Tonneson Shorts

Pass-Through Entity (PTE) Tax May Save Some Small Business Owners Money

December 20, 2022

If you’re an owner, shareholder, or investor in a pass-through entity such as an S corporation, you may be eligible to claim additional credit on your state income tax returns with the Pass-through Entity Tax. However, there is some confusion about when the deduction can be taken. Today’s post explains what the PTE tax is…

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Social Security Benefits and Wage Cap to Increase in 2023

December 1, 2022

On October 13, 2022, the Social Security Administration announced a couple of important adjustments. Both social security benefits and the amount of earnings subject to the Social Security payroll tax are automatically adjusted every year to account for the cost of living. Thanks to high levels of inflation, however, this year’s increases are unusually high.…

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