Ultimate Account Blog

4 Financial Considerations Before You Downsize

For empty nesters and other homeowners who don’t need a large house anymore, downsizing may seem like the perfect solution. From a practical standpoint, a smaller home generally takes less time to maintain, unless it’s much older than your current one. Plus, in today’s booming real estate market, you’ll…

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Feast on Bigger Tax Deductions for Business Meals

Uncle Sam is helping to pick up the tab for certain business meals in 2021 and 2022. Under a provision in the Consolidated Appropriations Act (CAA), the usual deduction for 50% of the cost of business meals is doubled to 100% for food and beverages provided by restaurants for the…

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2021 Fraud Review: Watch Out for These Financial Scams

Today, many people and small businesses are operating in survival mode. In addition to managing the effects of the pandemic, they’re now struggling with skyrocketing inflation and other financial concerns. In November, the consumer price index (CPI) was up 6.8% over the prior year, the highest year-over-year increase since…

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Are You Ready for Possible State Minimum Wage Increases?

In today’s tight labor market, many employers have been raising wages substantially to maintain operations. That’s most evident in the leisure and hospitality sector, where average hourly wages rose 12% for the year ending October 2021. For many organizations, getting by with paying minimum wage is generally a distant…

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Update: IRS Updates Standard Mileage Rates for 2022

The US Internal Revenue Service (IRS) recently revealed the updated standard mileage rates for 2022. Click here to read details from the IRS website.

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New Changes for Meals and Entertainment Deductions for 2021 and 2022

An important deduction to consider during tax preparation is business meals. In an effort to help restaurants, many of which have struggled during the COVID-19 pandemic, the Consolidated Appropriations Act (CAA) of 2021 includes a temporary change that increases the deduction of business meals. Any food or beverages provided…

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How to Make the Most of the Annual Gift Tax Exclusion

The holidays often inspire a spirit of generosity. So, at year end, many people decide to give money or assets to their loved ones. Over time, lifetime gifts can also be an effective way for wealthy people to minimize their taxable estates. Here are the basic federal tax rules for…

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Reminder: A Few Things to Consider for Your Annual Year-End Payroll Reporting

To our clients and friends of the Walz Group Just a reminder that there may be several items, in addition to normal wages, for you to consider while preparing your annual year-end payroll reporting. Below are some of the common taxable fringe benefits and other compensation items that may…

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Fun Facts About College Financial Aid

Here’s a little-known secret for parents planning to send their children to college in the future: Some of the tax-saving moves you make now could hurt your student’s chances for getting financial aid later. It’s because of the way the financial aid system treats different assets. Retirement plans and IRAs…

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Breaking Down the 2020 Employee Benefit Plan Audit for Plan Administrators

Companies with more than 100 participants in a retirement plan have probably undergone an audit of the plan’s financial statements at some point. Periodically, the Department of Labor (DOL) conducts studies to ensure the accounting firms performing the audits are doing so according to the established standards. The DOL…

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