Once again a timely yet not evergreen article as we close out 2019 and the decades of the 2010’s. There aren’t a lot of changes for 2020 but we still have a few things we’d like to get out to the masses.
Let’s start with personal taxes. Standard deduction has increased to $24,400 for joint fining, $12,200 for single, while the personal exemption has been eliminated. Most filers won’t be able to itemize any longer unless you have a qualified business. Child tax credit has doubled to $2000 per child under age 17. There’s also a temporary credit of $500 per dependent in 2019 called the Family Tax Credit.
Continue reading Tax Law Changes 2019 →
Our state is pretty interesting; that’s a nice way to lead into employment and taxes when it comes to our business. This time around I’m talking about taxes for our employees. There are specific types of taxes I want to bring to your attention in case you’re looking to hire at least one person to work for you… legally that is. 🙂
Let’s begin with this reality; if you hire an employee and put that person on the payroll, you already know there are taxes that need to be taken out for both federal and state tax divisions. That’s not a surprise to anyone who pays taxes themselves… which is every single person who’s ever had a job.
Continue reading What You Need To Know If You Have Even One Employee In New York State →