You may notice several deductions on your paycheck, such as federal income tax, state taxes, and Social Security. The Federal Insurance Contributions Act (FICA) tax is a critical component of these deductions. While the FICA tax may appear complex at first, understanding its purpose and ramifications can help you make sound financial decisions. This blog […]
Articles from May 2023
What Medical Expenses Are Tax Deductible?
Tax deductions can drastically reduce your total tax liability and allow you to save money. While medical bills can be a significant hardship for many individuals and families, it is critical to understand that certain medical expenses are tax deductible. Understanding the eligibility criteria and documentation requirements will help you in optimizing your deductions and […]
How Going Green at Home Can Save You Money During Tax Time
With all the talk of the new electric vehicle (EV) tax credits, it’s a good time to remind you that you can also claim tax credits by making some energy efficient upgrades to your home. The Energy Efficient Home Improvement Credit and the Residential Clean Energy Credit are up for grabs if you recently made […]
How to Avoid Payroll Fraud
Payroll fraud is an unfortunate reality that continues to haunt businesses, causing significant financial losses and harming their reputation. This fraudulent act occurs when an individual manipulates the payroll system to get money or benefits to which they are not entitled. Payroll fraud can threaten any company, from small firms to large multinational corporations. Here’s […]
Are You At Risk of IRS Audits and Collections?
The Inflation Reduction Act of 2022 has equipped the IRS with more than $80 billion in funding. That means more audits and more enforcement. CEO David King and Lead Tax Attorney Philip Hwang provide helpful tips on what you can expect from the IRS moving forward and how you can resolve your tax burden. Contact […]