Insights: Tax Services
The tax advantages of hiring your child this summer
Summer is around the corner so you may be thinking about hiring young people at your small business. At the same time, you may have children looking to earn extra spending money. You can save family income and payroll taxes by putting your child on the payroll. It’s a win-win! Here are four tax advantages.…
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Paperwork you can toss after filing your tax return
Once you file your 2022 tax return, you may wonder what personal tax papers you can throw away and how long you should retain certain records. You may have to produce those records if the IRS audits your return or seeks to assess tax. It’s a good idea to keep the actual returns indefinitely. But…
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Crypto Taxes
The IRS recently issued a reminder that all taxpayers must answer, either “Yes” or “No”, a digital asset question and report all digital asset-related income when they file their 2022 federal income tax return, as they did for fiscal year 2021, regardless of whether they engaged in any transactions. The term “digital assets” has replaced “virtual currencies,” a term used in previous years.
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2023 limits for businesses that have HSAs — or want to establish them
No one needs to remind business owners that the cost of employee health care benefits keeps going up. One way to provide some of these benefits is through an employer-sponsored Health Savings Account (HSA). For eligible individuals, an HSA offers a tax-advantaged way to set aside funds (or have their employers do so) to meet future medical needs. Here are the key tax benefits:
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Have employees who receive tips? Here are the tax implications
Many businesses in certain industries employ individuals who receive tips as part of their compensation. These businesses include restaurants, hotels and salons. Tip definition Tips are optional payments that customers make to employees who perform services. They can be cash or noncash. Cash tips include those received directly from customers, electronically paid tips distributed to employees by…
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Answers to your questions about 2023 limits on individual taxes
Many people are more concerned about their 2022 tax bills right now than they are about their 2023 tax situations. That’s understandable because your 2022 individual tax return is due to be filed in 10 weeks (unless you file an extension).
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Everyone should check their withholding
By: Saundra Uy Did you or your employees get your W-2 or file your income tax return, only to notice that your federal or state income taxes withheld from your paychecks were too low, or even zero? Especially in the day and age of direct deposit, many employees do not take a close look at…
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West Virginia Governor Justice Signs Tax Package into Law
On March 7, 2023, Governor Justice signed a historic tax bill into law for West Virginia. 1987 was the last time any significant change was made to the WV personal income tax rules. Suttle & Stalnaker recaps the changes for you below, along with the dates they become effective. (Effective retroactively for tax years beginning…
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Child Tax Credit: The Rules Keep Changing but it’s Still Valuable
If you’re a parent, you may be confused about the rules for claiming the Child Tax Credit (CTC). The rules and credit amounts have changed significantly over the last six years. This tax break became more generous in 2018 than it was under prior law — and it became even better in 2021 for eligible…
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Tax-Wise Ways to Save for College
If you’re a parent or grandparent with college-bound children, you may want to save to fund future education costs. Here are several approaches to take maximum advantage of the tax-favored ways to save that may be available to you. Savings bonds Series EE U.S. savings bonds offer two tax-saving opportunities when used to finance college…
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