Age Isn’t Just a Number

We have all blurted out statements we would like to take back. Meta CEO Mark Zuckerberg announced in 2007 that "young people are just smarter." Since he himself was only 23 at the time, perhaps maturity has led him to respect the value of experience. Company managers in-house certainly do. In survey after survey, both employers and employees note salient attributes that both older and younger generations bring to their jobs. Each age group does appear to offer distinct advantages.     Age discrimination   How old is old? The Age Discrimination in Employment Act of 1967 protects workers over 40, so that is a good number to use as a starting place. The law prohibits age-related discrimination in companies with at least 20 employees. It is worth noting that sometimes both the discriminator and their target are both over 40. Managers should watch out for issues in the areas…read more...

Intro to Business Deductions

To be deductible, a business expense must be both ordinary — common and accepted in your industry — and necessary, helpful and appropriate for your trade or business. Generally, you cannot deduct personal, living or family expenses, but if you have an expense for something that is used partly for business and partly for personal purposes, you can divide the total cost between the business and personal parts and then deduct the business part.   If you use part of your home for business, you may be able to deduct expenses for such things as mortgage interest, insurance, utilities, repairs and depreciation. But you must meet these tests:   - The business part of your home must be used exclusively and regularly for your trade or business. - It must be your principal place of business where you meet or deal with patients, clients or customers in the normal course…read more...

Get Ready To File in 2024

The beginning of the new year is the time for taxpayers to start gathering their documents for filing their 2023 returns. And the IRS has announced some important enhancements taxpayers should be aware of to ease the yearly burden.   It's hoped taxpayers will find that the enhancements made by the IRS to the online filing process will ease the filing experience. By accessing their online accounts, taxpayers can view, approve and electronically sign power of attorney and tax information authorizations for their tax professional. Taxpayers can also perform any of the following tasks when logging into their accounts: View their tax owed and payment history, and schedule payments. Request tax transcripts. View or apply for payment plans. See digital copies of some IRS notices. View key data from their most recently filed tax return, including adjusted gross income. Validate bank accounts and save information of multiple accounts, eliminating the need…read more...

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