Choosing a business structure requires a calculation that balances tax and legal benefits with costs and time to set up. It is one of the most critical decisions you will make when...
There are some processes involved in filing an amended tax return with Uncle Sam. One needs to fill form 1040X and submit it to the IRS. Understanding the tax code is a pretty complicated...
Opening up the business of your choice is not a walk in the park. It is not enough that you have the necessary capital to invest in the type of shop or store that you have been planning...
The executor, most of the time, is charged with filing the state and federal income tax return for the deceased at the year of death. The surviving spouse is responsible if they file...
Posted by Karen Munoz, EA on 12/10/2021
Your tax payment as an independent contractor could be a little tricky. You must file extra forms, ensure you pay Uncle Sam enough in the year, and pay your self-employment tax. Who...
Posted by Karen Munoz, EA on 10/19/2021
The wage garnishment on a federal student loan occurs when the employer deducts part of the payment to repay the student loan after non-payment. Please note that under the Covid-19...
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...
It is common for someone to live in one state and have employment in another state. In this case, one might need to file a nonresident tax return if they have earnings in a state they...
There has been a lot of talk about tax penalties under the Affordable Care Act (ACA) in recent years. You may have heard of this tax penalty known as "individual mandate."Simply...