The Proactive Solutions Blog

Complete These Retirement Plan Steps Before Year-End

December 31 is the last day you can benefit from certain retirement tax breaks. For example, if you haven't put the maximum amount allowed in your 401(k) – $18,000 in 2016 – increasing your contributions can save you money. 

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Judge Suspends Rule Expanding Overtime for Millions of Workers

A federal judge in Texas issued a nationwide injunction on Tuesday against an Obama administration regulation expanding by millions the number of workers who would be eligible for time-and-a-half overtime pay.

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Weber O’Brien at the International Builders’ Show, January 10-12, 2017

Have you heard? Dave O’Brien and Jim Weber will be presenting at the International Builders' Show, January 10-12, 2017 in Orlando, Florida.  Here is a quick look at their presentations this year:

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Higher Self-Employment Taxes Coming In 2017

Did you know the national average wage index went up? You might have missed the news, but it's likely you will notice one impact: higher self-employment taxes.

How are the two related? The index is used to calculate the social security wage base, which is the amount of income subject to the 12.4% social security portion of the self-employment tax. When the index goes up, the wage base does too, and more of your income is taxed.

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The New Overtime Rules

The New Overtime Rules issued by the Department of Labor regarding the overtime eligibility is still set to go into effect December 1, 2016.

The House introduced and passed legislation, H.R. 6094, which would delay the overtime rules for a six-month period, but it has yet to be heard by the Senate and likely will be delayed until after the election. Therefore, we recommend proceeding with your plan to address this change within your company.

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Putting Family Members on Payroll

As a business owner, you should be aware that you can save family income and payroll taxes by putting junior family members on the payroll. You may be able to turn high-taxed income into tax-free or low-taxed income, achieve social security tax savings (depending on how your business is organized), and even make retirement plan contributions for your child.

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Get Ready For a Higher Social Security Wage Base

If you're an employer, you'll need to withhold social security tax from a higher amount of your employees' wages in 2017. The wage base for withholding social security tax from wages has increased to $127,200, up from $118,500 in 2016. 

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Get to Know Chris Falls, Tax In-Charge Accountant

Currently my role at Weber O’Brien is a Tax In-Charge staff. My responsibilities include:

  • Preparing corporate and individual tax returns
  • Preparing non-profit tax compliance forms
  • Preparing year-end trial balances
  • Training and Developing staff associates
  • Developing myself through experience and continuing professional education
  • Maintaining client tax compliance by responding to notices and requests by taxing authorities. 

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A recent survey of builders, developers, remodelers, and subcontractors by TD Bank found that U.S. builders value their partnerships with loan officers and rely on them to help close sales.

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Home Building Has Room To Grow

NAHB economist Robert Dietz looks at the economic growth potential of residential construction.

The economy got off to a soft start in 2016. Growth rates for the first quarter (0.8%) and the second quarter (1.2%) were disappointing, and NAHB has marked down its forecast for overall growth in 2016 to 1.6%. This would make 2016 the weakest year since 2011. Economic activity associated with investment has been weak for the past three quarters, due to energy sector declines and reduced business investment.

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