The United States tax system is complex, and filing tax returns accurately is crucial to ensure compliance with the Internal Revenue Service (IRS). One critical aspect of the tax return...
Settling an estate means paying the final tax bill. You can use the usual tax forms and Internal Revenue Service guidelines to file taxes on behalf of a deceased person, but it is...
You must know by now that you most likely have pytrol taxes when you start running a business. It doesn’t come as a surprise that the internal revenue service has strengthened...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 03/31/2022
The IRS requires 1099 forms to obtain information on various nonemployee transactions, including payments to freelancers and legal services. Sounds simple, doesn't it? Keep track...
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...
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...
Is Foster Income Taxed?Payments received as Foster Income are NOT taxable, so you do not need to report them. Suppose the assistance is provided to a qualified foster individual and...
A particular problem often arises when one spouse feels that he or she has been unfairly affected by the other spouse's tax liability. Married taxpayers who file a joint income...
Posted by Carmen Garcia on 08/20/2020
Your business is personal good, has resources within its walls, and has a huge impact on what your organization owes in tax. Unfortunately, this critical perspective is often overlooked...