There's no denying that Covid-19 has changed the lives of millions of Americans. Some people lost their jobs after the permanent closure of their businesses and are yet to get...
Posted by CORE PERFORMANCE on 04/24/2022
Who is a tax dependent?A tax dependent is a relative or child whose characteristics and relationship with you allow you to claim certain credits and tax deductions, such as head of...
Posted by CORE PERFORMANCE on 03/10/2022
Also known as EITC or EIC, the Earned Income tax Credit is a refundable credit, meaning that if you owe no tax and you qualify, you will get the value of the credit. The idea is to...
Posted by Karen Munoz, EA on 09/03/2021
Tax is an unnecessary source of stress for small business owners. This is not surprising as many business owners have many things to worry about, and adding the complexity of preparing...
Posted by CORE PERFORMANCE on 07/23/2021
It is safe to call form 1040, the mother of all tax forms, as it is the standard tax form that people will need to report their income to Uncle Sam. In addition, it also comes handy...
When it comes to filing income tax returns, getting the lowest tax liability is not just about skill, it's about what you know. Unfortunately, many taxpayers lose deductions and...
The IRS assesses penalties and interest on the employer's account when they fail to collect, report, and remit payroll taxes. You may be personally liable for failure to withhold...
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...
If you have hired a gardener, nanny, cleaner, or other types of worker for household work, the law requires you to pay state and federal payroll taxes. This article sheds light on...