Explore the impact of a recent legal shift that broadens the scope of self-employment taxes, including limited partners and gig workers. Learn how everyday activities could land you in the self-employment tax bracket and how to avoid potential penalties.
Explore two popular retirement plans, SEP IRA and Solo 401(k), for the self-employed in this overview, focusing on their benefits, drawbacks, and the strategic considerations for choosing between them. Learn about higher contribution limits, flexibility, and tax advantages these plans offer. Get insight into which plan best fits your retirement goals and business structure.
The U.S. Department of Labor's new rule reinstates the "economic reality test" for distinguishing employees from independent contractors and underscores the significant legal and financial consequences of misclassification. This article provides an overview of the rule, its implications, and the steps employers must take to ensure their worker classifications are under the updated guidelines.
Discover how the IRA's expanded energy tax credits offer substantial incentives for a range of projects, from solar power to energy storage. Delve into the specifics of these credits and learn how these changes can benefit project developers and innovators in the energy sector.
Are you a high-income earner seeking ways to optimize your retirement savings? Get a full grasp of how the Backdoor Roth IRA can be an effective tool for you.
If you're a business owner who mistakenly claimed the Employee Retention Credit, find out how the new IRS Voluntary Disclosure Program can help you rectify the situation. Discover the eligibility criteria, benefits, and application process in our informative video.
Central banks in developed economies have essentially ended their rate hike campaigns and are moving to shape expectations for synchronized rate cuts that should begin in the first half of 2024.