Wildeman and Obrock, CPA's, PC’s Post

🚨 Attention High Earners: Social Security Tax Limit is Increasing in 2024! 💸 If you make over $160,200, you’re about to see a change in how much Social Security tax is taken from your paycheck in 2024. 📈 The Social Security wage base limit is rising to $168,600, which means higher taxes for some wealthier taxpayers this year. Here’s a quick breakdown: ✅ New Tax Limit: $168,600 (up from $160,200 in 2023). ✅ Employee Rate: 6.2% of earnings up to that limit. ✅ Self-Employed: You pay both sides (12.4%) but can deduct the employer-equivalent portion. ✅ Tax Impact: The max Social Security tax will jump from $9,932 to $10,453, meaning higher earners will pay $521 more in Social Security taxes. And don’t forget! Cost of Living Adjustments (COLA) means monthly Social Security benefits will rise by 3.2% in 2024, benefiting over 66 million retirees. 💰 👉 Exemptions: Some groups are exempt from Social Security tax, such as certain religious groups, students, and employees of foreign governments. Want to see how this affects you? Get in touch with us today to explore your options and make sure you’re prepared! 🧾📞 Read more about the 2024 Social Security Tax Limit here: https://lnkd.in/gGpSPMV6 #TaxUpdate #SocialSecurity #CPAFirm #TaxPlanning #WildemanObrockCPA #HighEarners #SocialSecurityTax How do you feel about these changes? Let us know in the comments! 👇

💡 Is Your Employer-Paid Life Insurance Taxable? 💡 Did you know that part of your employer-paid life insurance might be taxable? If you receive group term life insurance coverage over $50,000, the cost of that extra coverage is considered taxable income—even if you don’t see the benefit directly. That’s called “phantom income”! 😬 Here’s what to do: ✅ Check Your W-2: Look at Box 12 (code "C") to see how much of that extra coverage is taxable. This amount is already included in Box 1 (your total wages) and is taxed like regular income. ✅ Tax Consequences: You’ll owe taxes on this “phantom income,” so make sure you’re prepared when you file your tax return! 🚨 What are your options? - Carve-Out Plans: Ask your employer if you can opt out of the excess coverage. Some employers offer “carve-out” options, allowing you to stick with just the $50,000 in coverage or switch to a more personalized individual policy. - Cash Bonus Alternative: Some employers might be willing to give you a cash bonus instead of paying for the extra coverage, allowing you to buy your own life insurance. 👉 Want to review your W-2 or explore your options? Reach out to us for personalized advice! 📞 #TaxTips #LifeInsurance #EmployerBenefits #WildemanObrockCPA #GroupLifeInsurance #W2Tips #TaxPlanning

🏡 Selling Your Home? Don't Miss Out on Huge Tax Savings! 💰 Are you thinking about selling your home but worried about capital gains tax? 🤔 The Section 121 Exclusion could save you BIG! If you qualify, you can exclude up to $250,000 (or $500,000 for married couples) of capital gains when selling your primary residence. 🙌 Here’s what you need to know: ✅ Owned & lived in the home for at least 2 of the last 5 years? Check! 🏠 ✅ Haven't claimed this exclusion in the last 2 years? You’re good to go! 👍 ✅ Selling for a profit under those limits? That gain is tax-FREE! 🎉 But what if you don't meet all the rules? 🤷♂️ You might still qualify for a partial exclusion for reasons like a change in job, health issues, or unexpected events! 🚨 👉 Want to see if you’re eligible? We can help! Contact us today for personalized advice! 📞 💡 Pro Tip: Keep your home sale records, and let us guide you through any state or local taxes that could apply. Read more on capital gains tax exclusion for homeowners here: https://lnkd.in/emyqpzvs #TaxTips #Homeowners #TaxSavings #CPA #RealEstate #WildemanObrockCPA #TaxPlanning #CapitalGainsTax Ready to sell your home? Tell us your plans in the comments! 👇

🔍 What’s the 2024 Standard Deduction? 💰 When preparing your federal income tax return, deciding whether to take the standard deduction or itemize your deductions is crucial. The standard deduction is a fixed amount that reduces your taxable income, and most taxpayers opt for this method. 2024 Standard Deduction Amounts: ⁍ Single / Married Filing Separately: $14,600 ⁍ Married Filing Jointly / Qualifying Widow(er): $29,200 ⁍ Head of Household: $21,900 📅 If you’re 65 or older or blind, you can claim an additional deduction of $1,950 (or $3,900 if you are both). 🚫 Who can’t claim the standard deduction? ⁍ Nonresident aliens ⁍ Married filing separately when your spouse itemizes ⁍ Estates, trusts, or partnerships Special Rules: If claimed as a dependent, your deduction is limited to the greater of $1,300 or your earned income plus $450. 📊 Should You Itemize? Many taxpayers find that their standard deduction is greater than the total itemized deductions they could claim. However, if you own a home or have significant medical expenses, itemizing may be beneficial. Stay informed about potential tax changes in the coming year! For more detailed information, read the full article here: https://lnkd.in/giaFatan #TaxTips #StandardDeduction #FinanceSmart #TaxPlanning #MoneyMatters #FinancialLiteracy #WealthBuilding #SaveMoney 📈✅

