Insights
2022 Year-End Tax Planning Guide
At Suttle & Stalnaker, PLLC we are dedicated to helping you maximize your income through various tax-saving strategies. We are excited to share our 2022 Year-End Year-Round Tax Planning Guide. There are numerous tax developments to consider for the current tax year. However, keep in mind that this resource is intended to provide general suggestions…
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Off-limit interview questions
When interviewing candidates, always make a list of interview questions and make sure every question asks for job-related information that will help in the selection process. Federal and state laws prohibit discrimination on the basis of an applicant’s race, color, national origin, religion, sex, age or disability. Some state laws also prohibit discrimination based on…
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Like every business, a start-up needs a sensible budget
An impressive 432,834 new business applications for tax identification numbers were submitted during October 2022, according to the U.S. Census Bureau. Indeed, despite the relatively higher costs of doing business these days, plenty of start-ups are still launching. One thing that every new company needs, along with a business plan, is a sensible budget. And that…
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Employers: In 2023, the Social Security wage base is going up
The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $160,200 for 2023 (up from $147,000 for 2022). Wages and self-employment income above this threshold aren’t subject to Social Security tax. Basics about Social Security The Federal Insurance Contributions Act (FICA) imposes two taxes on employers, employees…
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Plan now to make tax-smart year-end gifts to loved ones
Are you feeling generous at year end? Taxpayers can transfer substantial amounts free of gift taxes to their children or other recipients each year through the proper use of the annual exclusion. The exclusion amount is adjusted for inflation annually, and for 2022, the amount is $16,000. The exclusion covers gifts that an individual makes to…
Read More401(k) limit increases to $22,500 for 2023, IRA limit rises to $6,500
The Internal Revenue Service (IRS) announced on Friday, October 21st that the amount individuals can contribute to their 401(k) plans in 2023 has increased to $22,500, up from $20,500 for 2022. The IRS today also issued technical guidance regarding all of the cost of living adjustments affecting dollar limitations for pension plans and other retirement-related…
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2023 Health FSA Contribution Cap Rises to $3,050
By Drema Foster, PAFM Employees can put an extra $200 into their health care flexible spending accounts (health FSAs) next year, the IRS announced on Oct. 18, as the annual contribution limit rises to $3,050, up from $2,850 in 2022. The increase is double the $100 rise from 2021 to 2022 and reflects recent inflation. If the employer’s…
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Is Your Paycheck Protection Program Loan Forgiven?
By: Saundra Uy CPA, CVA, CGMA Your business may have been one of the many that took advantage of the Paycheck Protection Program (PPP) Loans. If so, has your business applied for and received PPP Loan forgiveness? If not, read on for more information on applying for PPP Loan Forgiveness to avoid repayment. Of the…
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Generation-Skipping Transfer Tax (GSTT)
What is it? The generation-skipping transfer tax is a federal tax on a gift or inheritance that prevents avoiding estate taxes by skipping a generation. Before this tax was introduced in 1976, wealthy individuals could legally make gifts or bequeath property to their grandchildren without paying any federal estate taxes. The 1976 law closed this…
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2022 AFFORDABLE CARE ACT REPORTING DEADLINES AND POTENTIAL PENALTIES
The Patient Protection and Affordable Care Act (PPACA or ACA) requires certain employers to report to the IRS annually regarding the health care coverage they offer to full-time employees. Under Section 6056 of the Internal Revenue Code, an Applicable Large Employer (ALE) must report information on Form 1095-C that discloses if an employer is subject…
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