Money Talk

MARCH 22, 2023

With 2022 income tax season well underway and almost three months already passed in 2023, now is an appropriate time to review some evergreen tax planning tools and techniques. For example, for married couples, the standard deduction is $27,700 in 2023 vs. $25,900 in 2022 and for individuals $13,850 vs. $12,950.

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Taxes 401(k) Deductions Deductible 189

HR Lineup

OCTOBER 17, 2023

In the dynamic world of international business, compliance with local tax laws and labor regulations is essential. In 2023, we are witnessing a rise in the demand for expert payroll services, and several companies have emerged as leaders in this industry. List of Top International Payroll Software in 2023 1.

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Global Payroll Payroll Service Payroll Payroll Software 236

Money Talk

APRIL 14, 2022

The 2021 income tax season will soon be in the history books. With income tax calculations still fresh in our heads, this is a great time to do some tax planning for 2022. Here are 12 tax topics to consider: Itemized Deductions- Only about 10% of taxpayers can itemize since the Tax Cuts and Jobs Act went into effect in 2018.

Taxes 189

Taxes Family and Medical Leave Act 401(k) Deductions 189

Money Talk

FEBRUARY 15, 2024

With 2023 tax season well underway, now is a good time to examine income tax rates, which are a percentage of taxpayers’ income that is taxed. income tax system is progressive, which means that taxes take a larger percentage of income from taxpayers with higher taxable incomes.

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Taxes 401(k) Commissions Bonuses 185

Money Talk

AUGUST 8, 2024

With less than five months remaining in 2024, now is the time to begin serious tax planning for your 2024 income tax return. I recently attended a webinar with some tips for financial advisors about reviewing clients’ tax returns. Simply look at your 2023 tax return and divide your total tax owed by taxable income.

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Taxes Deductions Deductible Finance 176

Money Talk

FEBRUARY 23, 2023

Knowing your tax rate can help you prepare a tax return and take action(s) to reduce your tax liability. Do you know your federal income tax rate? You may actually have several different tax rates (e.g., This post describes the different federal tax rates that apply to taxpayers. a year and a day or longer).

Taxes 188

Taxes Retirement Plan Finance Commissions 188

PayrollOrg

MAY 8, 2023

In this edition of May 2023 Compliance TV: IRS Data Affirms Payroll's Vital Role in Nation's Tax System; SSA Releases Tax Year 2023 W-2 Electronic Filing Specs; IRS Said 2024 Form W-2 Will Not Be Redesigned; DOL Publishes Report on UI Trust Fund Solvency, and more.

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Taxes Payroll Electronics 200

HR Lineup

OCTOBER 16, 2023

In 2023, the demand for efficient HRMS (Human Resource Management System) software is higher than ever. This article presents the 10 best HRMS software options for 2023. Top 10 HR Management Software for 2023 1. Deel also assists in compliance with local labor laws and tax regulations. What is an HRMS System?

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Human Resources Software Management Payroll 240

Money Talk

MARCH 29, 2023

Last year, I wrote a post that described the pros and cons of filing your income taxes by paper or electronically (e-filing). Looking back, it was also a “personal pep talk” for me because I knew I was part of a dying breed of paper income tax filers. of tax returns are filed by paper or, in numerical terms, nearly 13.2

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Taxes Electronics Finance Software 189

Money Talk

DECEMBER 7, 2023

As the year winds down so, too, does your opportunity to take proactive steps to reduce 2023 income tax due in April 2024 and, perhaps, taxes due in future years as well. Below are some money-saving tax planning strategies to consider. Year-to-Year Comparison - Once a draft 2023 tax return is prepared, compare it to 2022.

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Taxes Retirement Plan Deductions Deductible 158

Money Talk

JUNE 16, 2022

If you picture retirement planning and taxes as a Venn Diagram, there is lots of overlap between these two areas of personal finance. This is true both during one’s working years (when taxpayers are saving for retirement) and later, when people are older and withdrawing taxable income from tax-deferred accounts.

