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We are smack dab in the middle of wedding season. For most people, walking down the aisle means some changes in tax filing. A few things to consider:
1. If you'll be changing your name, do it sooner rather than later. You want the process to be completed prior to any tax filing.
2. Be sure to let your employer and the IRS know about any address change.
3. Decide on any withholding changes. You can use the IRS' handy online calculator to decide how much you should withhold now that you're married. We're available to talk over how to make this choice as well, in light of your specific financial situation.
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Effective July 1, 2024, the Department of Labor has implemented a significant change to overtime rules for salaried workers. This update means potentially more employees in your small business could now be eligible for overtime pay. This is important, so don't push this one aside.
Previously, salaried workers making above a certain threshold were exempt from overtime pay. Now, that threshold has increased, meaning more employees qualify for overtime.
Before the update, salaried workers earning more than $35,568 annually (684 per week) were generally exempt from overtime. Now, that threshold has jumped to $43,888 per year (844 per week). This means employees making under this new limit may qualify for overtime if they work more than 40 hours a week.
(Note that the salary threshold jumps again on January 1, 2025 to around $58,656 annually.)
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How often do you review your financial statements?
A. Weekly
B. Monthly
C. Yearly
D. I have to review financial statements?
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First State CPAs & Associates |
|
18 S. State St, Dover, DE 19901 |
|
(302) 736-6657 | |
Business Hours | |
January 1st April 15th | |
Monday–Friday: | 8am–5pm |
Saturday & Sunday: | closed |
April 16th December 31st | |
Monday–Thursday: | 8am–5pm |
Friday, Saturday & Sunday: | closed |