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Tax Professional

All articles tagged with #tax professional

"Maximizing Tax Efficiency in Retirement Planning"

Originally Published 1 year ago — by The Associated Press

Retirees should carefully consider their tax strategy, as decisions regarding 401(k) withdrawals, Social Security benefits, and timing can have significant tax implications. Consulting a tax professional before making these decisions is advised to avoid surprises and potentially save on tax dollars. Withdrawing large amounts from retirement accounts or taking Social Security benefits early could result in increased taxes or penalties, while making catch-up contributions to IRAs may help increase retirement benefits and decrease taxable income for 2023.

business personal-finance 401k personal-finance retirement social-security tax-professional tax-strategy

"Is Your Business Eligible for Employee Retention Tax Credit?"

Originally Published 2 years ago — by CNBC

Small businesses are being bombarded with ads, phone calls, and emails to help them claim the employee retention credit (ERC), a pandemic-era tax credit worth up to $5,000 per employee for 2020 or $28,000 per employee in 2021. However, experts urge business owners to review eligibility with a qualified tax professional, as "ERC mills" have popped up, charging small businesses up to 25% to 30% of the credit received. The IRS has warned taxpayers to be cautious of promoters misleading people and businesses into thinking they can claim these credits.

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