Self Employed
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Social Security tax update: How high can it go?
Employees, self-employed individuals and employers all pay Social Security tax, and the amounts can get bigger every year. And yet, many people don’t fully understand…
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Don’t have a tax-favored retirement plan? Set one up now
If your business doesn’t already have a retirement plan, it might be a good time to take the plunge. Current retirement plan rules allow for…
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The Social Security wage base for employees and self-employed people is increasing in 2024
The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $168,600 for 2024 (up from $160,200 for…
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Investment swings: What’s the tax impact?
If your investments have fluctuated wildly this year, you may have already recognized some significant gains and losses. But nothing is decided tax-wise until year-end…
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Use an S corporation to mitigate federal employment tax bills
If you own an unincorporated small business, you probably don’t like the size of your self-employment (SE) tax bills. No wonder! For 2023, the SE…
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Solo business owner? There’s a 401(k) for that
If you own a successful small business with no employees, you might be ready to set up a retirement plan. Now a 401(k) might seem…
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