Paying your employees for hours that you know they’ve worked is straightforward enough. But what if they’re doing more work than you think they are—or more than you’ve asked them to do? As federal regulations state, “Work not requested but suffered or permitted is work time” and, thus, must be compensated. As explained in a… Continue reading
News & Updates
SSB’s Building Under Construction
UPDATED: Beginning Tuesday, September 22, through Thursday, October 1, the rear entrance to our building will be under construction. SSB will be open for business during this time, but you must use the front entrance if you are visiting our office.
Small Businesses: Are First-Year Depreciation Write-Offs Right for You?
Under today’s federal income tax rules, your business may be able to claim big first-year depreciation write-offs for eligible assets that are placed in service in the current tax year. But that strategy might not be right for every small business every year. Here’s what you should know before claiming 100% first-year bonus depreciation or… Continue reading
Spotlight on Individual Tax Matters in the 2020 Election
Election season 2020 is in full swing. Over the next few weeks, both parties will be hard at work, trying to win your vote for their presidential candidate. As you watch social media ads and listen to interviews and debates, pay close attention to the candidates’ federal tax plans. Their stances could have a major… Continue reading
Managing Risk for Remote Workforces in a Post-COVID-19 World
Pundits are predicting that even after the COVID-19 pandemic is ultimately brought under control—which might not occur for many more months—work-at-home arrangements will be more common than before the pandemic. “While the experience of working at home during the crisis may not have been ideal as whole families sheltered in place, it will give people… Continue reading
Six Key Tax Breaks that Homeowners May Be Able to Claim
The days of classic “tax shelters”—such as cattle breeding or oil drilling deals—are long gone. But at least one major tax shelter is still standing: your home. If you own your principal residence, you can cash in on a bevy of tax breaks, saving thousands of tax dollars or even more. Accordingly, here are six… Continue reading
Back to the Future: Prior-Law Kiddie Tax Rates Retroactively Reinstated
Do your children or grandchildren receive unearned income from investments? Federal tax law contains provisions that are designed to prevent high-net-worth individuals from shifting investment income to children and young adults in lower tax brackets to minimize the family’s overall tax bill. These so-called “kiddie tax” rules have gone through several changes in recent years.… Continue reading
How to Avoid Penalties on Early Retirement Account Withdrawals
Economic fallout from the COVID-19 crisis may cause some cash-strapped individuals to default on loans they’ve taken out from company qualified retirement plans, including 401(k) and profit-sharing plans. Defaulting on a plan loan will cause adverse tax and retirement-saving consequences. Here are the details. Retirement Plan Loan Basics A participant in an employer-sponsored qualified retirement… Continue reading
5 Mid-year Tax Planning Ideas for Small Business Owners
The second half of 2020 has begun. What steps can small business owners take today to lower taxes for the current tax year? Alternatively, would it make more sense to maximize taxable income this year if you expect higher income and/or unfavorable changes to the tax law starting in 2021? Uncertain Times These are tough questions given today’s… Continue reading
Mid-year Tax Planning Ideas for Individuals
The extended July 15 deadline for filing your 2019 federal income tax return is behind us. Now it’s time to think about your current federal tax situation. Tax planning is especially complicated for 2020. There are a lot of moving pieces: The COVID-19 pandemic has caused some people to lose their jobs or take pay… Continue reading
