October 20, 2023

October 2023 Newsletter

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Here are your Articles for October 19, 2023.

Social Security Wage Base and Earnings Test Amounts Increase in 2024

The Social Security Administration recently announced two key figures for 2024: The “wage base” and the “earnings test” amounts. The wage base is the maximum amount of earnings subject to Social Security tax. The earnings test limits the amount that Social Security beneficiaries can earn while collecting benefits if they haven’t reached their full retirement age. This article reveals both amounts for next year.

New Business Travel Per Diem Rates Are Effective on October 1

Recordkeeping for reimbursing business travel expenses can be cumbersome. Instead of reimbursing employees for the actual costs they incur for out-of-town lodging, meals and incidentals, some employers opt to pay fixed travel per diems. Here are the updated IRS per diem rates for travel beginning October 1, 2023.

Including Your Pet in Your Estate Plan

Our pets are a huge part of our lives. But while we are creating legal documents to protect our assets after we die, (or enter long-term care), we may not think about who will take care of our beloved animals. A few high-profile cases have brought attention to options for securing the future of our pets.

Demystifying Personal Casualty Losses

In recent years, many Americans have been the victims of natural disasters including hurricanes, wildfires, tornadoes, earthquakes and floods. At the same time, the rules for deducting casualty losses have changed significantly. If you’re unfortunate enough to suffer a personal casualty loss, here are the current federal income tax implications.

Dealing With an Inheritance

After receiving an inheritance, you need to determine how to incorporate those assets into your finances. It doesn’t matter whether the inheritance involves stocks, bonds, real estate, or other assets. Continue reading for some points you should consider during the process.

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