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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Money Talk

MARCH 4, 2022

All of these events impact income taxes. This post describes thirteen tax-related topics (in no particular order) that people should be familiar with in later life. Income taxes on RMDs need to be planned for with tax withholding by the plan custodian or quarterly estimated payments to the IRS. Part B premium.

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Taxes 401(k) Deductions Deductible 245

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. tax-deferred retirement plan contributions and charitable gifting) are already accounted for.

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Taxes Retirement Plan Deductions Deductible 206

Money Talk

JUNE 8, 2022

A big concern of people with multiple income streams is adequate tax withholding. Nobody want to pay the IRS tax underpayment penalty, which is 0.5% of the amount owed for each month or partial month of unpaid taxes. mutual fund dividend and capital gain distributions), and tax withholding. In other instances (e.g.,

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Taxes Pension Deductions Deductible 278

Money Talk

AUGUST 3, 2022

This phrase was designed to encourage investors to buy tax-free municipal bonds that provide a higher after-tax return than higher-yielding taxable bonds. In a more general way, the advertisement was also promoting the concept of tax-efficient investing. no tax for New Jersey residents on a New Jersey-issued bond).

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Taxes 401(k) Flexible Spending Account Deductions 189

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).

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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. A larger standard deduction means that taxpayers can shelter more income from income taxes. an elective surgery) that exceed 7.5%

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Taxes 401(k) Deductions Deductible 189

PayrollOrg

JULY 25, 2024

Find links to state tax agencies and more using PayrollOrg’s Resource Library. The Iowa Department of Revenue has a new website at revenue.iowa.gov. The new site combines tax.iowa.gov and abd.iowa.gov.

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Taxes 118

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.

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

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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Patriot Software

JUNE 18, 2024

Tax withholding is an essential piece of the payroll puzzle. One of the taxes you must withhold from employee wages is the Old-Age, Survivors, and Disability Insurance (OASDI) tax. You must also contribute an employer portion of the OASDI tax. OASDI tax is more commonly referred to as Social Security tax.

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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

Patriot Software

MARCH 6, 2024

Understand the new Alabama overtime tax law that exempts employees' overtime earnings from state income tax. Get the details and reporting requirements for businesses. Read More

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PayrollOrg

SEPTEMBER 24, 2024

Four counties have income tax rate changes. Indiana Department of Revenue revised Departmental Notice No. 1 effective October 1, 2024.

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Taxes 118

McDermott Will & Emery Employee Benefits

APRIL 11, 2024

Taxes can have a significant impact on family offices, influencing decisions around structure, investing and overall planning strategies. McDermott’s Family Office Tax webinar series explores the latest trends and guidance on tax planning for family offices and identifies opportunities to optimize tax efficiency.

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Taxes Employee Benefits Executive Compensation Retirement Plan 105

Florida Workers' Comp

JANUARY 18, 2024

You only have to pay taxes and die (that is a rough adaptation of Benjamin Franklin's "Nothing is certain except death and taxes"). This is the part where we come back to death and taxes. And, we return once again to death and taxes. There is, in that grand illustration of death and taxes perhaps the inkling of freedom.

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Taxes Government IT 80

McDermott Will & Emery Employee Benefits

MAY 23, 2024

The New York State fiscal year 2024 – 2025 budget institutes a new tax on health plans, including insurers and managed care organizations. This tax has been garnering attention for its promise to yield $4 billion for New York State.

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Taxes Insurance Employee Benefits Health and Welfare 98

PayrollOrg

OCTOBER 17, 2023

PayrollOrg’s Government Relations Task Force commented on the IRS’s information collection notice on federal employment tax forms in September.

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Taxes Employment Government 129

Patriot Software

AUGUST 17, 2020

Tax withholding comes with the territory of being an employer. Employment taxes can be broken down into payroll taxes and income taxes. But when you hear about a payroll tax deferral, you probably want to know the exact difference between payroll tax vs. income tax.

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Taxes Payroll Employment 135

WEX Inc.

JUNE 20, 2024

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? Calculating your commercial vehicle spend and how it will be impacted at tax time, including mileage and leasing, can make a huge difference in your overall expenses.

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PayrollOrg

AUGUST 23, 2024

The New York Department of Taxation and Finance has announced that changes will be coming to withholding tax and wage reporting forms and the online Web File services. The changes will impact employers on the filings due in March 2025.

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PayrollOrg

JANUARY 11, 2024

Effective January 1, 2024, 13 Indiana counties have income tax rate increases and the state withholding tax rate decreased to 3.05% from 3.15%.

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Taxes 118

Money Talk

FEBRUARY 25, 2022

I am one of the 10 million or so tax filers that the IRS probably hates. I continue to file my taxes on paper. But the process is cumbersome and it is so much easier for me- as an admitted frugal tax geek- to fill out paper forms, double check my math, and priority mail my tax return. It is like piecing together a quilt.

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PayrollOrg

FEBRUARY 5, 2022

Recent legislation delays the collection of the employee-paid payroll tax to fund the Washington long-term care insurance plan until July 1, 2023. Employers must refund the payroll tax already collected to employees.

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PayrollOrg

APRIL 19, 2024

On April 18, the IRS released its 2023 Internal Revenue Service Data Book, which provides statistics that underscore the importance of payroll professionals to the integrity of the American tax system.

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Money Talk

AUGUST 26, 2021

A recent article in the Wall Street Journal described a new investment trend: “Wealthy Americans eyeing potential tax increases are helping drive record amounts of money into municipal bond funds.” It also went on to state that tax-free U.S. With these trends in mind, now is a good time to review some basics about tax-free (a.k.a.,

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Taxes Government IT 100

PayrollOrg

AUGUST 18, 2023

Effective July 1, 2024, Vermont employers will be required to make contributions for a new state payroll tax. A portion of the tax may be withheld from employee wages, and the rest must be paid by the employer.

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Patriot Software

OCTOBER 17, 2022

Unemployment benefits are funded by unemployment taxes, which are paid based on employee wages. But who pays unemployment tax? Types of unemployment taxes Before you can learn who pays unemployment taxes, you need to know about the two types […] READ MORE. You or your employees?

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Patriot Software

DECEMBER 14, 2022

Self-employed individuals must pay a unique payroll tax called self-employment tax. What is self-employment tax? In this article, you’ll find out everything you need to know about self-employment tax. Learn how much the tax is, how to calculate your tax liability, and more. If so, you better keep reading.

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Taxes Employment Payroll 97

BerniePortal

NOVEMBER 6, 2024

The IRS has announced key updates for the 2025 tax year, including adjustments to tax brackets, 401(k) contribution limits, and FSA maximums. Read on to learn about the updated figures you’ll need to know for the upcoming tax season. These changes, influenced by inflation, affect taxpayers' contributions and withholdings.

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PayrollOrg

JANUARY 25, 2022

The governor of Washington has announced a delay collecting the payroll tax associated with the Washington long-term care insurance program until April 2022.

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Patriot Software

SEPTEMBER 18, 2024

You’re part business owner, part marketer, and part … payroll tax filing extraordinaire. And being a payroll tax filing extraordinaire requires that you know how to file employee taxes. Filing payroll taxes takes time and an understanding of the process. Read on to learn more about filing employee taxes.

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