Employers: In 2023, the Social Security wage base is going up

Wednesday, November 30, 2022
The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $160,200 for 2023 (up from $147,000 for 2022). Wages and self-employment income above this threshold aren’t subject to Social Security tax.... Read More

Year-end giving to charity or loved ones

Wednesday, November 23, 2022
The holiday season is here and many people plan to donate to their favorite charities or give money or assets to their loved ones before the end of the year. Here are the basic tax rules involved in these transactions.... Read More

Computer software costs: How does your business deduct them?

Wednesday, November 16, 2022
These days, most businesses buy or lease computer software to use in their operations.... Read More

2023 limits for businesses that have HSAs — or want to establish them

Wednesday, November 09, 2022
No one needs to remind business owners that the cost of employee health care benefits keeps going up. One way to provide some of these benefits is through an employer-sponsored Health Savings Account (HSA).... Read More

How inflation will affect your 2022 and 2023 tax bills

Wednesday, November 02, 2022
The effects of inflation are all around. You’re probably paying more for gas, food, health care and other expenses than you were last year. Are you wondering how high inflation will affect your federal income tax bill for 2023? The IRS recently announced next year’s inflation-adjusted tax amounts for several provisions.... Read More

Plan now to make tax-smart year-end gifts to loved ones

Wednesday, October 26, 2022
Are you feeling generous at year end? Taxpayers can transfer substantial amounts free of gift taxes to their children or other recipients each year through the proper use of the annual exclusion.... Read More

Providing fringe benefits to employees with no tax strings attached

Wednesday, October 19, 2022
Businesses can provide benefits to employees that don’t cost them much or anything at all. However, in some cases, employees may have to pay tax on the value of these benefits.... Read More

Tax and other financial consequences of tax-free bonds

Wednesday, October 12, 2022
If you’re interested in investing in tax-free municipal bonds, you may wonder if they’re really free of taxes. While the investment generally provides tax-free interest on the federal (and possibly state) level, there may be tax consequences. Here’s how the rules work.... Read More

Investing in the future with a 529 education plan

Wednesday, October 05, 2022
If you have a child or grandchild who’s going to attend college in the future, you’ve probably heard about qualified tuition programs, also known as 529 plans.... Read More

GMP attends "Meet the Firms"

Friday, September 30, 2022
GMP attends "Meet the Firms" as a platinum sponsor. ... Read More