• The 2023 Tax Planning Guide

    Posted Date December 1, 2023 Posted Time 12:00 pm Published in

    It’s that time of year again: time for year-end tax planning. With the end of 2023 coming fast, the time to act is now. In this article, we’ll look at the moves you can make to optimize your tax situation in 2023 as an individual taxpayer. Itemized Deductions Flexing your timing on itemized deductions is a solid strategic move. It can help you shift to a bigger itemized deduction in 2023 versus 2024 (but not both). This can be advantageous if you expect to be in a higher tax bracket in one year compared to the other. Key itemized deductions... View Article

  • Wage Garnishment Considerations for Business Owners

    Posted Date December 1, 2023 Posted Time 12:00 pm Published in

    According to the United States Department of Labor’s Consumer Credit Protection Act (CCPA), wage garnishments are a complex legal process for employers to account for when it comes to employment matters. This article specifically refers to Title III of the Consumer Credit Protection Act.  Usually authorized through a court order, a wage garnishment directs an employer to withhold or garnish an employee’s wages for a certain amount or percentage to satisfy an outstanding debt. Wage garnishments also can be implemented for delinquent tax obligations and other debts owed to federal agencies of the U.S. federal government, as well as for... View Article

  • How to Manage Taxes in Retirement

    Posted Date December 1, 2023 Posted Time 12:00 pm Published in

    The biggest difference between managing taxes throughout your career versus during retirement is that when you are retired, you are responsible for calculating how much you owe and paying it on a timely basis. Retirees normally have several different income sources, and not all automatically withhold taxes from distributions. Retirement Income Sources Having multiple sources of income during retirement is a good strategy, as it helps protect you from market declines, tax legislation changes and potential defaults or cutbacks in pensions or entitlement programs. However, be aware that the more income sources you have, the more effort it takes to... View Article

  • 4 Smart Ways to Maximize Your IRA Contributions

    Posted Date December 1, 2023 Posted Time 12:00 pm Published in

    Unless you’re near retirement, chances are you’re depositing a certain amount of cash each year in your IRA at tax time, then kind of forgetting about it, not thinking much about it until the next year. This dynamic can cost you a lot of money – today and at retirement age. Here are few ways to make all your hard-earned money work even harder. Invest your money, don’t simply fund it. According to a Vanguard study, two-thirds of last-minute IRA contributions end up just sitting in money market funds. The result? They’re just a little more than a checking account... View Article

  • Impact of Digital Currency on Businesses’ Accounting

    Posted Date December 1, 2023 Posted Time 12:00 pm Published in

    The emergence of digital currency is reshaping how businesses operate and account for financial transactions. As accounting professionals navigate this transformative wave, understanding the profound impact of digital currency on business accounting becomes not just relevant but imperative. What is digital currency? Digital currency is a form of currency that exists only in electronic or digital form, without a physical counterpart like coins or banknotes. There are two main types of digital currencies.  First, there are decentralized cryptocurrencies such as Bitcoin or stablecoins such as USDC (that track to the US dollar at 1-1). Cryptocurrencies are always based on blockchain... View Article

  • Expanding Benefits for Veterans and Extending Government Funding Until Jan. 19, 2024

    Posted Date December 1, 2023 Posted Time 12:00 pm Published in

    A bill to amend Title 38, United States Code, to extend and modify certain authorities and requirements relating to the Department of Veterans Affairs, and for other purposes. (S 2795) – This bill was introduced on Sept. 13 by Sen. Don Tester (D-MT). This act extends various Department of Veterans Affairs (VA) programs and benefits, including extending the use of contract healthcare professions for disability exams from three to five years; extending authorization for VA emergency preparedness for public health emergencies through fiscal year 2028; and extending certain fee rates under the VA’s home loan program through Nov. 15, 2031.... View Article

Copyrights @ 2024 James O. Taylor