Summary: New entrepreneurs think about production, marketing, sales and human resources — but often forget the tax angle. You need to be on top of your IRS situation from day one. Click through for an overview of taxes for new businesses. Have you given thought to your tax responsibilities, and the choices you need to make […]
Summary: Few business tax issues are as confusing or as subject to misunderstanding as what you can deduct. Mistakes can lead to wasted money and serious legal trouble. Click through for an introduction to what is and what is not deductible. When you’re filing your tax returns, what expenses can you deduct from business income? It’s […]
Summary: Everyone knows standard paychecks are subject to tax withholding, but other kinds of payments may be subject to withholding as well. Click through for an introduction to withholding rules that affect both payer and payee. Payments such as fees to an independent contractor — as opposed to an employee — are not typically subject to […]
Summary: Are you part of a blended family? You will have special estate planning challenges, both financial and emotional. Click through for some tips on creating a plan that is equitable and makes sense for your situation. If you’re in a second marriage, you and your spouse may both have children from previous relationships. You don’t […]
Summary: IRAs are tax-favored personal savings accounts that set aside money for retirement. Most people have heard of them, but not everyone knows the tax details. Click through to make sure you understand how the tax advantages work. IRAs — individual retirement arrangements — are among the most popular retirement savings vehicles. They can be used […]
Summary: Tax years are based on annual accounting periods in which you keep records and report income and expenses. A tax year may not be a calendar year. Click through to discover the myriad annual accounting periods you may or may not adopt. A tax year is an annual accounting period for keeping records and reporting […]
Whether you have one employee or 1,000, you have to take responsibility for withholding and remitting Social Security taxes. Click through to make sure you know the basics and comply with the rules. The Federal Insurance Contributions Act (FICA) mandates that employers have to withhold, and also match, certain taxes. FICA consists of Social Security […]
Here’s some good news for you from the IRS as you get older: You get extra tax breaks. The Internal Revenue Code and other laws contain special provisions for the elderly. Click through to make sure you don’t leave anything on the table. Getting older has its perks, including tax breaks. Your income threshold for […]
Summary: What you think you know about taxes and divorce may be wrong. The Tax Cuts and Jobs Act changed the rules and whether you’re paying or receiving, you need to know the details. Click through for guidance on the tax situation surrounding alimony. In divorces, an ex-spouse may be legally obligated to make payments to […]
Summary: If you’re running a business, you don’t only have to worry about your own personal taxes. You have to concern yourself with your company’s taxes as well. Click through for an introduction to business taxes. If you’re running a business, you’re on the hook for a variety of taxes. Let’s take a look […]