Summary: Want to seek relief from penalties that resulted from your spouse’s underpayment of tax? Click through to learn how you can protect yourself. Sometimes, marriage can stymie the financial life of even the savviest person. You go along living your life, working, eating, sleeping — and suddenly you discover that your household paid […]
Summary: The sharing economy is based on peer-to-peer activity — acquiring, providing or sharing access to goods and services. Click through to see how it’s facilitated by community-based online platforms. The internet has made it easier for owners of goods and people who are seeking to use those goods to find each other. Individuals and groups […]
Summary: The IRS warns tax filers to avoid falsely inflating deductions or expenses on tax returns. This isn’t a minor infraction that gets winked at. Click through to learn which areas the agency is zeroing in on. The IRS has compiled a list of “Dirty Dozen” tax scams, and one swindle that the agency is warning […]
Summary: You may be worried about your heirs getting hit by the federal estate tax when you die. But are these worries justified? Click through for a look at how the often-misunderstood estate tax really works. If you think you can avoid the federal estate tax, you’re probably right. The federal estate tax applies […]
Summary: Business expenses are the cost of carrying on a trade or business. Sometimes, the IRS gives you a tax break for your expenses. Click through for an introduction to the complex world of business tax deductions. You have lots of expenses when running a business. Are any of them deductible? To begin with, […]
Summary: You may have been advised to check your tax withholdings at least once a year. But in 2021, considering all the pandemic-related changes, it’s a good idea to check more frequently. Click through for some IRS withholding advice to forestall any surprises at tax season. Are you having the right amount of taxes withheld from […]
Summary: You may be able to claim a tax credit of up to $5,000 when you set up a SEP IRA, a SIMPLE IRA or a 401(k) plan. Click through to see how the tax credit reduces the amount of taxes you owe. A tax credit for small-employer pension plan startup costs may be awaiting you. […]
Taxable income includes more than just your salary. You may be subject to backup withholding, and the payer — that is, the bank or other business that made the payment to you — must withhold at a flat 24% rate when: You don’t give the payer your TIN in the required manner. The IRS notifies […]