As a self-employed worker, you can claim the status of an independent contractor. However, when it comes to paying taxes, your status has its peculiarities.If you're an independent...
Posted by CORE PERFORMANCE on 03/17/2022
For most 401(k) plans, the 401(k) tax only applies to withdrawals. Most 401(k) plans are tax-deferred, meaning no income tax on contributions or earnings, interest, or dividends that...
When starting a business, one of the first decisions you'll face is what type of business to register for. The type of business you choose will affect your taxes, obligations,...
Are you wondering if there is a hard rule on taxable income and non-taxable income? The answer is simple: all income is taxable unless it is expressly excluded by law. But, as you've...
Tax exemption is the right to exclude from tax certain amounts of income or assets.Being tax-exempt or having a tax exemption seems like a way to lower your tax bill, but it can cause...
Many American employees have many compensation packages in which stock options are one of them. It comes with complicated tax details even though all employees have the same right...
Posted by One Stop Taxes on 02/10/2021
You might have a home where you stay for some time in a year while you rent it for the other part of the year. Doing this means you have to prorate the incurred expenses between rental...
Bad debts arise because money was loaned to a debtor or a customer received credit for purchasing a product or service, but the recipient could not fully or partially repay the debt....
If you buy an annuity in pre-tax dollars, the annuity payments will be fully taxed as income. If you purchase an annuity with after-tax funds, you only have to pay income tax. Annuities...