Posts by WKB Accounting LLC
What is Section 179 Depreciation?
When you own a business, there are a wide range of tax deductions and exemptions that you may be able to qualify for. One type of deduction that may be available to you involves Section 179 depreciation, which applies specifically to depreciable assets. Knowing what this tax deduction is may help you reduce the amount…
Read MoreHow Much Can I Expect From Social Security Retirement Benefits?
There was a time when Americans were only able to receive retirement pensions from the Social Security Administration when they celebrated their 65th birthday; this was when the Social Security Act was passed by the United States Congress and implemented by the first administration of President Franklin Delano Roosevelt in 1935. It took about five…
Read MoreThe Importance of Filing Form 4868 to Extend Your Tax Filing Deadline
The deadline to file federal tax returns for the year ending December 31, 2021 is April 18, 2022. The United States Internal Revenue Service (IRS) is easing back from the measures implemented during the COVID-19 pandemic, which means that we are largely returning to traditional schedules in terms of filing dates, deadlines, and extensions. The…
Read MoreWhat is the Qualified Business Income Tax Deduction? Everything You Need to Know
If you are currently self-employed or run a small business, there are many different tax deductions that you might be able to qualify for. One example of these deductions is the Qualified Business Income (QBI) deduction, which can lower your federal tax obligations by as much as twenty percent. That’s a pretty big chunk of…
Read MoreWhat is an Economic Injury Disaster Loan?
No matter how much planning we do, disasters will occur. Both the COVID-19 pandemic and a recent uptick in natural disasters have affected many different components of our lives—including the viability of some small businesses. Across the country, there are countless small businesses that were once thriving and are now in need of financial assistance.…
Read MoreUnderstanding The Backdoor Roth IRA
Many savvy people agree that the Roth IRA is the best thing to come out of Washington in a long time. But unfortunately, if your income is too high, you will not be eligible to make meaningful contributions. Or can you? Yes, you can still gain access to the Roth IRA, but you’ll have to enter…
Read MoreWORKING AS AN INDEPENDENT CONTRACTOR VS WORKING AS AN EMPLOYEE
Business Owner’s Perspective There is a lot involved in keeping a business afloat; however, managing human resources can be regarded as one of the most challenging aspects. Suppose you are unable to dedicate an efficient HR team to handle vital tasks like payroll administration, onboarding, employee relationships and the likes. In that case, you will…
Read MoreKEY DIFFERENCES BETWEEN TRADITIONAL IRA AND ROTH IRA
Unless you are not considering saving for retirement, deciding on the ideal IRA (individual retirement account) to opt for is one hurdle you must face when making plans for the future. This is usually a crucial decision because the type of IRA you choose will determine how much money you’ll be entitled to when you…
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