Retirement Plan Contributions
The IRS announced the amount individuals can contribute to their 401(k) plans in 2025 has increased to $23,500, up from $23,000 for 2024.
Author: Barbara Dillon
Tax Inflation Adjustments for 2025
The IRS announced the annual inflation adjustments for tax year 2025. Generally, the tax adjustments apply to income tax returns to be filed in tax season 2026.
Preparing for 2024 Tax Season
There are many tax uncertainties facing the end of 2024. Mainly, whether proposals from the presidential candidates will affect taxes. However, in any year, you can apply core tax planning strategies relative to income and deductions.
Employee Tax Withholdings
Employers are required by law to withhold employment taxes from their employees. Employment taxes include federal income tax, Social Security, and Medicare taxes.
Preparing for April 15, 2025
The next April 15 filing date may seem far away. You should start thinking about gathering information prior to April 15, 2025.
Employee v. Freelancer Tax Implications
As a business owner, a critical and ongoing predicament you face is whether you should onboard freelancers or hire employees. Learn how to make informed staffing decisions for your company and avoid potential tax implications.
2024 Fall NAU Career Fair
Wallace Plese + Dreher attended the Northern Arizona University (NAU), W.A. Franke College of Business, Career Fair, on September 27, 2024. The Firm’s recruiting team, Alec Marceles, Emily Mead, and Taylor Waslaski attended the event.
Deducting Business Expenses
What are the rules for deducting business expenses for your business? To be deductible, a business expense must be both ordinary and necessary for your trade or business.
2024 Fall ASU Meet the Firms
Wallace Plese + Dreher attended Arizona State University (ASU), W. P. Carey School of Business, Meet the Firms, on September 23, 2024. The Firm’s recruiting team, Alec Alban, Jordan Zwick, and Emily Mead, attended the recruiting event.
2024 Fall UofA Meet the Firms
Wallace Plese + Dreher attended The University of Arizona (UofA), Eller College of Management, Dhaliwal-Reidy School of Accountancy’s Meet the Firms, on September 19, 2024. The Firm’s recruiting team, Kevin Decker and Nathan Richard Salazar, CPA, attended the recruiting event.
2024 Fall GCU Meet the Firms
Wallace Plese + Dreher attended Grand Canyon University (GCU), Colangelo College of Business, Meet the Firms, on September 16, 2024. The Firm’s recruiting team, Nathan Nichole, Jordan Zwick, and Emily Mead, attended the recruiting event.
Tax and Employee Bonuses
When rewarding your team’s performance with bonuses, it is important to consider how those bonuses are given, along with the tax implications for both you and the employee. One-time bonuses are generally calculated by percentages.