An array of tax-related limits that affect businesses are annually indexed for inflation, and many have increased for 2020. Here are some that may be important to you and your business.
The amount of employees’ earnings that are subject to Social Security tax is capped for 2020 at $137,700 (up from $132,900 for 2019).
These are only some of the tax limits that may affect your business and additional rules may apply. If you have questions, please contact us.
Bethany is a Senior Manager at SVA Certified Public Accountants. She uses her experience to provide clients with guidance and consulting in areas such as federal and state income tax planning and multistate tax compliance.
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