Tag: Taxes (page 3 of 4)

How Much Can You Save for Retirement in 2024?

The IRS has announced the contribution limit for employees who participate in a 401K, 403B and most 457 plans has increased to $23,000 for the tax year 2024 (up from $22,500 for 2023).

The catch-up contribution limit for employees aged 50 and over who participate in these plans will remain at $7,500 for 2024.

NYS Minimum Wage Increase January 1, 2024

As of 1/1/2024, minimum wage in New York State is as follows:

 

General Minimum Wage Rate Schedule
NYC – Large & Small Employers $16.00
Long Island & Westchester $16.00
Remainder of New York State $15.00

 

The minimum wage rate differs based on industry and region.

Click here for additional information for:

  • tipped, fast food, and other workers
  • free posters on the increased minimum wage specific to your industry

 

Employers must post a Minimum Wage Information poster as well as various other posters in their place of work visible to all employees.

New IRS E-Filing Requirement

Starting with tax year 2023, if your business has 10 or more W2s and/or 1099s to prepare, you must file them electronically with the IRS.

 

Tax Season 2022! Tax Matters Newsletter

2022 Tax Newsletter

How Much Can You Save for Retirement in 2022?

The IRS has announced the contribution limit for employees who participate in a 401K, 403B and most 457 plans will increase to $20,500 for the tax year 2022 (up from $19,500 in 2021 and 2020).

The catch-up contribution limit for employees aged 50 and over who participate in these plans remains unchanged at $6,500.

Tax Time! Newsletter for the 2020 Tax Season

Click Here to read the full Tax Matters newsletter for the 2020 Tax Season

Tax Season is Almost Here!

The IRS will start accepting personal income tax returns on Monday, January 27th.

The deadline to file your 2019 tax return and pay any tax owed is Wednesday, April 15th.

The IRS continues to encourage taxpayers to file their returns electronically and choose direct deposit for faster receipt of refunds.

New W4 Form for 2020

The beginning of a new year is a great time for employees to review their withholding and determine if any adjustments are necessary.

The IRS has released the 2020 Form W4 which has been redesigned to reduce complexity and increase the accurateness of the withholding system.

The 2020 W4 form should be used by new hires and any employees making withholding changes in 2020.

Click here to view the 2020 Form W4

Click here for more information regarding the 2020 Form W4

How Much Can You Save for Retirement in 2020?

The IRS has announced the contribution limit for employees who participate in a 401K, 403B and most 457 plans will increase to $19,500 for the tax year 2020 (up from $19,000 in 2019).

The catch-up contribution limit for employees aged 50 and over who participate in these plans will increase to $6,500 (up from $6,000 in 2019).

Recent Name Change?

Taxpayers change their names for several reasons (i.e. new marriage, recent adoption, divorce).

Regardless of the reason, taxpayers should notify the Social Security Administration (SSA) of any name changes as soon as possible. The IRS checks the SSA records to ensure that the names and social security numbers on the forms match.

Failing to notify the SSA of a name change can delay the processing of a taxpayer’s federal tax returns as well as any tax refunds.

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