Tax Withholding For Seasonal and Part-Time Employees

by ABIP | Jun 9, 2023 | Accounting, Business, Individuals, News, Newsletter, Taxes

Many businesses hire part-time or full-time workers, especially in the summer. The IRS classifies these employees as seasonal workers, defined as employees performing labor or services on a seasonal basis (i.e., six months or less). Examples of this kind of work...

Saving for Education: Understanding 529 Plans

by ABIP | May 4, 2023 | Accounting, Business, Individuals, News, Newsletter, Taxes

Many parents are looking for ways to save for their child’s education, and a 529 Plan is an excellent way to do so. Even better is that thanks to the passage of tax reform legislation in 2017, 529 plans are now available to parents wishing to save for their...

What Are Estimated Tax Payments?

by ABIP | May 2, 2023 | Accounting, Business, Individuals, News, Newsletter, Taxes

Estimated tax is the method used to pay tax on income not subject to withholding, such as income from self-employment, interest, dividends, alimony, and rent and gains from the sale of assets, prizes, and awards. You also may have to pay an estimated tax if the income...

Certain Taxpayers May Need to File an Amended Return

by ABIP | May 1, 2023 | Accounting, Business, Individuals, News, Newsletter, Taxes

Taxpayers who reported certain state 2022 tax refunds as taxable income may need to file an amended tax return. Affected taxpayers include those who filed before February 10, 2023, and meet certain requirements. Taxpayers who used a tax professional should consult...

What Is the Net Investment Income Tax?

by ABIP | Apr 13, 2023 | Accounting, Business, Individuals, News, Newsletter, Taxes

While the Net Investment Income Tax (NIIT) most often affects wealthier individuals, in certain circumstances, it can also affect moderate-income taxpayers whose income increases significantly in a given tax year. What Is the NIIT? The NIIT is a 3.8 percent tax on...

Tax Credits for Accommodating Disabled Workers

by ABIP | Apr 13, 2023 | Business, Individuals, News, Newsletter, Taxes

Businesses that make structural adaptations or other accommodations for employees or customers with disabilities may be eligible for tax credits and deductions. Here’s an overview of the tax incentives designed to encourage employers to hire qualified people...