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Top business benefits of partnering with a great IT service provider Partnering with a great IT service provider can bring numerous benefits to your business, including: Strategic alignment Great IT service providers not only possess a deep understanding of current technologies but also have the foresight to anticipate future trends. They work closely with your […]

Medical Expense Deductions For dependents with medical expenses that have not been reimbursed by an insurance plan, deductions may be available. Specifically, medical expense deductions are available for qualifying medical expenses that exceed 7.5% of a caregiver’s adjusted gross income (AGI). Generally, this deduction is most useful for those who have accumulated significant medical expenses

Who Is Entitled to Overtime Pay? Section 7 of the FLSA states rather broadly that employers must pay employees time-and-a-half for work above 40 hours per week. This applies to all employees unless they fall under an exemption identified in § 13 of the statute. What Is the EAP Exemption? Section 13(a)(1) of the FLSA

More About the Scam  In May of 2024, the IRS issued a consumer alert to inform taxpayers about a series of scams that has reportedly led thousands of taxpayers to file fraudulent credit claims on their tax returns. In most cases, taxpayers were led to believe that they were eligible for these credits by so-called

What is a Health Savings Account? Congress first created HSAs in 2003, and they became available in tax year 2004. The Medicare Prescription Drug, Improvement, and Modernization Act of 2003 added a new § 223 to the Internal Revenue Code (IRC) defining HSAs. Who is eligible for Health Savings Accounts? A taxpayer must be enrolled

How hackers use AI Here are some of the ways cybercriminals are exploiting AI: Deepfakes: Hackers use AI to create highly realistic fake videos or audio recordings to impersonate someone you know, like your boss or a trusted friend. These deepfakes can be used to trick you into sending money or sharing sensitive information. How

Here’s how you can get started 1. Keep data safe with Encryption Strong encryption ensures your cloud data remains secure. 2. Make a clear set of rules Establish a clear set of rules that define who can access data, how it’s used and where it’s stored. 3. Set up access controls Implement steps like multifactor

Explore the FICA Tip Credit There are so many tax credits that are available to food and beverage businesses of all sizes, so it’s a good idea to start there. After all, tax credits don’t just reduce tax liability, they can actually result in money back after returns are filed. One popular credit to explore

The Importance of Planning for Estate and Gift Taxes First, consider the importance of preparing for estate and gift taxes when drafting an estate plan in the first place. If not planned for correctly, estate and gift taxes can add up quickly. This, in turn, could result in the erosion of generations of wealth or

What is the Research and Development Credit Specifically, the Research and Development tax credit is a federal credit that is available to businesses that have invested funds into innovation, research, development and experimentation. This credit is beneficial to businesses that qualify because not only does it offer a dollar-for-dollar reduction in tax liability, but it