Tag: #cpa

DOL Fair Labor Standards Act

June 4, 2024

  Final Rule Issued Effective July 1, 2024 What does this mean? The Fair Labor Standards Act final rule will take effect on July 1, 2024. Revisions include increases to the standard salary level and the highly compensated employee total annual compensation threshold and the timely updating of these earnings.   Salary thresholds will increaseRead more…


2024 IRS Mileage Rate Increases

February 6, 2024

The Internal Revenue Service issued the 2024 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2024, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:   67 cents perRead more…


Blog Series: Tax Law Changes & Updates for 2023

January 4, 2024

Knowing the tax changes that apply for the 2023 tax year will give you a step up in planning and can impact your bottom line. Proper tax planning requires an awareness of what’s new and changed from last year — and there are lots of tax law changes and updates for 2023 that you needRead more…


Record-High 2024 HSA Contribution Limit

November 30, 2023

The IRS says health savings account (HSA) contribution amounts are going way up for 2024. Here’s what you need to know. Health savings accounts (HSAs) offer a tax-advantaged way to save money to pay for certain medical expenses. Your HSA contributions are tax-deductible, so they potentially help reduce your taxable income. But contributions to yourRead more…


Higher IRA and 401(k) Contribution Limits for 2024

November 8, 2023

Cost-of-living adjustments mean higher IRA and 401(k) contribution limits for 2024. IRA contribution limits for 2024 The contribution limits for a traditional or Roth IRA increased last year for the first time in four years, and the limits are going up again for 2024. You can contribute a maximum of $7,000 (up from $6,500 for 2023). Catch-upRead more…


September is National Preparedness Month

September 5, 2023

With the height of hurricane season fast approaching and the ongoing threat of wildfires in many places, it is important that everyone develops an emergency preparedness plan Everyone, from individuals to organizations and businesses, can start now by: Securing and duplicating essential tax and financial documents. Creating lists of property. Knowing where to find informationRead more…


Deducting Medical/Dental Expenses on Your Tax Return

March 20, 2023

If you itemize your deductions you may be able to deduct expenses you paid that year for medical and dental care for yourself, your spouse and your dependents.  You may deduct only the amount of your total medical expenses that exceed 7.5% of your adjusted gross income. Deductible medical expenses may include but aren’t limitedRead more…


September is National Preparedness Month

September 1, 2022

The IRS urges everyone to update and secure their records to prepare now for natural disasters. September is National Preparedness Month. With the height of hurricane season fast approaching and the ongoing threat of wildfires in many places, the Internal Revenue Service urges everyone to develop an emergency preparedness plan, or if they already haveRead more…