Setting up IRAs for Teens and Young Adults
More than half of 16-to-24-year-olds are employed, according to the most recent statistics from the U.S. Bureau of Labor Statistics. A job can teach your young adult child or grandchild how to be financially responsible. But why not encourage them to take it to the next level by saving for retirement? Teens and young adults…
Top 10 Year-End Tax Considerations for Individuals, 2023
The year-end is a wonderful time to reflect what have been accomplished during the year, and how to strategize the remaining time to finish strong. For tax planning, the year-end provides an opportunity to review our financial standing for the year and consider key tax planning items for effective tax strategies. Here are 10 quick…
Top 6 Year-End Tax Considerations for Business, 2023
Here is an overview of key tax planning strategies to consider this year, and a recap of business tax due dates and other key deadlines for 2023 taxes. 1. Time Income and Deductions Businesses using the cash method of accounting have some ability to affect the timing of year-end income and expenses. If you anticipate…
Year-End Bonuses: Tax Issues for Employers and Employees
Bonuses are an important part of rewarding employee performance, but they also raise a variety of tax issues for both employers and employees. Here’s what you need to know if you give or receive a bonus. Deducting Bonuses Paid to Employees Employers can generally deduct the cost of bonuses paid to employees before year end,…
Key Tax Planning Considerations for the 2023 Tax Year
It’s time for our most heavily attended webinar annually! As the calendar year draws to a close, now is the time to consider your 2023 tax liability and arm yourself with the right tax planning knowledge to finish the year on a high note. Join GRF’s tax experts for our annual tax planning webinar as…
2023 Year-End Tax Planning Resources
We’ve compiled some year-end tax planning resources to help you prepare for your 2023 returns. Bookmark this page! More resources will be added as they become available. On demand webinar: Key Tax Planning Considerations for the 2023 Tax Year View slides and presentation Top 10 Year-End Tax Considerations for Individuals, 2023 Read the…
Tax Rules for Holiday Parties and Gifts
The holidays are just around the corner, and now is the time for employers to start thinking about treating their employees with holiday parties and gifts. Such gestures are always a nice idea. Plus in a tight labor market, they can be a smart way to show appreciation and boost retention. But you need to…
New Business Travel Per Diem Rates Effective October 1
Are you and your employees frustrated by the time-consuming task of documenting and reviewing travel expenses? The IRS offers simplified methods for reimbursing employees’ out-of-town lodging, meals and incidental expenses. Here’s what you’ll need to know to determine if this simplified approach is right for your business. High-Low Method Under the “high-low method,” the IRS…
Social Security Wage Base and Earnings Test Amounts for 2024
The Social Security Administration (SSA) recently announced that the “wage base” for computing Social Security tax will increase for 2024 to $168,600. This is up from $160,200 for 2023. Federal law limits the amount of earnings that are subject to the Old-Age, Survivors, and Disability Insurance (OASDI) tax in a given year. This threshold, referred…
What’s the Proper Tax Treatment for Intangible Assets?
Intangible assets have become increasingly vital to the value of many companies. While their benefits may be obvious to business owners, their tax treatment often isn’t. Taxpayers may be surprised by the expansive IRS definition of “intangible asset” and the impact it can have on their tax bills.