How The Inflation Reduction Act May Affect Your Taxes

It is noteworthy that lawmakers claim that the IRA does not raise taxes on small businesses. But that doesn’t mean entrepreneurs aren’t affected by the law. A few key changes you should keep an eye out for are listed below.

Build Back Better Reconciliation Bill Has a Surprise for Employers

Hidden in the “Build Back Better” Budget Reconciliation Bill is a section that could change the whole retirement system in the U.S. A retirement plan must be offered by employers with five or more employees and employers must enroll their employees automatically, contributing 6% of their earnings to retirement accounts. In year five, the automatic contribution would increase to 10% of pay. You would invest in a Roth IRA in a target-date fund, a mix …

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