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Adjustments Social Security Wage Base
Adjustments to Social Security Wage Base Ahead 850 500 smolinlupinco

Adjustments to Social Security Wage Base Ahead

In 2024, the Social Security wage base for employees and self-employed people will increase. Employees and employers can expect the wage base for computing Social Security tax to rise to $168,600 next year—a significant jump from the wage base of $160,200 in 2023.  Self-employment income and wages above this amount won’t be subject to Social…

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Tax Depreciation Rules Business Automobiles
How do tax depreciation rules apply to business automobiles? 850 500 smolinlupinco

How do tax depreciation rules apply to business automobiles?

If you use an automobile in your trade or business, you may question how depreciation tax deductions are determined. The rules are complex. In particular, special limitations apply to business vehicles classified as passenger autos (which include many pickups and SUVs). Often, these limitations result in longer-than-expected wait times to depreciate a vehicle completely. As…

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Listing home vacation rental tax impacts
Listing your home as a vacation rental? Here are the tax impacts to watch for 850 500 smolinlupinco

Listing your home as a vacation rental? Here are the tax impacts to watch for

Whether in the mountains or a waterfront community, many Americans dream of owning their perfect vacation home. If you already own a second house in a desirable area, you might consider renting it out for part of the year. Before you post that listing, though, take a moment to learn about the tax implications. Taxes…

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Tax Considerations Merger Acquisition Transactions
Important Tax Considerations with Merger and Acquisition Transactions 850 500 smolinlupinco

Important Tax Considerations with Merger and Acquisition Transactions

Many industries have seen an increase in merger and acquisition activity in recent years. Is there potential for your business to merge with or acquire another?  If so, you’ll need to understand the potential tax implications of that decision. Assets vs. stocks These transactions can be structured in two ways for taxes: 1. Stock (or…

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Hit the jackpot? Tax bill
Hit the jackpot? Here’s what it means for your tax bill. 850 500 smolinlupinco

Hit the jackpot? Here’s what it means for your tax bill.

Everything comes at a cost—even “free money.” If you’ve won a sizable cash prize recently, congratulations! But be prepared. Your good fortune will likely impact your tax bill. Contacting your accountant or wealth advisor as soon as possible is probably in your best interest.  Money earned from gambling  Whether you win at a tiny bingo…

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Key Q4 Deadlines Employers Businesses
Key Q4 Deadlines for Employers and Businesses  850 500 smolinlupinco

Key Q4 Deadlines for Employers and Businesses 

In the fourth quarter of 2023, businesses and employers should be aware of these key tax-related deadlines. (Note: Additional deadlines may apply. Please contact your accountant directly to ensure you’re meeting all filing requirements.)  While certain tax-filing and tax-payment deadlines may be postponed for taxpayers who reside in or have businesses in federally declared disaster…

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could you benefit health savings account
Could You Benefit from a Health Savings Account? 850 500 smolinlupinco

Could You Benefit from a Health Savings Account?

The cost of healthcare is rising. As a result, many people are on the hunt for a more cost-effective way to pay for their medical bills.  If you’re eligible, a Health Savings Account (HSA) may offer a way to set aside funds for a future medical “rainy day” while also enjoying tax benefits, like:  Withdrawals…

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Running business spouse Tax issues
Running a business with your spouse? Watch out for these tax issues. 850 500 smolinlupinco

Running a business with your spouse? Watch out for these tax issues.

For many spouses who run a profitable, unincorporated small business together, filing taxes can be confusing. Here are some of the most common challenges to look out for. Classification: the partnership issue In many cases, the federal government classifies unincorporated businesses owned by two spouses as a partnership. This means you’ll need to file an…

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Understanding Percentage-of-Completion Method
Understanding the Percentage-of-Completion Method 850 500 smolinlupinco

Understanding the Percentage-of-Completion Method

If your business handles projects that take longer than a year to complete, you’ll need the “percentage-of-completion” method to recognize the associated revenue. Let’s get into how and why to do this. Percentage-of-completion vs. completed contract Individuals and businesses who perform work on long-term contracts—like developers, engineering firms, creative agencies, and homebuilders—typically report financial performance…

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How Investment Swings Affect Taxes
How This Year’s Investment Swings May Affect Your Taxes 850 500 smolinlupinco

How This Year’s Investment Swings May Affect Your Taxes

If you’ve noticed market fluctuations leading to significant gains or losses on your investments this year, you might be wondering how this will impact your 2023 tax returns. It’s hard to say with complete certainty since nothing is decided until the final results of your trades at year’s end. However, you can still take measures…

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Tax Rules depreciating business assets evolving. What to expect.
Tax Rules for depreciating business assets are evolving. Here’s what to expect. 850 500 smolinlupinco

Tax Rules for depreciating business assets are evolving. Here’s what to expect.

The Tax Cuts and Jobs Act relaxed the rules for depreciating business assets. Each year, the amounts change in proportion to inflation adjustments. With the remarkably high inflation rate we saw in 2023, this year’s adjustments are significant. Here’s what you need to know for your small business. Section 179 deduction amounts The maximum Sec.…

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Planning sell property How profits taxed
Planning to sell your property? Here’s how your profits could be taxed. 850 500 smolinlupinco

Planning to sell your property? Here’s how your profits could be taxed.

Across the United States, home values have risen dramatically over the last few years. The median price of existing home sales increased 1.9% between July 2022 and July 2023, and there were even larger increases in previous years. While the upward trend appears universal, median home prices have varied by region: Northeast: $467,000Midwest: $304,600South: $366,200West:…

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