Summary: Thinking about starting a new business? It’s important to know about the federal and state taxes that go along with entrepreneurship. Click through to make sure you get started on the right foot. Your business is probably subject to a lot of taxes. If you’re launching a business, expect taxes — all kinds. Here’s […]
Summary: Did you know that you can authorize a third-party representative to work with the IRS on your behalf? Click through to learn about how to formally grant permission to a chosen representative. If you’re dealing with the IRS, you don’t necessarily have to do it alone. The agency permits you to authorize another person […]
Summary: An employer identification number, or EIN, is a federal tax ID number that your business uses to pay federal taxes, hire employees, open a bank account and apply for business licenses or permits. Click through to learn how to apply for an EIN. It is required for many business activities. If you plan to […]
Summary: Family treasures — jewelry, art, real estate — are often passed down through generations. If you’ve inherited something and are thinking about selling it, you may be wondering what it’s worth and if any of the proceeds will be taxable. Click through for an introduction to the complicated tax rules involved. If you’ve inherited […]
Summary: Form W-4 is completed by your employees, determining how much should be withheld from their paychecks. Choosing the correct amount of withholding is essential. Click through to learn how to guide your employees through completing the form. On your employee’s first day on the job, you are required to ask them to complete federal Form […]
Summary: Sales tax compliance can be a daunting task for small business owners, with rules and rates varying widely across state and local jurisdictions. Click through for an introduction to your sales tax responsibilities and a summary of common misconceptions. Sales taxes are levied by percentage on finished products at the point of sale, but […]
Summary: If you are thinking about making improvements to your home or even if you have just received an expensive repair bill, you may be wondering whether the work will be tax deductible. The answer is that generally it is not — but there are some exceptions. Click through to read more. For any renovation […]
Income can come in the form of money, property or services, but how do you know what is taxable and what is nontaxable? Click through for guidance on how to tell the difference based on certain circumstances. In general, income is taxable unless it is specifically exempted by law. Such taxable income must be reported […]
Do you have employees who earn $60,000 or less? If so, you can help them take full advantage of the Earned Income Tax Credit because, in most cases, they are eligible for it. Click through to learn about how many earners miss out on this beneficial tax credit just because they either have never heard […]
One of the benefits of owning a home is the tax deductions you can claim. You can deduct the interest that you pay during the year, which could result in significant savings on your income taxes. But how do you claim this deduction? Click through to find out.When you make your mortgage payment each month, […]