Hutchinson and Bloodgood LLP’s Post

Had an unexpected #bonus? It could make you worse off. Higher #tax rates, loss of #child benefit, loss of personal allowances, loss of #taxfree child care (all 3 of them), loss of married couples allowance and increased #capital gains tax rates are just some of the ways our byzantine #tax system will try and take the joy from your success. Cross the £100,000 threshold, the #tax rate is 60% and 3 different types of free childcare is lost. Employees may prefer the money in a pension instead. Crowe UK Crowe Global https://lnkd.in/eppUGE-7

The Internal Revenue Service announced the launch of a new page on IRS.gov explaining the Employer-Provided Childcare Tax Credit, an incentive for businesses to provide child care services to their employees. “This business tax credit helps employers provide their employees with child-care services and facilities,” said IRS Commissioner Danny Werfel. “We’ve heard that some employers may be overlooking this important credit, so the IRS has created a new one-stop shop for information on IRS.gov that provides an easy place to learn more.” Read the full article from IRS here: https://lnkd.in/gZi9QaCa Contact us for your tax and accounting needs! #accounting #business #accountant #finance #tax #bookkeeping #smallbusiness #taxes #payroll #cpa #taxseason #businessowner #incometax #accountants #audit #bookkeeper #taxreturn #taxpreparer #quickbooks #taxconsultant 

Robbing Peter to pay Paul! That is the shortest definition of today's budget. Welfare economics & coalition pressures aside, there are no ground- breaking ideas to drive consumption of manufacturing & services. The indirect taxes generated from consumption could have substantially boosted the government reserves. The direct tax relief could have put some money in the hands of the middle class. However, the Government has taken the short cut route by taxing share market gains (the only growing side income source) for many middle class, working employees, battling single-digit salary hikes in nearly double-digit inflation. The salaried class gets the short end of the budget - archaic income tax exemption & deduction limits, that have not been adjusted for inflation over 10 years now. So, a child can get educated with Rs. 200 per month fees & you can get to office & back every month in Rs. 1200/- as per the limits available. Go figure. The Standard Deduction limit should have been made uniform across the regimes, also indexing for inflation. Taking away the indexation benefits on property or gold will also increase tax liability. As a law-abiding, TDS-deducting, middle-class citizen, I feel it's an opportunity surely missed to set the much-needed growth engines on fire!

Tax-Free Payment for Child Employees Over 13: Employing your children over the age of 13 in your business can offer tax advantages. Here’s how to do it properly: 1. **Genuine Employment**: Ensure the work your child performs is necessary and legitimate for your business operations. 2. **Reasonable Wages**: Pay them a reasonable wage for the work done, in line with what you’d pay any other employee for similar tasks. 3. **Work Restrictions**: Adhere to child employment laws: - Not during school hours. - Not before 7am or after 7pm. - Max 12 hours/week during school terms. - Max 25 hours/week (ages 13-14) or 35 hours/week (ages 15-16) during school holidays. 4. **Employment Permits**: Obtain a child employment permit if required by your local council. 5. **Tax Implications**: Wages paid to children are deductible as a business expense, and children typically owe no tax on income below the personal allowance threshold. By following these guidelines, you can benefit from tax savings while ensuring compliance with child labor laws.

Well, nothing like a shake up in #Budget2024 to ease you back in after maternity leave! It’s certainly the most interesting - from a tax adviser’s perspective - for a while. Key highlights: - CGT going up to 24% from TODAY! 30 October 2024 - Employer’s NIC going up to 15% - IHT changes to APR and BPR - Non-dom changes - SDLT on second properties goes up to 5% - VAT on school fees from January 2025 There will be lots of updates from Crowe UK throughout the day - watch this space. #wearecrowe #budget2024

All the changes are coming on July 1, 2024 - how do these impact Australians? - Stage three tax cuts (Reducing the current 19% tax rate to 16%) - Passport fees to skyrocket - Minimum wage increase - $300 energy rebate - Paid parental leave - Welfare payments indexed - Superannuation guarantee increase - Engineered stone banned (widely used in kitchen and bathroom benchtops, will be banned nationwide from July 1) #taxchanges #EOFY #getready #news #work #newsupdate #follow #viral #updates #info #trending https://lnkd.in/gA4cm2wE

All the changes are coming on July 1, 2024 - how do these impact Australians? - Stage three tax cuts (Reducing the current 19% tax rate to 16%) - Passport fees to skyrocket - Minimum wage increase - $300 energy rebate - Paid parental leave - Welfare payments indexed - Superannuation guarantee increase - Engineered stone banned (widely used in kitchen and bathroom benchtops, will be banned nationwide from July 1) #taxchanges #EOFY #getready #news #work #newsupdate #follow #viral #updates #info #trending https://lnkd.in/gA4cm2wE

The #ChildCareContribution (CCC) #Payroll #Tax: Here’s what Vermont business owners need to decide before July 1st! https://buff.ly/43FThkr . . . #Davisandhodgdon #vermontaccountant #vermontcpa #vermonttax #ccc #vermontbusiness #businesstax

To follow the Autumn Budget announcement live, follow the link: https://lnkd.in/eqjtqZTN #AutumnBudget #Budget2024 #Tax #TaxPlanning #FinancialPlanning

AdvantaStride IT Solutions LLC's commitment to paying taxes not only fulfills its legal obligation to the government but also demonstrates its dedication to supporting the broader societal framework. By contributing to the tax base, AdvantaStride ensures that essential public services, such as infrastructure, education, healthcare, and social welfare programs, are adequately funded. This investment in the community fosters economic growth, improves quality of life, and promotes social cohesion. In essence, by fulfilling its tax obligation, AdvantaStride plays a vital role in building a stronger, more equitable society for everyone. 📧 info@advantastride.com ☎️ +1 562.668.8986 🌐 advantastride.com ℹ️ AdvantaStride IT Solutions LLC #taxseason2024 #businesstaxes #tax #businesssuccess #business