As we leave 2013, it becomes apparent that the tax code at both the federal and state levels is in a constant state of flux. For example, if you pay yourself a salary of 100,000, and your state unemployment tax rate is 3% on the first $34,000 of income, you are going to have a tax bill for unemployment of nearly $1000 during the year. The following year, the rate may go wildly up or down. What if you are an S corp officer and you don’t think it’s fair that you should even be paying into state unemployment as the sole owner and employee? Some states recognize this and have opt-out clauses. However, they aren’t typically well-known.
You could be spending hundreds of dollars more per year for something you don’t need to be doing.
We are here to know these nuances of the laws and regulations so you can go about focusing on your core business.
While employing a CPA will have a cost, it will pay off by saving you more than it typically costs. Not only do you save money, but also time – and lots of it.
As we enter 2014, we’d like to talk with you about how we can help you save time and money as you minimize your overall tax burden.
HERNDON CPA PA