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Planned Minimum Wage Increase for Virginia 2023

by Admin | Nov 29, 2022 | Business Taxes, Entrepreneurial, Tax Planning

The new minimum wage in Virginia increases to $12 on Jan. 1, 2023. Unlike other states, Virginia does not exempt tipped workers from the state mandated minimum wage. Tipped employees (those who regularly receive more than $30.00 a month in tips) may be paid at the...

401(k) Limit Increases to $22,500 for 2023, IRA Limit Rises to $6,500

by Admin | Nov 29, 2022 | Retirement, Tax Planning

The Internal Revenue Service announced that the amount individuals can contribute to their 401(k) plans in 2023 has increased to $22,500, up from $20,500 for 2022. The IRS today also issued technical guidance regarding all of the cost of living adjustments affecting...

Tax Benefits for Holiday Family Employment

by Admin | Nov 27, 2022 | Business Taxes, Entrepreneurial

Along with the holidays comes a lot of extra work for many family-run businesses, which may require putting the kids to work and having a spouse help out over the busy time. There are special tax rules when hiring your children and also for your spouse, depending on...

Is This an Opportune Time to Convert Your Traditional IRA to a Roth IRA?

by Admin | Nov 24, 2022 | Retirement, Tax Planning

If your traditional IRA is invested in stocks and/or mutual funds, the recent substantial downward slide by the stock markets may provide a unique opportunity to convert your traditional IRA to a Roth IRA at a low cost, and then benefit when the markets recover. Why...

Steps Your Business Can Take to Survive a Recession

by Admin | Nov 23, 2022 | Business Taxes, Entrepreneurial, Tax Planning

According to one recent study, there is a 96% chance that the United States will experience some form of economic recession within the next 12 months. If you needed a single statistic to underline the importance of planning ahead when it comes to your business, let it...
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