Category: News
According to the Journal of Accountancy, “The Social Security Administration announced that the maximum amount of wages subject to the old age, survivors, and disability insurance (OASDI) tax will increase to $132,900 for 2019. The OASDI tax rate is 6.2% so an employee with wages up to or above the maximum in 2019 would pay $8,239.80 in tax and the employer would pay the equal amount.”
CFO 4 Your Biz will be closed Tuesday, December 25th in observance of the holiday. We will also be closed Tuesday, January 1st in observance of New Years.
Beginning January 1, 2019, the standard mileage rate allowed by the IRS will be 58 cents per mile for business miles driven. This is a 3 cent increase from the 2018 rate.
During the holiday season it can be extremely hard to achieve work-life balance, however it is critical that you take time to relax and refresh over the upcoming holidays.
If you are 70½ or older, remember to take your required minimum distribution before December 31st, 2018. If you forget to take your required minimum distribution (RMD), before the end of the year, you could be hit with a 50 percent tax penalty on the amount of the distribution you should have taken.
CFO 4 Your Biz would like to thank all of the wonderful clients we have had during the 2018 year. We hope everyone has an enjoyable Thanksgiving and our office will be closed Thursday, November 22nd and Friday, November 23rd in observance of Thanksgiving.
As 2018 is nearing to an end, you need to start preparing for 2019 benefits. As an employee some items you need to think about include: Health Insurance, Retirement Benefits, and PTO.
As technology advances, it becomes easier to perform business services remotely. Hiring a part-time CFO & Accountant has never been easier for the business owner with the help from CFO 4 Your Biz. You get all the expertise, knowledge, and performance as you would with a part-time employee minus paying the additional taxes, benefits & overhead you would for a regular employee.
As 2018 nears to an end, 2019 planning is critical for your business to be successful in the upcoming year. Budget preparation for the next year should occur in September, October, or November if your business follows the calendar year. And getting an early start on budgeting is beneficial, as it always takes longer than anticipated to complete.
The month of October is designated as Human Resource Awareness month.
CFO 4 Your Biz is a full-service firm that provides accounting, bookkeeping, business management, human resource, and tax compliance services for small businesses & non-profits.
