that may apply to your situation, such as bunching deductions, contributing to a Health Savings Account (HSA), Roth IRA conversions, or utilizing tax-loss harvesting to offset capital gains. As a result, there will be an increase in tax rates (e.g.,

Taxes 125
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Is relocation reimbursement taxable? How to assess tax liability for employee relocation

Business Management Daily

Expenses that could previously be deducted on an employee’s tax return may no longer qualify, and relocation benefits that previously could be paid out without counting towards a taxpayer’s income may now result in higher tax liabilities. Can employees deduct their moving expenses? Are moving expenses paid directly to vendors taxable?

Taxes 98
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IRS announces new Form W-4 for 2020

BerniePortal

This is the forms first major update since 2017 when Congress made sweeping changes to the federal tax system. Deductions other than the standard deduction. On December 5, 2019, the IRS released the final version of the 2020 Form W-4, which was retitled as the Employee’s Withholding Certificate. What's required on the new W-4?

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10 tax breaks in the CARES Act

Business Management Daily

Because of changes in the Tax Cuts and Jobs Act (TCJA), more taxpayers are claiming the standard deduction instead of itemizing. For 2020, the new law allows a charitable deduction of up to $300 for nonitemizers. Tip: Corporations can deduct donations up to 25% of taxable income in 2020 instead of the usual 10% limit.

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