Summary: There’s a good chance that your organization employs both exempt and nonexempt employees. The line dividing them may be thin, but it’s critical you keep the distinction clear. Click through to ensure that duties and compensation are assigned based on exemption status.Are you sure you know whether your employees are considered exempt or nonexempt? […]
Summary: Homes often appreciate, especially when you’ve been living in them a long time. This is good but can create tax problems. Click through for tips on the tax situations impacting homes, to make sure you manage your home sale situation correctly.Consider Irene, who recently became a widow when her husband, Henry, died. Like most […]
Summary: It can be possible to settle your tax debt for less than you owe, but you have to know how the system works. If you’re suffering from financial hardship, click through to learn how to take advantage of an IRS program. Despite its reputation, the Internal Revenue Service can be flexible in situations where you […]
Summary: There are many things you must do when you close a business. One is to make things right with the IRS. Click through for an overview of your tax responsibilities as a business owner when you’re ready to move on. The decision to close a business’s doors for good is never an easy one. However, […]
Summary: If you’ve inherited an individual retirement account, you need to learn the complex rules that govern how you must handle it. Click through to learn how to avoid making decisions that can result in very expensive consequences. Have you inherited an IRA following the death of the owner? Are you the spouse of the original […]
Summary: Each year, employees may undergo life changes that could affect their income tax withholding. This is why it’s important to remind your employees to review their withholding every year, especially as they’re currently filing income tax returns. Click through to learn what employees should do once a year. The IRS says, “All taxpayers […]
Summary: It’s one of the fundamental rights of all taxpayers: You’re entitled to have representation in dealings with the IRS, even if you choose not to appear at the interview in person. Click through to learn how to retain an authorized representative for that help. Nobody likes dealing with the IRS, but if you […]
Summary: Filing an amended return can be a nuisance, but the IRS has made it a little easier by allowing taxpayers to file Form 1040-X electronically for the first time. Click through to see how this change simplifies the process. The IRS has announced that taxpayers can now file their Form 1040-X, Amended U.S Individual Income Tax […]
Summary: Not everyone who works for you is an employee. Some may be independent contractors. This means a simpler tax situation for you, so the distinction is important. Click through for tips on figuring out what kind of workforce you have and how to handle your tax responsibilities. Are your employees really employees, or […]
Summary: Many people think that tax deductions and credits are the same, but they’re not. Tax deductions reduce your taxable income, but tax credits reduce your tax bill dollar for dollar. Click through to find out what that means and when it matters. Tax deductions and tax credits can both help you, but that doesn’t mean […]