Posts Tagged ‘IRS’
Watch Out For These Unexpected Tax Surprises!
No one likes surprises from the IRS, but they do occasionally happen. Here are some examples of tax situations you could find yourself in and what to do about them. Kids getting older tax surprise. Your children are a wonderful tax deduction if they meet certain qualifications. But as they get older, many child-related deductions fall…
Read MoreShrink Your Tax Bill in 2023
Here are several strategies to consider to shrink your tax bill in 2023. Consider life events. Consider whether any of the following key events may take place in 2023, as they may have potential tax implications: Purchasing or selling a home Refinancing or adding a new mortgage Getting married or divorced Incurring large medical…
Read MoreUnderstanding Tax Credits Versus Deductions
Tax credits are some of the most valuable tools around to help cut your tax bill. But figuring out how to use these credits on your tax return can get complicated very quickly. Here’s what you need to know. Understanding the difference To help illustrate the difference between a credit and a deduction, here is…
Read MoreMake Payroll Taxes Easy in 2022
Handling employment taxes can be complicated, especially when you’re required to file important tax documents throughout the year. Here’s a quick recap of the most vital payroll tax forms and what you can do to make your payroll life easier heading into 2022. Important Payroll Tax Forms Form 941 — Employer’s quarterly federal tax…
Read MoreJUST THE FACTS: Borrowed Money Must Be Paid Back
In the back of every Form 1040 instruction booklet there’s a section that shows where our federal government gets its money and where it is spent. As taxpayers, it makes sense to know this information. Here is the data for the government’s fiscal year ending September 30, 2019, as reported by the IRS in the…
Read MoreManage Your Business’s Unemployment Taxes
As a business owner, you’re required to pay three different types of payroll taxes. 1. FICA (Federal Insurance Contributions Act) is the tax used to fund Social Security and Medicare programs. 2. FUTA (Federal Unemployment Tax Act). Employers pay this federal tax to provide unemployment benefits to laid-off workers. 3. SUTA (State Unemployment Tax…
Read MoreTaxes: These Basics are for Everyone
Understanding how our tax system works can be tricky for anyone. Whether you’re an adult who never paid much attention to the taxes being withheld from your paycheck or a kid who just got his or her first job, understanding the basics can help refine and define questions you may have. Many schools don’t…
Read MoreYou Know You Need Tax Planning If…
Effective tax planning helps you make smart decisions now to get the future outcome you desire – but you need to make sure you don’t miss anything. Forget to account for one of these situations and your tax plans will go off the rails in a hurry: Getting married or divorced. One plus one does…
Read MoreDon’t Let Disaster Befall Your Favorite Non Profit
The filing deadline for most non-profit organizations is May 15. Missing this deadline results in penalties that can devastate the organization’s budget, or worse, strip them of their non-profit status and make your donations non-tax deductible! Here’s what you can do to help them: Check the charitable status online. The IRS has a master list…
Read MoreMajor Life Changes Ahead? Read This!
Too often major life decisions have tax implications attached to them. For the unwary, this can create a fairly large and unexpected tax bill. Here are four examples of major life changes that can have complicated tax implications: Changing jobs. Whether it’s a new, exciting opportunity or a result of being laid off, a job…
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