by Megan Kosciolek, MST | Oct 30, 2023 | Blog, Business, Tax, Uncategorized
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....
by Megan Kosciolek, MST | Oct 4, 2023 | Blog, Business, Tax, Uncategorized
If you read the Internal Revenue Code (and you probably don’t want to!), you may be surprised to find that most business deductions aren’t specifically listed. For example, the tax law doesn’t explicitly state that you can deduct office supplies and certain other...
by Megan Kosciolek, MST | Sep 27, 2023 | Tax, Uncategorized
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...
by Megan Kosciolek, MST | Sep 14, 2023 | Business, Tax, Uncategorized
Do you and your spouse together operate a profitable unincorporated small business? If so, you face some challenging tax issues. The partnership issue An unincorporated business with your spouse is classified as a partnership for federal income tax purposes, unless...
by Megan Kosciolek, MST | Sep 6, 2023 | Blog, Business, Tax, Uncategorized
The Tax Cuts and Jobs Act liberalized the rules for depreciating business assets. However, the amounts change every year due to inflation adjustments. And due to high inflation, the adjustments for 2023 were big. Here are the numbers that small business owners need to...
