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Reporting Tip Income: Everything you should know

Reporting Tip Income: Everything you should know

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...

Posted by Jim McClaflin, EA, NTPI Fellow on 04/09/2021

Grimes IA Tax Pro for Reporting Tip Income Tax Preparer for Tip Income Income Tax Medicare Tax Social Security Tax Tips Gross Income Employer FICA Form 941 W2 Tips Allocated Form 8027 Food or Beverage
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What Are Quarterly Taxes?

What Are Quarterly Taxes?

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...

Posted by Don Bell Law on 04/08/2021

Grand Junction CO Tax Pro for Quarterly Tax Payments Tax Preparer for Quarterly Taxes Income Tax Self-Employment Tax Small Business Owners Due Dates Owe Calculate Gross Income Taxable Income EFTPS Estimated Pay Online Bank Account Tax Refu
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Tax Credits for Other Dependents: How to Qualify

Tax Credits for Other Dependents: How to Qualify

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...

Posted by Pat Raskob on 03/31/2021

Tucson AZ Tax Pro for Other Dependents Tax Preparer for Dependents Tax Credits Child Tax Credit College Kids SSN Adult Dependents ITIN Stepmother Stepfather Brother Sister Gross Income Modified Gross Income Married Single Support Test
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The Saver's Credit: What Is It & How It Works

The Saver's Credit: What Is It & How It Works

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....

Posted by Carmen Garcia on 03/28/2021

San Antonio TX Tax Pro for Saver's Credit Tax Preparer for Retirement Savings Gross Income Maximum Credit Distribution IRA Roth IRA SIMPLE IRA SARSEP 403(b) ABLE 401(k)
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Exploring the Taxes of Refunds

Exploring the Taxes of Refunds

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...

Posted by Taxes Made EZ Inc on 03/22/2021

Blackwood NJ Tax Pro for Refunds Tax Preparer for Repayment of Income Find a Tax Accountant for Rebates Refunds Recoveries Form 1040 Itemizing Form 842 Form 1040X Gross Income Mortgage Income
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Finalized Simplified Tax Accounting Rules for Small Businesses

Finalized Simplified Tax Accounting Rules for Small Businesses

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...

Posted by Aurelia E Weems CPA on 03/19/2021

Conroe TX Tax Pro for Tax Accounting Rules Tax Preparer for Simplified Accounting Rules for Small Businesses Simplified Tax Accounting Rules IRS TCJA Cash Method Gross Income C Corp Union Syndicate Abnormal Loss Section 1.448-2(b)(2)(iii)(B)
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Taxable vs. Non-taxable Income

Taxable vs. Non-taxable Income

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...

Posted by Elliot Kravitz, ATP on 03/17/2021

Cincinnati OH Tax Pro for taxable Income Tax Preparer for Non-Taxable Income Wages Tips Goods Services Gross Income Investment Self Employed Life Insurance Alimony Form 1040 Child Support Donations Welfare Benefits Form 1099-G Barter Exc
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What Taxpayers Should Know about the Loss of Personal Use Property

What Taxpayers Should Know about the Loss of Personal Use Property

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...

Posted by Don Bell Law on 03/01/2021

Grand Junction CO Tax Pro for Loss of Personal Use Property Tax Preparer for Personal Use Property Deduct Losses Damage Investment Form 1040 Schedule C AGI Adjusted Gross Income
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What is Gross Income: IRC Section 65

What is Gross Income: IRC Section 65

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...

Posted by Income Taxes and Bookkeeping LLC on 02/28/2021

Winchester IN Yax Pro for Gross Income Tax Preparer for IRC Section 65 IRC Section 65 W4 IRC Section 61
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