One of the advantages of operating your own business is hiring family members. However, the employment tax requirements for family employees may vary from those that apply to other employees. Below, we point out some issues to consider when operating a husband and wife business. Continue reading
Category Archives: 2013 Tax Changes
2013 Tax Changes to Remember on the Road to 2014
2013 contribution limits increased for some of the more popular retirement vehicles. IRS-2012-77, October 18, 2012:
- The elective deferral (contribution) limit for employees who participate in 401(k), 403(b), most 457 plans and the federal government’s “Thrift Savings Plan” increased $500.00.
- The catch-up contribution for age 50+ employees and who participate in 401(k), 403(b), most 457 plans and the federal government’s “Thrift Savings Plan” remains unchanged at $5,500.00. Continue reading