Should You Be Making Estimated Tax Payments?
If you are an employee, your federal tax payments are typically withheld from your paycheck by your employer. However, if some or all of your income is not subject to withholding, you should be making quarterly estimated tax payments. This typically applies if you are self-employed, an investor or a retiree — OR if your employer withholds taxes, but you receive additional income not subject to withholding, such as interest, dividends, capital gains, alimony, cryptocurrency and rental income.
Worker Classification: Is Your Worker an Employee or Independent Contractor?
As a business owner, you may hire both employees and independent contractors. This is especially true if some of your staff work from home. But you need to know the legal differences between the two so you can classify your workers correctly. Employee vs. Independent...
Tax Tips for Teenagers & Summer Jobs
Does your teenager have a summer or part-time job? Depending on how much they earn, they may have to file a tax return next April. Just because you claim them as a dependent on your tax return does not excuse your child from filing their own return in certain situations. What’s more, you cannot claim your child’s earned income on your own tax return.
Traveling for Business? Here’s What You Need to Know
Tax season was over in April, so you’re good until next year, right? Well, ignoring your financial situation for another six months may not be such a good idea. If you take a little time to plan ahead now, you can spot surprises before they become an issue, make things more manageable next tax season, and maybe even save yourself some money.
It’s Time for a Mid-Year Tax Check-Up
Tax season was over in April, so you’re good until next year, right? Well, ignoring your financial situation for another six months may not be such a good idea. If you take a little time to plan ahead now, you can spot surprises before they become an issue, make things more manageable next tax season, and maybe even save yourself some money.
Changes Are Coming to Your 401(k) Statements
A new information policy will soon impact your 401(k) statements, thanks to the Secure Act, which was passed in 2019. The legislation requires special disclosures be added to your quarterly statements issued after June 30.
Selling Your Home? Keep These Tax Effects in Mind
With today’s hot real estate market, you may be considering selling your home. Before you do, consider these possible repercussions to your federal income tax.
Graduation Season Reminder: Save Money with Tax Credits & a 529 Savings Plan
If your child is graduating from high school this year, congratulations! You’re obviously very proud. But you may also be more than a little worried about how to pay for higher education. Whether it’s specialized job training or an advanced degree, there are a lot of costs associated with higher education.
Thinking of Starting a New Business?
Last week was National Small Business Week. Because small businesses play a pivotal role in the nation’s economy, the Small Business Administration and the IRS teamed up to highlight the tax benefits and resources available to entrepreneurs. Here are some of the highlights you need to know.