🎥 Unlock Your Financial Information Anywhere, Anytime! 🎥 As a valued client, you have access to our secure, password-protected client portal, designed for your convenience. Whether you're at home, work, or even on vacation, you can easily access your important financial documents like tax returns and accounting records—right from your mobile device! ✨ Key Features of Our Client Portal: ‣24/7 Access: View your financial documents anytime, anywhere. ‣Secure Document Exchange: Effortlessly send and receive files, including large QuickBooks files and scanned receipts. ‣SecureSend Feature: Quickly and easily upload files without creating an account. 🔑 Get Started Today! Register now to make the most of your secure portal. #ClientPortal #FinancialAccess #SecureDocuments #WildemanAndObrock

📊 Maximize Your Savings: Tax Saving Strategies Checklist! 📊 As tax season approaches, now is the perfect time to explore effective strategies to reduce your tax liability. Our Tax Saving Strategies: A Helpful Checklist provides actionable tips to help you defer income, maximize deductions, and potentially save thousands. Key Strategies Include: ‣Defer Income Recognition ‣Max Out Your 401(k) or Employer Plan ‣Set Up a Retirement Plan if You Have a Business ‣Contribute to an IRA ‣Use the Gift Tax Annual Exclusion to Shift Income ‣Give Appreciated Assets to Charity ‣Track Business, Medical, and Charitable Mileage 📑 Important Note: Proper documentation is essential! Many taxpayers miss out on valuable deductions simply due to lack of records. 💻 For the full checklist and to discover more financial guides tailored to your needs, visit https://lnkd.in/ef3mwBEd 💬 Have question? Reach out to our team today! #TaxSavings #FinancialPlanning #WildemanAndObrock #TaxStrategies #ClientResources

📣 Important Update for Business Owners! 📣 Starting January 1, 2024, many U.S. companies will be required to report their Beneficial Ownership Information (BOI) to the Financial Crimes Enforcement Network (FinCEN). This is a key step in enhancing transparency and combating financial crime. 🏢 Who Needs to Report? If you run a corporation or LLC, or if your foreign company is registered to do business in the U.S., you may need to submit this information. But don’t worry—our team is here to help you navigate this new requirement! 🔍 Need Assistance? Navigating new regulations can be overwhelming. Whether you need help with filing or want us to handle it for you, we’ve got you covered! 📞 Reach out today! Comment below or send us a message, and let’s ensure your business stays compliant with ease. #BusinessCompliance #FinCEN #BeneficialOwnership #AccountingHelp #WildemanAndObrock

🛑 Protect Your Business from Check Fraud! 💸 Fraud prevention is crucial for safeguarding your company's assets! Here are 5 key strategies to help you combat check fraud and keep your accounts safe: -Educate Your Team 👩🏫: Make sure your employees can recognize signs of bank fraud. An informed workforce can help prevent suspicious activities from going unnoticed. -Rotate Accounting Roles 🔄: Segregate and rotate accounting tasks to uncover potential schemes and limit opportunities for theft. -Reconcile Bank Accounts Daily 🧾: Assign a trustworthy person (not involved in issuing payments) to reconcile each bank account daily. -Control Paper Checks 🔒: Store blank checks securely and limit access to ordering new ones. Regularly inventory your check stock to prevent unauthorized use. -Go Digital 💻: The best way to prevent check fraud? Eliminate paper checks entirely! Consider using ACH payments or other forms of electronic transactions for added security. 🔍Don’t assume check fraud is a thing of the past! Staying vigilant can save your business from major financial losses. Need assistance tightening your internal controls? Wildeman & Obrock, CPAs, PC is here to help! With over 60 years of experience, we specialize in protecting businesses like yours through strong accounting practices. 🤝✨ Contact us today to learn more! 📞💬 #FraudPrevention #CheckFraud #BusinessTips #WildemanObrock #AccountingExperts #CPAServices #SmallBusinessFinance #BankingSafety

🚨 We're Hiring! Experienced Tax Preparer 🚨 Wildeman and Obrock, CPA's PC, a trusted full-service accounting firm based in Harrisburg, PA, is looking for a talented and dedicated Experienced Tax Preparer to join our growing team! 🧑💼 Position Highlights: ‣Competitive salary: $60,000 - $120,000/year (based on experience) + performance bonuses ‣Maximum 45 hours per week during tax season ‣Full benefits: 401(k) + matching, health insurance, life insurance, paid time off, and more 📋 Qualifications: ‣Bachelor's Degree in Accounting (required) ‣5+ years of public accounting experience ‣Proficiency in tax return preparation for individuals and/or entities ‣MS Office expertise, QuickBooks familiarity is a plus ‣Strong organizational and analytical skills If you're looking for a company that values dedication, professionalism, and work-life balance, this might be the perfect opportunity for you! Learn more about us at Wildeman and Obrock, where we've been helping clients since 1961. Apply today or share this with someone you know who may be a great fit! https://lnkd.in/eRRAWPiU #Hiring #AccountingJobs #TaxPreparer #HarrisburgJobs #CPA #PublicAccounting #TaxSeason #JobOpportunity