Recent data from Ameriprise Financial indicates that more than a quarter of preretirement couples plan to retire together, and 39% say they plan to stagger their retirements and make their exits more than a year apart. The question is, what does retirement look like for an individual and for a couple? At first, it may […]

JRBT Shareholder and Payroll Systems Director of Operations Vicki Stalnaker, CPA, CPP discusses the 2024 Department of Labor (DOL) Overtime and Salary Updates in our latest video. The video highlights key changes, future updates, their impacts and items that will remain the same. Effective July 1, 2024, these updates significantly affect employers and employees.   […]

It is somewhat unusual to highlight 2026 taxes in 2024, but we are in an unusual situation: Many of the provisions in 2017’s Tax Cuts and Job Act will expire at the end of 2025 unless Congress acts to extend them. Taxpayers need to be aware of how they will be affected so they can […]

When it comes to estate planning, one of the most important factors to keep in mind is that trusts are formed in accordance to state, not federal, law. That’s why it is so important for people who want to establish a trust to consult with a tax law expert who specializes in the laws within […]

The first thing to keep in mind is that in the overall scheme, inevitable short-term fluctuations in the market mean nothing. At the very least, they can make us uncomfortable or downright queasy as well as waste our time. At worst, high-frequency monitoring can lure investors into counterproductive actions that can end up costing them […]

Being a business owner often means filling out forms, and the IRS and Department of Labor aren’t the only government entities you have to work with. The Equal Employment Opportunity Commission wants information too — from companies with more than 100 employees. (Lower thresholds may apply to government contractors.) Businesses must provide details about the […]

The Work Opportunity Tax Credit (WOTC) is a federal tax credit. In short, it encourages employers to hire workers who are certified members of groups of people who face significant barriers to employment. If you wish to benefit from the WOTC, you will first need to apply for the tax credit. From there, you must […]

If you know in advance what common errors employers make with W-2s, maybe you can avoid those mistakes next year. Know also that the data needed for state W-2 reporting may be more difficult to gather from far-flung employees, but states are cracking down on employers who haven’t withheld. Here are the “gotchas” relating to […]

All year long, employers withhold income tax from the paychecks of their employees. Each paycheck is distributed to you after your employer has taken out a portion of your paycheck to pay the IRS on your behalf. At the end of every year, your employer will send you a document called Form W-2, Wage and […]

Your recordkeeping system should include a summary of every transaction that takes place in your business’ name. Make sure you maintain and update a summary of all business transactions. How to log and track your business tax records Allocate space in your business books, accounting journals and ledgers for your gross income, deductions and credits. […]