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Twelve Tax Planning Topics for 2022

Money Talk

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. Strategies to garner a tax benefit for charitable gifts to qualified charities include “bunching” deductions into one tax year and setting up and funding a donor advised fund.

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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.,

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Minnesota Paid Family Leave to Launch in 2026

Patriot Software

Beginning in 2026, Minnesota employers will be responsible for handling payroll deductions for the new Minnesota paid family leave program. The Land of 10,000 Lakes is the latest state to launch a paid family and medical leave program. The upcoming MN paid family leave means employers and employees pay into a state fund.

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Are reward professionals ready for the 2026 P11D changes?

Employee Benefits

Credit: Hyejin Kang/Shutterstock Need to know: Employers should start planning now for the P11D changes to the reporting and paying of tax and Class 1A national insurance contributions (NICs) on benefits in kind, to ensure a smooth transition to the new system in April 2026. The post Are reward professionals ready for the 2026 P11D changes?

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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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Two Neighboring States Recently Joined a Growing Movement to Provide Paid Family Leave

McNees

The paid leave will be funded by employee wage deductions and, for employers with 15 or more employees, employer contributions or the establishment of self-funded private employer plans to provide paid leave. Employer contributions begin on January 1, 2025, and eligible employees will be permitted to take leave beginning on January 1, 2026.

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Top 5 reasons to check your payslip

cipHR

There are also deductions to consider, such as variable deductions like student loan repayments, which can change month to month if linked to income, or fixed deductions for things like trade union subscription fees or season-ticket loan repayments. Some employers also top these payments up. Personal details. Pension payments.

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