When a business hires an independent contractor, the employer is generally not responsible for withholding income taxes, Social Security, or Medicare taxes from their compensation.
What Businesses Need to Know About Reporting Nonemployee Compensation Read More »
There are many ways people plan for retirement. Individual Retirement Arrangements, or IRAs, are a common one. IRAs provide tax incentives for people to make investments that can provide financial security when they retire. These accounts can be with a bank or other financial institution, a life insurance company, mutual fund, or stockbroker. Here are some
IRAs Are One Tool in Your Retirement Planning Toolbox Read More »
Business travel can be costly. Hotel bills, airfare or train tickets, cab fares, public transportation – it can all add up fast. The good news is business travelers may be able to offset some of those costs by claiming business travel deductions when they file their taxes.
What Taxpayers Need to Know About Business Related Travel Deductions Read More »
As the old saying goes: When something sounds too good to be true, it probably is. Taxpayers with outstanding tax bills might be tempted by businesses that advertise and offer to help them reduce their tax debt.
Companies Who Promise to Eliminate Tax Debt Sometimes Leave Taxpayers High and Dry Read More »
By law, everyone must pay tax as they earn income. Generally, taxpayers must pay at least 90 percent of their taxes throughout the year through withholding, estimated or additional tax payments or a combination of the two.
Making 2022 Estimated Tax Payments Read More »
The IRS encourages businesses to begin planning now to take advantage of tax benefits available to them when they file their 2022 federal income tax return. This includes the enhanced business meal deduction.
The Enhanced Business Meal Deduction Read More »
When people go through a legal separation or divorce, the change in their relationship status also affects their tax situation.
Tax Considerations for People Separating or Divorcing Read More »
For many new grads and other people entering the workforce for the first time, filling out new hire paperwork can be confusing—what’s a W-4, anyway?
New Workers Need to Know About Income Tax Withholding Read More »
Tax credits and deductions can help lower the amount of tax owed. All taxpayers should begin planning now to take advantage of the credits and deductions they are eligible for when they file their 2022 federal income tax return next year.
Understand Eligibility for Credits and Deductions Read More »
When someone dies, their surviving spouse or representative files the deceased person’s final tax return. On the final tax return, the surviving spouse or representative will note that the person has died. The IRS doesn’t need any other notification of the death.
How to File a Final Tax Return for Someone Who Passed Away Read More »