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Tag: FICA

2022 Year-End Tax Planning for Individuals

By Nicole DeRosa With rising interest rates, inflation and continuing market volatility, tax planning is as essential as ever for taxpayers looking to manage cash flow while paying the least amount of taxes. As we approach year-end, now is the time for individuals, business owners and family offices to review their 2022 and 2023 tax situations and identify opportunities for reducing, deferring or accelerating their tax obligations. The information contained within this article is...

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IRS Serves Up Savings With the 45(B) Tax Credit

By James Jenco If you own a food and beverage establishment, you might be overpaying the IRS in payroll taxes. That could be the case if you’re not taking advantage of IRC 45(B). This rather little-known federal tax deduction could save you hundreds or even thousands of dollars a year, depending on the size of your tip-eligible workforce. Here’s how it works. Taxing Issues As you probably know, it’s your responsibility to pay the employer withholding tax on the FICA and Medicare...

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