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...
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 lot of small businesses’ operations are conducted from a home office. As long as you use a designated room exclusively for business, it qualifies for some deductions, provided...
An Insight into Personal Use propertyUncle Sam defines personal use property as an asset or property used solely for private purposes and does not serve as an investment or business...
An IRS relief procedure for certain former citizens was introduced in September 2019 to allow certain Americans to renounce their U.S. citizenship without paying taxes and fines.The...
It is a sad reality for many people that they will have to let go a particular percentage of their income to Uncle Sam. While there is nothing much we can do about that, the right...
It's tricky to make the mistake of believing that perhaps the benefits of the Roth IRA are limited to retirement. After all, you've presumably been told that you can...
Posted by CORE PERFORMANCE on 02/23/2021
What is considered a convertible virtual currency?Convertible virtual currency is an uncontrolled digital currency. Still, it can be used as a substitute for a real and legally recognized...
Going through the process of divorce or separation can be a very difficult time. Consider these tax tips for avoiding mistakes with the IRS.The process of divorce or separation is...