Tax Tip for College Grads – Maximize Paychecks with Part-Year Withholding The standard federal tax withholding tables are based on the assumption that individuals will earn a full year’s income, potentially leading to higher tax withholding amounts. However, for college grads beginning employment mid-year, this assumption may not accurately reflect their Read more…
Arizona Employees Must be Provided the New AZ Withholding Form With the change to Arizona’s income tax rates to a lower rate, the Department of Revenue has updated the 2023 Arizona employee income tax withholding form to reflect new lower withholding rates. Every Arizona employer is required to make this Read more…
2020 Year-End Individual Tax Planning As we approach the end of an eventful year, it is important to take some time to think of planning moves that may help lower your 2020 income tax bill. We continue to implement the Tax Cuts and Jobs Act of 2017 (TJCA) which contained Read more…
IRS Issues Guidance to Implement Deferral of Certain Employee Social Security Tax Withholding We continue to provide updates on our breaking news email from last week regarding the IRS Notice 2020-65 that included some guidance for implementing the August 8th Presidential Memorandum. For applicable wages, the Memorandum directs the Treasury Department to postpone the Read more…
Student and Child Withholdings A tip for college grads who are starting a full-time job this summer: Use part-year withholding to boost your paycheck and have less tax withheld. The standard federal tax withholding tables assume you’ll earn a full year’s income when figuring how much income tax to take Read more…