5 Benefits Accounting Professionals Offer Small Businesses | The Rascon CPA Firm

5 Benefits Accounting Professionals Offer Small Businesses | The Rascon CPA Firm

Running a small business can be a rewarding endeavor, but it comes with its fair share of financial challenges and responsibilities. As a small business owner, managing your company’s finances can be overwhelming, especially when juggling various other aspects of your operation. This is where accounting professionals

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401(k) Contribution Limit Increases to $19,500 for 2020; Catch-up Limit Rises to $6,500

401(k) Contribution Limit Increases to $19,500 for 2020; Catch-up Limit Rises to $6,500

The Internal Revenue Service today announced that employees in 401(k) plans will be able to contribute up to $19,500 next year. The IRS announced this and other changes in Notice 2019-59, posted today on IRS.gov. This guidance provides cost of living adjustments affecting dollar limitations for pension

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TAX CUTS AND JOBS ACT (H.R. 1) – Individuals

The Tax Cuts and Jobs Act (H.R. 1) has been approved by Congress and signed by President Trump. After a last-minute procedural glitch that required the Senate to vote first on the final bill, the most sweeping change to the U.S. tax code in decades cleared the

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Social Security Wage Base Rises To $127,200 For 2017; “Nanny Tax” Threshold Stays At $2,000

The Social Security Administration (SSA) has announced that the maximum amount of earnings subject to OASDI Social Security tax will rise to $127,200, in 2017 after holding at $118,500 for 2016 and 2015. The SSA cost-of-living adjustments (COLAs) are based on the rise in the average Consumer

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Tax Reform Package Proposed is Received with Mixed Reactions

House Ways and Means Committee Chairman Dave Camp, R-Mich., unveiled his long-awaited comprehensive tax reform package on February 26 to mixed reaction. Camp’s proposed Tax Reform Bill of 2014 would reduce the number of individual tax brackets, cut the corporate tax rate, simplify, repeal or curtail many popular

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