The Social Security Wage Base Is Increasing in 2022

The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $147,000 for 2022 (up from $142,800 for 2021). Wages and self-employment income above this threshold aren’t subject to Social…

Negotiations Continue in Congress Over Proposed Tax Changes

Negotiations continue in Washington, D.C., over the future of President Biden’s agenda. Tax law changes may be ahead under two proposed laws, the Build Back Better Act (BBBA) and the Bipartisan Infrastructure Bill (BIB), also known as…

Tax advantages of hiring your child at your business

Save time and money by hiring your child As a business owner, you should be aware that you can save family income and payroll taxes by putting your hiring your child. Here are some considerations.  Shifting business…

Work Opportunity Tax Credit extended through 2025

Originally published in March 2021, this article has been updated for September 2022. WILL YOU QUALIFY FOR A WORK OPPORTUNITY TAX CREDIT? Are you a business owner thinking about hiring? Be aware that a recent law extended…

PPP REVISIONS PROVIDE MORE RELIEF FOR SMALL BUSINESSES

ALLOW PPP LOAN CHANGES TO ASSIST YOUR SMALL BUSINESS The Biden administration has announced several reforms to the popular Paycheck Protection Program (PPP) to bring greater relief to the smallest and most vulnerable businesses. Among other things,…

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