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...
Owning or managing property has many benefits that people overlook, such as the benefits of vacation rentals and tax deductions. While there are several expenses and rules to consider...
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...
When dealing with taxes, one needs to be proactive as things do not always move in a single direction. One might receive an income now with the mandate to repay some or everything...
A cannabis business can typically expect a series of scrutiny from the IRS that will want to penalize them if they are not compliant. Here are tips that can help your marijuana business...
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...
Ideally, scholarships and grants should not be taxable, which is good news for students. However, it is too early to rejoice as Uncle Sam might want a cut based on the amount you got...
Posted by Pat Raskob on 03/08/2021