Taxes on trust funds can create big problems for small businesses. When an employer withholds part of an employee's salary to pay income tax, health insurance, and social security,...
Some errors on your tax return can cost you a large refund or end up with a larger tax debt with penalties and interest. There could be an audit in the worst cases, but you can defend...
A 401(k) plan can be an attractive way to invest because it gives employees the ability to increase their contributions before tax and tax-deferred income until retirement. According...
If you need to file for an individual federal income tax return, you will now use the IRS Form 1040 or 1040-SR for Seniors. The other alternatives above: Forms 1040A and 1040EZ ended...
Treatment of distributions to persons placed on active service for at least 179 days (article 72(t) of the code)Under the current law Under current legislation, a taxpayer who...
The COVID 19 relief package passed in March 2020 includes provisions valued at $2.3 million to cushion the pandemic's effect. It is called CARES Act and comes with a package for...
We have seen that the stock market has hit several new highs in recent months. This is in addition to the fantastic bull market that ran for more than ten years before the rapid coronavirus...
The Internal Revenue Service (IRS) recently released annual tax inflation adjustments for 2021 for more than 60 allowances, including tax rate schedules, standard deductions, itemized...
Posted by Rosovich & Associates, Inc. on 12/31/2020
Many people struggle to find the funds they need to build up their retirement savings. Fortunately, a non-refundable tax credit, called a retirement savings contribution credit, can...