In today’s competitive employment market, offering an employee an equity interest in your business can be a powerful tool for attracting and retaining top talent. If your company is organized as a partnership, however, beware of the tax traps of doing so. Employees pay half of the Social Security and
Each year, millions of taxpayers claim an income tax refund. To be sure, receiving a payment from the IRS for a few thousand dollars can be a pleasant influx of cash. But it means you were essentially giving the government an interest-free loan for close to a year, which isn’t
It may not be as high on the wedding plan checklist as the venue, invitations, and attire, but there are important tax issues created by a marriage that warrant some prompt attention following the wedding. Name change. Any time names are changed, it should be reported to the Social Security
If you are a small business owner, here is a list of organizations that may have tools, information, and other resources to help your business grow. Business USA (Business.usa.gov). The mission of Business USA is to be a centralized, one-stop platform for businesses to access government services to help them
SOCIAL SECURITY AND MEDICARE UPDATE The annual inflation adjustments have been announced for the various social security amounts and thresholds, so we thought it would be a good time to update you for 2014. For social security beneficiaries under the full retirement age, the annual exempt amount increases to $15,480
2014 SOCIAL SECURITY WAGE BASE The Social Security Administration announced the wage base for computing social security tax for 2014 will increase to $117,000 from the 2013 wage base of $113,700. This means that for 2014, the maximum OASDI portion of the FICA tax an employee will pay is $7,254
As you approach retirement age, you must decide whether to begin taking reduced social security benefits early or wait until full benefits early or wait until full benefit retirement age (FBRA), or even later. In many cases, this decision will depend on factors other than trying to receive the greatest
Many people are aware that if they begin receiving social security retirement benefits prior to reaching their full benefit retirement age, their benefits will be reduced when their income exceeds a certain threshold ($15,120 in 2013). However, they may not know those lost benefits are partially restored upon reaching full
The annual inflation adjustments have been made for the various social security amounts and thresholds. So, we thought it would be a good time to update you for 2013. The social security wage base, for computing the social security tax (OASDI only), increases to $113,700 in 2013, up from