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Taxes 401(k) Retirement Plan Pension 188

Money Talk

DECEMBER 21, 2023

Below are 12 nuggets of information that I gleaned from 2023 webinars: Getting Going- Some people procrastinate on saving for financial goals because goals seem too big and intimidating. Tax Uncertainty - The tax code is written in pencil. This adds a sense of urgency to tax planning strategies such as Roth IRA conversions.

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401(k) Finance Taxes Media 194

PayrollOrg

FEBRUARY 2, 2023

Effective January 1, 2023, there is a 4% surtax on Massachusetts taxable income over $1 million that was passed by voters last year. The Massachusetts Department of Revenue does not intend to update the withholding tables to reflect the surtax.

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Taxes 260

PayrollOrg

OCTOBER 6, 2023

Effective for wages paid on or after November 1, 2023, Ohio withholding tables have been revised to reflect personal income tax rate reductions.

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Taxes 324

Money Talk

JUNE 28, 2023

It’s halftime for your 2023 finances and a perfect time to review where you stand, make mid-year adjustments, and complete recommended financial planning action steps. Below are ten mid-year financial tweaks and tasks: Tax-Deferred Savings Tweak - Perhaps you will get a raise on July 1. The 2023 maximum pre-tax contribution is $3,050.

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Flexible Spending Account Banking Health Savings Account Taxes 242

PayrollOrg

JULY 7, 2023

Effective for wages paid on or after June 1, 2023, Utah withholding tables have been revised to reflect a reduction in the personal income tax rate that took effect January 1, 2023. The current personal income tax rate is 4.65%.

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Taxes 260

Money Talk

FEBRUARY 22, 2024

With income tax season well underway, many people are getting ready to see a tax preparer to get their 2023 income tax return prepared and filed before April 15, 2024. Some may have a long-standing tax pro while others are selecting a tax preparer for the first time. About half of U.S. About half of U.S.

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Taxes Banking Finance IT 127

Money Talk

JUNE 13, 2024

With the 2023 tax filing deadline in the rear view mirror, now is a good time to look ahead to 2024 taxes that you will owe in April 2025. This post extends that discussion with a description of seven key steps to take to plan for your 2024 tax return due in 2025. 401(k) plan).

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Taxes 401(k) Retirement Plan Health Savings Account 125

Money Talk

JANUARY 18, 2023

Marginal Tax Brackets - Income ranges in the seven marginal tax brackets ranging from 10% to 37% are inflation-based. When bracket incomes rise, people may be taxed at lower tax rates. Standard Deduction - The amount of income taxpayers can shelter from income taxes rises with inflation (e.g., million in 2022).

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401(k) Banking Deductions Deductible 246

HR Digest

MARCH 12, 2025

This article unpacks the fringe benefits definition, explores their types and examples, and offers a clear overviewincluding tax implications and practical guidance for employers navigating the IRS fringe benefits guide. According to a 2023 SHRM survey, 68% of employees prefer jobs with top-tier benefits over higher pay.

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401(k) Health Insurance Taxes Retirement Plan 72

PayrollOrg

MAY 2, 2023

Retroactive to January 1, 2023, West Virginia withholding tables have been revised to reflect personal income tax rate reductions. The revised withholding tables should be used immediately.

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Taxes 260

PayrollOrg

APRIL 28, 2023

Retroactive to January 1, 2023, West Virginia withholding tables have been revised to reflect personal income tax rate reductions. The revised withholding tables should be used immediately.

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Taxes 260

PayrollOrg

MAY 22, 2023

The SSA/IRS Reporter, second quarter 2023, contains two articles written by PayrollOrg on the IRS’s lowered electronic filing threshold beginning in 2024 and valuating digital assets for federal tax purposes.

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Electronics Taxes 260

PayrollOrg

AUGUST 3, 2023

Effective for tax years beginning on or after January 1, 2023, New Jersey adopted the convenience of the employer test for nonresident employees who are residents of states that impose the test.

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Employment Taxes 260

Benefit Resource Inc.

JANUARY 3, 2023

If you’re in the 70% of people who have health-related goals for 2023, let’s take a look at how pre-tax benefits can help set goals and prioritize your health this year and beyond. Add In Pre-Tax Benefits. Plus, any interest earned on the account is tax free and the money is ALWAYS yours! Set SMART Goals.

