Employers: In 2023, the Social Security wage base is going up

Employers: In 2023, the Social Security wage base is going up

The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $160,200 for 2023 (up from $147,000 for 2022). Wages and self-employment income above this threshold aren’t subject to Social Security tax....
Inflation Reduction Act – Individual and Small Business Credits

Inflation Reduction Act – Individual and Small Business Credits

The Inflation Reduction Act has been in the news a lot lately, but what does it actually mean for you individually and as a small business owner? Here is a breakdown of what you need to know.  Nonbusiness Energy Property Credits You can get an annual credit of...
Clean Vehicle Credit comes with caveats

Clean Vehicle Credit comes with caveats

The Inflation Reduction Act (IRA) includes a wide range of tax incentives aimed at combating the dire effects of climate change. One of the provisions receiving considerable attention from consumers is the expansion of the Qualified Plug-in Electric Drive Motor...
IRS offers penalty relief for 2019, 2020 tax years

IRS offers penalty relief for 2019, 2020 tax years

While the recently announced student loan debt relief has captured numerous headlines, it’s estimated that another federal relief program announced on the same day will provide more than $1.2 billion in tax refunds or credits. Specifically, IRS...
The Inflation Reduction Act includes wide-ranging tax provisions

The Inflation Reduction Act includes wide-ranging tax provisions

The U.S. Senate and House of Representatives have passed the Inflation Reduction Act (IRA). President Biden is expected to sign the bill into law shortly. The IRA includes significant provisions related to climate change, health care, and, of course, taxes. The IRA...