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Maximize your year-end giving with gifts that offer tax benefits
As the end of the year approaches, many people start to think about their finances and tax strategies. One effective way to reduce potential estate taxes and show generosity to loved ones is by giving cash gifts before December 31. Under tax law, you can gift a...
Manufacturers: Implement year-end tax planning strategies now to reduce your 2024 tax bill
As the year draws to a close, it’s generally manufacturers’ last chance to implement strategies to reduce their 2024 tax liability. Several provisions of the Tax Cuts and Jobs Act (TCJA) can still provide substantial tax benefits. And a range of newer tax-saving...
An update on the Employee Retention Tax Credit for construction companies
When the pandemic hit in 2020, the federal government rolled out the Employee Retention Tax Credit (ERTC) under the CARES Act. Federal government officials and lawmakers created the credit to help employers keep employees on their payrolls as many industries struggled...
2 labor-related costs manufacturers need to keep in check: Workers’ comp and unemployment insurance
Managing workers’ compensation and unemployment insurance costs is crucial for manufacturers to maintain financial stability. Indeed, without plans in place to keep these two labor-related costs corralled, they can quickly become detrimental to your bottom line. Focus...
Housing assistance as a fringe benefit draws some employers’ interest
For most employers today, the question isn’t whether to sponsor fringe benefits for employees but which ones. Beyond the basics, such as health insurance and retirement plans, there are many options to consider. One that’s been drawing interest from some organizations...
Make year-end tax planning moves before it’s too late!
With the arrival of fall, it’s an ideal time to begin implementing strategies that could reduce your tax burden for both this year and next. One of the first planning steps is to ascertain whether you’ll take the standard deduction or itemize deductions for 2024. You...
Is your home office a tax haven? Here are the rules for deductions
Working from home has become increasingly common. The U.S. Bureau of Labor Statistics (BLS) reports that about one out of five workers conducts business from home for pay. The numbers are even higher in certain occupational groups. About one in three people in...
Understanding the $7,500 federal tax credit for buying an electric vehicle
Electric vehicles (EVs) have become increasingly popular. According to Kelley Blue Book estimates, the EV share of the vehicle market in the U.S. was 7.6% in 2023, up from 5.9% in 2022. To incentivize the purchase of EVs, there’s a federal tax credit of up to $7,500...
6 tax-free income opportunities
Believe it or not, there are ways to collect tax-free income and gains. Here are some of the best opportunities to put money in your pocket without current federal income tax implications: Roth IRAs offer tax-free income accumulation and withdrawals. Unlike...
Evaluating your manufacturing company’s multistate tax liability
When operating across state lines, it’s critical for manufacturers to understand their multistate tax liability. To determine state tax liability, state governments consider whether a company has “nexus” in their respective states, meaning that its presence in them is...
Are you liable for two additional taxes on your income?
Having a high income may mean you owe two extra taxes: the 3.8% net investment income tax (NIIT) and a 0.9% additional Medicare tax on wage and self-employment income. Let’s take a look at these taxes and what they could mean for you. 1. The NIIT In addition to income...
FUTA fundamentals: What employers should keep in mind
It’s been a running joke for years that employees often look at their pay stubs and wonder, “What the heck is FUTA?” If your organization has been up and running for a while, you’re no doubt familiar with this payroll tax obligation — so familiar that you may not...
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