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Here are your Articles for October 4, 2022.
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Understanding taxes when a family member signs the paycheck
Many people work for a family member, whether it’s a child helping out at their parent’s shop or spouses running a business together. When someone is employed by a family member, the tax implications depend on the relationship and the type of business.
It’s important for taxpayers and employers to understand their tax situation.
Full Article
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Charitable giving isn’t just for individuals. Businesses can donate, too — and reap significant tax savings. Limits on corporate tax deductions for donations were liberalized during the pandemic. But, under current tax law, they’ve generally returned to pre-pandemic levels for 2022 and beyond. Here’s what business owners should know, including information about implementing an employee donation matching program.Full Article
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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 we discuss government-approved per diem rates for travel beginning October 1, 2022 — and why it’s more important than ever for employers to set up formal expense reimbursement plans for business travel.Full Article
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Learning that one is going to receive a substantial inheritance often triggers a mixture of emotions: Sadness at the passing of a loved one, a sense of duty to do something meaningful with the money and, yes, some excitement at the prospect of greater financial freedom. This article urges inheritors to take several measured, thoughtful steps to determine how to handle the windfall.Full Article
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The IRS sets up repayment plans for people who fall behind on their taxes. As part of these plans, the tax agency calculates how
much individuals need to live based on their circumstances and where they live. From there, the IRS typically comes up with installment payments that will result in Uncle Sam being paid within certain time limits. How much income are delinquent taxpayers allowed to keep?Full Article
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Basic estate planning documents should be in place for every adult. They include a will, a living will, and financial and medical
powers of attorney. Do you know the difference between a Power of Attorney and a Durable Power of Attorney? This article will provide the answer to that question and many others in easy-to-understand charts.Full Article
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