The advantages of being a self-employed or independent contractor are numerous. You have the freedom and flexibility to do your job, and it's also a great way to start your own...
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...
A reverse mortgage is a means of generating income when you employ the equity in your home. This loan provides an excellent way for seniors to get money if finances are not working...
Restaurants can claim a federal income tax credit based on the share of FICA and Medicare ("employment") taxes that they pay on reported tip income to employees. In an ideal...
Posted by Elliot Kravitz, ATP on 03/05/2021
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...
It is a common saying that there is nothing as certain as death and taxes. However, the issue with taxes is the inconsistency and the complication. Also, tax is not as old as human...
The FICA tax is the federal law on insurance contributions. The Federal Insurance Contribution Act is a federal payroll of the United States regulating social security and health insurance...
If you do not pay your taxes on time, interest and penalties will accrue with time. As a result, it is in the best interest of taxpayers to make payments when due. Statute of...
One of the most common mistakes businesses make is not having the right status for a worker. The options are employees or self-employed.An independent contractor (IC) carries out an...