Nov 30, 2021 | Social Security, Taxes
For 2022, the Social Security wage cap will be $147,000, and Social Security and Supplemental Security Income (SSI) benefits will increase by 5.9 percent. These changes reflect cost-of-living adjustments to account for inflation. Wage Cap for Social Security TaxThe...
Nov 30, 2021 | SALT, Taxes
The Court of Appeals for the Second Circuit affirmed the district court’s judgment that the cap on the federal income tax deduction for money paid in state and local taxes (SALT) is constitutional. Four states brought a claim against the government alleging that...
Nov 30, 2021 | Taxable Donations, Taxes
The IRS highlighted how expanded tax benefits help both individuals and businesses give to charity before the end of this year. The law now permits these taxpayers to claim a limited deduction on their 2021 federal income tax returns for cash contributions made to...
Oct 31, 2021 | Employees, Taxes
The IRS has emphasized the importance of correctly determining whether the individuals providing services to businesses were employees or independent contractors. Generally, an employee performs services that businesses control. Independent contractors offer their...
Oct 31, 2021 | Natural Disaster, Taxes
The IRS has reminded taxpayers to develop emergency preparedness plans due to the upcoming hurricane season and the ongoing threat of wildfires in some parts of the country. September is declared as the National Preparedness Month. Further, the IRS advised taxpayers...
