Workers prefer benefits over more pay

The American Institute of CPAs released the results of its “2018 Employee Benefit Report” this week, which polled 2,026 U.S. adults (1,115 of whom are employed) about their views on workplace benefits. The report found that   80% of workers would choose a job with benefits over an identical job that offered 30 percent more salary with no benefits.

Employed adults estimated that their benefits represented 40 percent of their total compensation package, according to the study. The Bureau of Labor Statistics, though, states that benefits average 31.7 percent of a compensation package. Still, workers in the report see benefits as a vital part of their professional lives.

Don’t give up on year-end planning

It is not Dec. 31 yet, so while it’s time to start thinking about the filing process, it’s not too late for some last-minute adjustments. There are plenty of collections of suggestions for year-end strategies; here are just a few.

To start, don’t forget the usual tax-loss harvesting and maximizing contributions to 401(k) plans and other retirement and savings accounts.
And then there are plenty of parts of the TCJA to dig into, like planning around the new standard deduction.  Should you want to know more and to use the services of the professional for reduction of your taxes, contact Eileen   Guber, CPA at (215) 876-9800.

Foreign Tax Credits in 2018

he Internal Revenue Service recently issued proposed regulations on foreign tax credits for businesses and individuals after major changes in last year’s tax overhaul . The proposed regulations offer guidance on calculating foreign tax credits, and include rules for allocating and apportioning deductions that determine taxable income from foreign sources.  If you have foreign source income from work or investments, Guber and Company, CPAs will be happy to help you with new rules. Please call Eileen Guber, CPA at (215) 876-9800.