Your 1040sIf your income is over a specific amount, paying the federal income tax is mandatory. You might have to pay income tax in some states as well. The income tax rate is a matter...
Many people are less concerned about whether they owe gift taxes or not. A gift tax return is a Federal Government tax return often filed with certain terms and conditions by the gift's...
The significant difference between S corps and partnership is the protection limited liability that S corps business owners enjoy. Partnerships, however, do not have this protection,...
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...
A flexible spending account (FSA) is a healthcare benefit account sponsored by the employer, which allows them to set aside $2,7750 every year to take care of the cost for medical...
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...
This is a form of savings account in which the owner gets some type of tax advantage. The employer can establish a flexible spending account or flexible spending arrangement for its...
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...