All workers and employers in the service industries where tips occur should abide by the relevant tax rules. One needs to pay income tax, Medicare tax, and Social security taxes on...
We look forward to all kinds of days throughout the year, like birthdays, wedding anniversaries, the Friday before a three-day weekend, Public holidays, etc. However, for the goal...
Tax credit for other dependents is a system designed by Uncle Sam in which relations (nuclear and extended families) can qualify for tax credits. With this credit, taxpayers can get...
Formerly known as the retirement savings contribution credit, the saver's credit offers a special tax reduction for low and modest-income taxpayers who save for their retirement....
When dealing with taxes, one needs to be proactive as things do not always move in a single direction. One might receive an income now with the mandate to repay some or everything...
The Treasury Department and IRS have issued final regulations to implement the changes made by the TCJA to tax accounting rules for small businesses. These regulations generally adopt...
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...
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...
Uncle Sam knows that many taxpayers are trying to limit or completely get rid of their federal income tax. They do this by claiming that all forms of compensation and funds received...