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CA Minimum Wage 2025
On January 1, 2025, California’s minimum wage increases to $16.50 for employers of all sizes. This also means that as of Jan. 1, 2025, exempt employees in California must be paid a minimum annual salary of $68,640.
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2025 Retirement Key Figures
IRS releases 2025 tax year inflation-adjusted retirement figures (11-01-24) In IRS Notice 2024-80, the IRS announced the inflation-adjusted retirement figures for 2025. Key adjustments contained in the notice include, but are not limited to: The IRA contribution limit and catch-up contribution limit will remain at $7,000 and $1,000, respectively. Also included in the Notice are the increased…
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2025 Mileage Rates
IRS releases 2025 optional standard mileage rates (12-19-24) Beginning January 1, 2025, the standard mileage rates for the use of a car, van, pickup truck, or panel truck will be: The rates apply to fully electric and hybrid automobiles, as well as gasoline and diesel-powered vehicles.
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FUTA – CA employers due to pay more
CA is a “credit reduction state” which means that employers in CA will have to pay more in Federal Unemployment Tax to the federal government for employees who they employed in 2023. Due to outstanding federal unemployment loans, CA and NY are subject to FUTA Credit Reduction for 2023. This means New York and California businesses…
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CA Minimum Wage 2024
New minimum wage laws for 2024 beginning January 1st 2024 are $16/hour minimum throughout CA. Beginning April 1st 2024 fast food chains with more than 60 locations must pay a minimum wage of $20/hour. June 1st 2024 health care workers will have a minimum wage of $23/hour. The minimum salary is now $66,560 and $115,763…
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Preparing for 2023 Tax Season
Use these helpful tax organizers to collect income and expenses for your 2023 personal tax preparation if you are a family with children, operate a small business or farm, or have a rental property
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AI taking over tax preparation? IRS CP2000 Notices
Should we be worried that AI will take over preparing tax returns? The truth of it is, AI has been preparing tax returns for IRS for a long time. The computers at IRS use the basic set up for your taxes, give you the minimum deductions you would likely have, and prepare a tax return…
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Beneficial Ownership Reporting
All US companies will need to file a 1 time form with FinCen to report their “Beneficial Owners” beginning January 1st 2024. Corporations, LLC’s and other entities who are already in existence prior to January 1 2024 will have until January 1st 2025 to become compliant and file the report. New companies formed as of…
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Cost Segregation Study
A Cost Segregation Study can be done as a way to accelerate the deduction of capital assets. Generally when you buy a building and put it into service, start renting it out, you depreciate the building portion of the purchase price over 39 years (non residential) or 27.5 (residential). Which results in a very small…
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Do I have to have a Board Meeting?
Having regular board meetings is important to the success of an organization. They are used in businesses large and small, nonprofit groups, and can be useful in many other projects with others. A Board Meeting should include all the key players of an organization. You can include other experts that may have beneficial input in…
