Federal law requires most employers to withhold federal taxes from their employees' wages. Whether you're a small business owner who's just starting or one who has been in business a while and is ready to hire an employee or two, here are five things you should know about withholding, reporting,.. Continue reading →

The gig economy, also called sharing or access economy, is defined by activities where taxpayers earn income providing on-demand work, services, or goods. This type of work is often carried out via digital platforms such as an app or website. There are many types of sharing economy businesses including two.. Continue reading →

Prior to tax reform, an employee was able to deduct unreimbursed job expenses, along with certainother miscellaneous expenses, that was more than two percent of adjusted gross income (AGI) as long as they itemized instead of taking the standard deduction. Starting in 2018, however, most taxpayers can no longer claim.. Continue reading →

The Consolidated Appropriations Act, 2021, H.R. 133 included funding for the government, extensions for expiring tax extenders, COVID tax relief under the COVID-related Tax Relief Act of 2020, and many more items. Passed by both the House and Senate, it was signed into law by President Trump on December 27,.. Continue reading →

Cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for 2021 are as follows: 401(k), 403(b), 457 plans, and Thrift Savings Plan. Contribution limits for employees who participate in 401(k), 403(b), most 457 plans, and the federal government's Thrift Savings Plan remains unchanged at $19,500. The.. Continue reading →