The Social Security wage base for employees and self-employed people is increasing in 2024

The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $168,600 for 2024 (up from $160,200 for 2023). Wages and self-employment income above this threshold aren’t subject to Social Security tax. Basic details The Federal Insurance Contributions Act (FICA) imposes two taxes on employers, employees and self-employed […]

The Short Form: Do People Really Move Because of Taxes?

The Short Form: Do People Really Move Because of Taxes? https://bit.ly/49ej45C

How to give without using gift tax exemption

Have you already maxed out your 2023 gift tax exemption by making cash gifts of $17,000 ($34,000, married couples) to family members? There still may be a tax-advantaged way to support loved ones this year. If you make tuition payments directly to an educational institution or qualified medical payments directly to a medical care provider […]

2024 State Business Tax Climate Index

2024 State Business Tax Climate Index https://bit.ly/471s8J5

Are scholarships tax-free or taxable?

With the rising cost of college, many families are in search of scholarships to help pay the bills. If your child is awarded a scholarship, you may wonder about how it could affect your family’s taxes. Good news: Scholarships (and fellowships) are generally tax-free for students at elementary, middle and high schools, as well as […]

Business automobiles: How the tax depreciation rules work

Do you use an automobile in your trade or business? If so, you may question how depreciation tax deductions are determined. The rules are complicated, and special limitations that apply to vehicles classified as passenger autos (which include many pickups and SUVs) can result in it taking longer than expected to fully depreciate a vehicle. […]

The tax implications of renting out a vacation home

Many Americans own a vacation home or aspire to purchase one. If you own a second home in a waterfront community, in the mountains or in a resort area, you may want to rent it out for part of the year. The tax implications of these transactions can be complicated. It depends on how many […]

How IRS auditors learn about your business industry

Ever wonder how IRS examiners know about different industries so they can audit various businesses? They generally do research about specific industries and issues on tax returns by using IRS Audit Techniques Guides (ATGs). A little-known fact is that these guides are available to the public on the IRS website. In other words, your business […]

Does Your State Have an Estate or Inheritance Tax?

Does Your State Have an Estate or Inheritance Tax? https://bit.ly/45qwdW6

Casualty loss tax deductions may help disaster victims in certain cases

This year, many Americans have been victimized by wildfires, severe storms, flooding, tornadoes and other disasters. No matter where you live, unexpected disasters may cause damage to your home or personal property. Before the Tax Cuts and Jobs Act (TCJA), eligible casualty loss victims could claim a deduction on their tax returns. But currently, there […]