The concept of variable pricing models has been around for a while in the minds of Quick Service Restaurant operators but has made recent headlines. Variable pricing models, also known as dynamic pricing or demand-based pricing, are strategies businesses use to adjust the price of products or services based on various factors such as demand, time [...]
Abacus CPAs, LLC is proud to honor Cristian Rath for his esteemed recognition as a 2024 Men of the Year awardee by the Springfield Business Journal. Cristian joined Abacus in 2015 and is a Senior Advisor in our Tax, Audit, & Accounting Department. He specializes in business tax and business organization, evaluating growth strategies for business [...]
Military service members and veterans receive various forms of financial compensation and benefits for their service and sacrifices. Understanding the tax implications of these payments is essential for proper financial planning and compliance with federal tax laws. In particular, military retirement pay, military disability retirement pay, and veterans' benefits are subject to different tax treatments under [...]
Cost segregation is a tax strategy used by real estate investors and property owners to accelerate depreciation deductions on certain components of their properties. It involves identifying and reclassifying certain assets within a building for tax purposes, allowing them to be depreciated over shorter periods than the building itself. Here’s how cost segregation works: Asset Identification [...]
A Health Savings Account (HSA) is a tax-advantaged savings account available to individuals enrolled in a high-deductible health plan (HDHP). HSAs are designed to help individuals save money specifically for medical expenses not covered by their HDHP, such as deductibles, copayments, and other qualified medical expenses. Here’s how an HSA typically works: Eligibility To be eligible [...]
The U.S. Department of Labor (DOL) has proposed a substantial update to the minimum salary requirements for employees to be exempt from overtime pay under the Fair Labor Standards Act (FLSA). This proposed rule, introduced on August 30, 2023, has significant implications for employers and employees. Who is Exempt? Employees earning a salary of at least [...]
The taxation of Social Security benefits and income limits is an important aspect to consider for individuals receiving Social Security payments. Here's an overview: Taxation of Social Security Benefits Provision for Taxation Social Security benefits may be subject to federal income tax based on your combined income. Combined income is calculated as the sum of your [...]
As tax season unfolds, the age-old question arises – should you tackle your tax return solo or seek the guidance of a professional tax adviser? While handling a straightforward tax situation independently is feasible, there are instances where consulting a tax professional becomes not just a choice, but a necessity. Seeking professional advice can make all [...]
Missouri’s minimum wage was raised to $12.30 per hour on January 1, a direct outcome of Proposition B, which gained voter approval in 2018. Prop B initiated an annual increase of 85 cents in the state minimum wage, a trend that continued until 2023. Before Prop B, Missouri's minimum wage was linked to the inflation [...]
Abacus CPAs received its first national nod of 2024 by Accounting Today as a Top Regional Leader in the Midwest, announced March 5. For the second consecutive year, Abacus CPAs emerges as a leader in the Midwest region, achieving the highest growth percentage amongst regional firms. Abacus CPAs was also named the No. 16 [...]
