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 […]