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There’s no limit on the number of hours employees age 16 and older may work in any workweek. The FLSA doesn’t require overtime pay for work on Saturdays, Sundays, holidays or regular days of rest, unless overtime is worked on such days. But what is a workweek? An employee’s workweek is a fixed and regularly […]
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There are many tax credits that business owners can take advantage of, and today we’re talking about the Disabled Access Credit, which is specifically extended to business owners who employ people who have disabilities. What is the Disabled Access Credit? This is a nonrefundable tax credit put forth with small businesses in mind. Small businesses […]
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Once you reach a certain age, you must take an annual required minimum distribution, which is a payout from your traditional IRA, 401(k) or other retirement account. The required amount is calculated based on your age and the account balance. Generally, you can’t reinvest your required minimum distribution in a tax-advantaged account, including another retirement […]
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Staying in close communication with your accountant can save you time, money, and stress. Here are some key life events and financial changes that you should share with your accountant to avoid unexpected taxes and penalties and not miss out on tax saving opportunities. 1. Job Changes or Significant Wage Shifts If you’ve changed […]
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The majority of — if not all — employers understand that they must report the salary, overtime pay and bonuses that their employees receive as compensation for the jobs they perform. But did you know that the IRS also wants to know about other forms of taxable compensation? What are examples of taxable compensation? In […]
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First you need to understand what a cash-out refinance is. In such a refinance, you swap your existing mortgage loan for a new mortgage in which you borrow a higher amount. You use the found cash to pay for whatever you’d like. For example, say you owe $150,000 on your current mortgage. You might refinance […]
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