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It’s that time of the year, when all the good businesses and bosses are wishing their employees a happy holiday season and, hopefully, topping off the next paycheck with a little cheer in the form of a bonus. Payers and payees alike often have questions about the taxation of occasional bonuses – whether they are holiday gifts or performance-related, or just rewards for hard work in a busy season. Here are a few facts about how payroll taxes are calculated and paid on bonus p

Co-written by Kevin Clark When the year is coming to an end and it's the holiday season, the lights are going up, the shopping and traffic are humming, and small business owners are working hard. For many this is the busiest time of year and can easily become overwhelming instead of joyful. I’ve known and worked with small business owners throughout my professional career, and I’ve witnessed the drive and grit that it takes to finish out the year. You deserve to have time wit

Would you like the short answer first? YES! Here’s the “BUT”: Your benefits could be reduced if your total income for the year exceeds a certain amount, and your income may increase to the point that more of your benefits are taxable. It also makes a difference whether you’re receiving benefits before the full retirement age (67). Here are some details and examples of when your earnings may cause your benefits to be reduced: 1. For 2023, you can earn up to $21,240 i

Part 3 of 3: Easy Targets - Meals, Mileage, and Home Office deductions, soft audit targets for the self-employed. “Soft target” is a military expression, referring to something that is relatively unprotected or vulnerable to an attack. An audit on your tax returns by the IRS is clearly not a military attack, but it can be quite brutal if your business expenses are… “open to interpretation”, or not well supported. This is the 3rd of 3 articles we have posted to help busines

Co-written by Kevin Clark, CPA Social media platforms are a big part of nearly everyone’s everyday life. Some check it religiously throughout the day, some scroll mindlessly, and some use it sparingly. Here are five things to consider before you decide to create a company account for every social media platform available: 1. Do you or a team member have the time to actively manage social media accounts? A successful social media presence takes a lot of time, planning, and

Part 2 of 3: Easy Targets - Meals, Mileage, and Home Office deductions, soft audit targets for the self-employed. “Soft target” is a military expression, referring to something that is relatively unprotected or vulnerable to an attack. An audit on your tax returns by the IRS is clearly not a military attack, but it can be quite brutal if your business expenses are… “open to interpretation”, or not well supported. This is the second of 3 articles we will be posting (see Can I

Plants can add to the aesthetic of your workspace or business. It can be hard to know which plants to choose for your space and there’s a plethora of information out there with internet gurus arguing over it on every forum. I believe the most important factor when deciding on a plant is what kind of lighting you have. Low Light . When you want low maintenance and have low light, I think your best option is a ZZ plant or Snake plant. Both can handle lower or brighter light sit

Part 1 of 3: Easy Targets - Meals, Mileage, and Home Office deductions, soft audit targets for the self-employed. “Soft target” is a military expression, referring to something that is relatively unprotected or vulnerable to an attack. An audit on your tax returns by the IRS is clearly not a military attack, but it can be quite brutal if your business expenses are… “open to interpretation”, or not well supported. This is the first of 3 articles we will be posting to help b

When you start a small business, loyalty is something you'll have to earn from your customers. It’s not enough to just have a good product or service on offer. People are growing more concerned with what a company/brand stands for, how they show up for their community, and what type of work culture they provide their employees. What are some ways you can earn loyalty among your clients? 1. Be invested. Go beyond putting on the customer service voice for your clients and

How they work, and one big “Gotcha” to avoid Coming up soon – the extension deadline for income tax returns, which is October 15th for individual returns and September 15th for most business returns. (Sorry if you thought this post was about beauty tips or hair accessories). If you’re one of the millions of American taxpayers who, for various reasons, simply could not complete and file their tax returns back on April 15th, you were wise to take advantage of a simple and free