New Tax Brackets for 2018

The Tax Cuts and Jobs Acts issued in new income tax withholding rates for the 2018 tax year. ¬†Employers should look to implement these new withholding rates as soon as possible but no later than February 15th. ¬† Employees should begin to see an increase in their take-home pay by February or as early as their employers implement the new … Read More

1099 and W-2 Reporting Requirements for the 2017 Tax Year

Businesses need to make sure they report their employees 2017 W-2s and their 1099 independent contractor information by January 31, 2018. It is important to make an effort to send these forms to employees before the end of January, so there is time to correct any errors if necessary before the final returns are sent. To avoid errors in W-2 … Read More

Year End Tax Planning Ideas for Small Businesses

The end of the year calls for some important things to be taken care of. For a small business, in particular, the nearing of the year-end means going through the complicated procedure of attending stressful meetings with the accountant and preparing for the tax season and lowering your tax liability. While understanding tax codes and maneuvering past state and federal … Read More