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Utilities Taxes Flexible Spending Account Flexible Spending 98

PayrollOrg

MAY 26, 2023

Effective for wages paid on or after January 1, 2023, Idaho withholding tables have been revised to reflect a reduction in the personal income tax rate. Employers should begin using the tables immediately but do not have to adjust withholding going back.

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Taxes Employment 260

PayrollOrg

JANUARY 26, 2023

Most states require Forms W-2 to be filed with their tax departments electronically or on magnetic media by January 31, 2023. The due dates are in February for the other states with electronic and magnetic media Form W-2 reporting requirements.

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Electronics Media Taxes 260

HR Digest

JUNE 23, 2023

Imagine a scenario where you are rewarded with a hefty sum of $26,000 per employee, just by gathering some data and filling out a tax form. Well, this isn’t a fantasy, it’s the reality of the Employee Retention Tax Credit (ERC). Your ERC Tax Credit is on its way! Sounds like a dream, right? Yes, you read that right.

Taxes 97

Taxes Government Employee Retention Consulting 97

McDermott Will & Emery Employee Benefits

DECEMBER 14, 2022

Retirement plan sponsors need to utilize updated Form W-4P (for periodic pension and annuity payments) and new Form W-4R (for nonperiodic payments and eligible rollover distributions) for income tax withholding elections beginning January 1, 2023.

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Retirement Plan Taxes Pension Utilities 98

Money Talk

MAY 4, 2023

had an ascending 5% inflation rate (CPI) in May 2021 and a descending 5% CPI in March 2023 and many higher inflation rates in between. Inflation-induced price hikes on goods and services are like a regressive sales tax and hurt those with low incomes the most. in March 2023. The savings rate was 9.1% in January 2020 and 5.1%

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Education Finance Pension Taxes 245

Money Talk

MARCH 2, 2023

Last year, I noticed a new trend that has continued into 2023: ads on social media about online financial seminars focused on required minimum distributions (RMDs) and income taxes owed in later life. Tax diversification throughout one’s working years can reduce taxes in later life, 2.

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Taxes Consulting Education Finance 245

BerniePortal

NOVEMBER 9, 2022

But with inflation at or near 40-year highs, those changes are especially relevant for 2023. Read on to learn more about the updated IRS numbers you need to know for the coming tax year. The Internal Revenue Service, or IRS, regularly makes changes to adjust its regulations in response to inflation.

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401(k) Taxes IT 98

Money Talk

OCTOBER 27, 2022

While taxpayers have until the tax filing deadline in April 2023 to contribute to an individual retirement account (IRA) for 2022, many people prefer to make all of their current year tax-saving moves before year-end. IRAs are not an investment, per se, but, rather, a special classification for tax purposes.

Deductions 245

Deductions Deductible Commissions Taxes 245

WEX Inc.

JULY 24, 2024

And don’t forget, that sticker price can be lowered significantly when you take advantage of rebates, tax credits, and other incentives. One example of this is the tax credit offered starting at the beginning of 2023 for businesses and tax-exempt organizations to purchase new EVs and fuel cell electric vehicles (FCEVs).

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Taxes Engineering Government Management 93

Money Talk

APRIL 11, 2024

The 2023 income tax filing deadline is only days away (April 15, 2024 in most of the U.S.). It will be a busy weekend for many taxpayers and tax preparers who are filing tax returns or tax filing extensions. money that has been taxed) and can be withdrawn at any time for any reason tax-free and penalty-free.

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401(k) Taxes Retirement Plan Pension 185

HR Lineup

OCTOBER 25, 2023

As we step into 2023, retirement planning has become more critical than ever. In this article, we’ll explore the top 10 401(k) providers for 2023, each offering unique features and benefits to help you make an informed decision. 10 Best 401(k) companies of 2023 1. What is a 401(k)?

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401(k) Retirement Plan Taxes Education 130

Patriot Software

MARCH 10, 2023

If so, you might have heard about House Bill 2526, a 2023 law that significantly cut individual income tax rates. As a result, your West Virginia income tax withholding might look a little different. Are you an employer in West Virginia? In this article, we’ll go over: What compensation is subject to withholding?

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Taxes Employment Payroll 89