Barnes Saly & Company, P.C.

01/03/2023

State Tax Changes: On January 1, 2023, thirty-eight states have noteworthy tax changes taking effect. Details via

Most of the 2023 state tax changes represent net tax reductions, the result of an unprecedented wave of rate reductions and other tax cuts in the past two years as states respond to burgeoning revenues, greater tax competition in an era of enhanced mobility, and the impact of high inflation on resid...

01/03/2023

You may be curious to know what benefit is derived from a tax deduction. For most non-business deductions, the savings are based upon your tax bracket. For example, if you are in the 24% tax bracket, a $1,000 deduction would save you $240 in taxes. That is not the end of the story, as some deductions are eliminated or reduced due to income thresholds and phaseouts, while business deductions provide additional benefits.

Individuals are always looking for tax deductions that can reduce their tax liability. But what is the actual tax benefit derived from a tax deduction? There is no straightforward answer because some deductions are “above the line”, others must be itemized, some must exceed a threshold amount be...

01/03/2023

Business Cashflow: There are ways to improve your chances of getting paid and lower the risk of a cash flow issue down the road. Tips via

Business owners often struggle to receive payment on time (or at all). Here are some strategies to implement to improve your accounts receivable results.

01/02/2023

Leadership: Here are 10 of Harvard Business School favorite tips from 2022. Insight via

Our Management Tip of the Day newsletter continues to be one of HBR’s most popular newsletters. In this article, we list 10 of our favorites from 2022 — covering topics like how to become a more inclusive leader, balancing the competing pressures of compassion and performance, taking control of ...

01/02/2023

Work Life: Most people have probably never taken the opportunity to write a letter to themselves, but when you do it, magical things start to happen. Viewpoint via

Resolutions are overrated. Here’s a better method to start the New Year off right.

12/31/2022

Employee Fraud: Starting in the spring of 2022, Castro began editing Zulily's software code in ways that allowed him to steal from the company. Details via

A Washington man allegedly transferred thousands of dollars from his employer into a personal account after being inspired by the 1999 cult movie "Office Space," according to an arrest report by the Seattle Police Department.

12/31/2022

End of week from Barnes Saly & Company P.C.

12/30/2022

Your Friday tax fact from Johnstown based Barnes Saly & Company P.C..

12/29/2022

Tax Policy: It also gives smaller corporations an easy method for demonstrating that the new alternative minimum tax does not apply to them. Details via

The preliminary guidance applies to an alternative minimum tax for large corporations and a tax on stock buybacks, which helped fund President Biden’s climate and health bill.

12/29/2022

President Biden's student loan debt forgiveness plan is in the hands of the Supreme Court, but arguments won't be heard until February. So it will be some time before we will know if the forgiveness will happen.

President Biden's student loan debt forgiveness plan was originally authorized by an executive order and announced on August 24, 2022. It subsequently hit a snag when two court cases put a hold on the plan, which was one of Biden’s campaign promises.

12/28/2022

Business Leaders: If you have that belief that you're working on something big ... you just have to have that ability to shut off the noise and continue. Insight via

The founders of sports tech start-up Dream Sports explain why workers who reach out to other employees during "unplug" time must pay a fine of about $1,200.

12/28/2022

Tax Reporting: A tax policy change was expected to create an avalanche of new 1099-K paperwork for online sellers and third-party payment platforms. Details via

The Internal Revenue Service is delaying by one year the implementation of a tax policy change that was being fought by online marketplace companies and payment platforms. The change was… Read More