Unsure whether to set up voluntary withholding for your social security payments? Read more to see how voluntary withholding can help spread your tax liability over the year and make budgeting simpler.
Olsen Thielen Advisor Blog
- May 7, 2024
The Department of Labor has announced new regulations for overtime exemptions under the FLSA. These go into effect July 1, 2024.
- May 7, 2024
Downsizing in retirement isn't just about reducing living expenses—it can also be a strategic move toward financial security. Understand how your home's appreciation impacts your taxes and discover strategies to reduce your tax burden.
- May 2, 2024
Business owners should take advantage of the Visa and Mastercard Settlement and submit claims before the August 30, 2024 deadline.
Explore the impact of a recent legal shift that broadens the scope of self-employment taxes, including limited partners and gig workers. Learn how everyday activities could land you in the self-employment tax bracket and how to avoid potential penalties.
- April 29, 2024
If you operate a business, or you’re starting a new one, carefully recording legitimate business expenses is important to be able to claim all the tax deductions to which you’re entitled.
- April 25, 2024
Conduct a financial reset using the SMART framework to prepare financially for the future. Learn about strategies for debt repayment, evaluating your emergency fund, and early tax planning.
- April 25, 2024
If you’re a business owner without a retirement plan, establishing one is simpler than you may think. And there still may be time to set up a tax-favored retirement plan for LAST year, depending on your situation.
- April 23, 2024
Most manufacturers issue companywide income statements. But have you considered digging deeper into your numbers with a segmented income statement? It can highlight key performance drivers and possible improvement strategies for your company.
- April 23, 2024
Prospective nonprofit board members commonly cite time constraints as a reason not to join. Using board committees to lighten the load may make it easier for nonprofits to recruit qualified individuals.
- April 15, 2024
As of 2024, certain long-term part-time employees are eligible to participate in 401(k) plans. This article provides a detailed understanding of the changes to retirement plan rules brought about by the SECURE Acts.
- April 11, 2024
The IRS has issued a warning against companies misrepresenting personal wellness and nutrition expenses as medical expenses. Understand the potential tax implications and how to use your health spending accounts responsibly.
- April 9, 2024
Your business should generally maximize current year depreciation write-offs for newly acquired assets. Two federal tax breaks can help achieve this goal: first-year Section 179 depreciation deductions and first-year bonus depreciation deductions.
- April 4, 2024
Understand the IRS's new e-filing system for Form 8300, designed to simplify the reporting of cash payments over $10,000. Learn who must file, the e-filing requirements, and how to apply for a waiver if e-filing is challenging for your business.
- April 3, 2024
PODCAST: It’s time for a health check: is your business in good shape financially? In this episode of Q&A Over Coffee, we sit down with Olsen Thielen COO Julie Walker to dive into the components that determine the financial wellness of your business.