Did you know the national average wage index went up? You might have missed the news, but it’s likely you will notice one impact: higher self-employment taxes. How are the two related? The index is used to calculate the social security wage base, which is the amount of income subject to the 12.4% social […]
Prepare in advance for required IRA distributions
Once you reach age 70½, the required minimum distribution (RMD) rules say you have to withdraw at least a minimum amount from your retirement plans each year. Since the withdrawals are considered ordinary income, planning in advance can help you prepare for the impact on your federal income tax return. Here are two suggestions. […]
Keep an eye on your company’s cash !!
Do you regularly monitor your company’s cash accounts? Being aware of where your cash is going can help prevent theft or improper expenditures, which are among the chief sources of loss for small companies. Do you regularly monitor your company’s cash accounts? Being aware of where your cash is going can help prevent theft or […]
Are you working overtime preparing for the new labor rules?
The U.S. Department of Labor updated the rules for paying overtime, and the changes take effect December 1, 2016. Under the new rules, salaried employees who earn less than $913 per week ($47,476 per year) will be eligible for overtime pay. That’s double the annual exempt amount of $23,660 under current rules. Begin reviewing […]
Tax planning is good for corporations too
If you own a calendar-year corporation, you can benefit from planning moves you make before December 31. For example, corporations can accelerate or defer income or deductions to stay within a certain tax bracket. You’ll also want to look at your corporate alternative minimum tax exposure to determine whether you qualify for an exception to […]
Team BAS supports The Leukemia & Lymphoma Society at The Light The Night Walk
Team Business Accounting Systems took part in The Light The Night Walk on Saturday, October 17th at Washington Lake Park, Sewell, NJ. The Light The Night Walk is a fundraising campaign benefiting The Leukemia & Lymphoma Society and their funding of research to find blood cancer cures. As a team, we raised $1400 to support […]