2023 Dollar Limits
To download a handy chart of 2023 dollar limits for employee benefit plans and various tax items, click on the link below: 2023 Dollar Limits Flyer
Why It’s Important to Keep Your Business Finances Separate
The first rule of running a business is to keep your personal and business finances completely separate from each other. Your business is a distinctly separate entity and needs to be treated accordingly. If you don't follow this rule, your personal finances could be in jeopardy. How to Keep Finances Separate This includes keeping separate bank accounts for yourself and…
Following the Progress of SECURE Act 2.0
Every good movie has a sequel. In this case, the "movie" is SECURE Act 2.0 - a sweeping piece of legislation that if passed, will affect both individual and company-sponsored retirement plans. The Back Story In 2019, Congress passed the SECURE Act, which affected many aspects of retirement plans. One of its most memorable scenes was increasing the required minimum…
IRS Updates Form 941 for Second Quarter 2022
It's time to replace your Form 941 with a new one. Just in time before the end of Q2, the IRS has now issued a new version of Form 941 and its related schedules. If you have a March 2022 version sitting around, it can only be used for first quarter 2022 reporting. The new June 2022 revision should be…
What You Should Know About Student Loan Debt
You've probably seen or heard the phrase ‘student loan crisis’ in the news recently, along with a lot of discussion about whether all or a portion of federal student loans should be forgiven. It’s no surprise student loans have become a popular topic, as the total amount owed by the American public has soared in recent years. How Much Debt…
IRS Increases Mileage Rate for Remainder of 2022
You may have noticed that gas prices are climbing. And climbing. And climbing. And where they'll stop, nobody knows . . . ? Our friends at the IRS are paying attention. They've increased the standard mileage rates for the rest of 2022. These mileage rates can be used to value deductible expenses when you drive for business, medical, or moving…
What’s the Difference Between Cash and Accrual Accounting Methods?
When you start your business, you determine whether you'll recognize expenses when they occur – cash basis – or in the period to which they belong – accrual basis. Let's say you pay your May rent bill in April. If you use the cash basis of accounting, this expense will be recognized in April. That's when the money actually leaves…
Helpful Resources for Your Small Business
Here's a list of resources for small business owners, whether you’re just starting out or have been around for a while. Got a business idea? Check out these “10 Steps to Start Your Business”. It can help you research your target market, find financing, and write your business plan. It also includes a guide to choosing your entity structure. Looking…
Due Dates for Tax, Accounting and Bank Holidays
You can find federal tax due dates by clicking here, and Kansas deadlines by clicking here. Remember that employment tax deposits due dates vary based on your filing status – see Payroll Tax Requirements. Bank holidays for each year can be found by clicking here. When payday is scheduled for a bank holiday, normally it will be moved forward by…
Employer Payroll Responsibilities
IRS Publication 15, Employer's Tax Guide (also known as Circular E), provides a wealth of knowledge for employers. It includes instructions on how to withhold and deposit taxes, how to withhold for supplemental wages (such as periodic bonuses), and filing responsibilities. We've put together a quick overview of employer responsibilities taken from Circular E, which you can download for your…