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Tax Tips for the Average Joe

If you are a small business owner or a higher wealth individual, I strongly recommend that you stay in touch with your tax advisor over the next few weeks to properly balance your 2017 and 2018 tax bills.

If you are someone who owns a home and is able to itemize, there are a few things you can do before year end to minimize your federal income tax bill in 2017.…

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Asking about salary history when hiring

Federal law does not prohibit asking a job applicant about their salary history and it has been a common question on job applications. But that is changing with recent rules passed by New York City and other jurisdictions.

The ban on asking for salary history comes from the fact that women and minorities have historically been paid less.…

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Social Security 2018 Wage Base

Each year the Social Security Administration (SSA) sets the maximum amount of wages subject to social security taxes (old age, survivor, and disability insurance).  For 2018, the wage base is going up from $127,200 in 2017 to $128,700.  Keep in mind that the employee and the employer each pay a 6.2% tax on the eligible wage base up to this maximum. …

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Using charitable giving to reducing the Medicare 3.8% surtax

Most taxpayers do not fall into the 3.8% Medicare surtax which is assessed on net investment income when the taxpayer has an adjusted gross income of over $200,000 for singles and $250,000 for married filing jointly. Net investment income includes interest, dividends, capital gains and certain passive investment income.

Occasionally a taxpayer with income below the hurtle rate will have a windfall transaction that pushes them above the AGI limit and triggers the tax.…

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Internships – do they need to be paid?

As the first day of summer approaches and schools are getting out for summer break, many students are looking for work. Some estimates place over a million Americans a year in an internship role.  The University of Cincinnati believe so strongly in the value of on the job training that nearly every area of study incorporates an internship.…

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