by Paula Kennedy, EA | Dec 1, 2021 | Tax
If you’re starting to worry about your 2021 tax bill, there’s good news — you may still have time to reduce your liability. Here are three quick strategies that may help you trim your taxes before year-end. 1. Accelerate deductions/defer income. Certain tax deductions...
by Paula Kennedy, EA | Nov 17, 2021 | Tax
Do you have a tax-saving flexible spending account (FSA) with your employer to help pay for health or dependent care expenses? As the end of 2021 nears, there are some rules and reminders to keep in mind. An account for health expenses A pre-tax contribution of $2,750...
by Paula Kennedy, EA | Nov 11, 2021 | Tax
As we approach the holidays, many people plan to donate to their favorite charities or give money or assets to their loved ones. Here are the basic tax rules involved in charitable contributions and gifts. Donating to charity Normally, if you take the standard...
by Paula Kennedy, EA | Nov 3, 2021 | Tax
The Social Security Administration recently announced that the Social Security wage base for computing Social Security taxes will increase to $147,000 for 2022 (up from $142,800 for 2021). Wages and self-employment income above this threshold aren’t subject to Social...
by Paula Kennedy, EA | Oct 19, 2021 | Tax
Have you heard of the “nanny tax?” Even if you don’t employ a nanny, it may apply to you. Hiring a house cleaner, gardener or other household employee (who isn’t an independent contractor) may make you liable for federal income and other taxes. You may also have state...
