It may come as a surprise that awards and prizes are taxable. The prize is filed under income tax if a taxpayer receives an award from a competition. This is because the market value...
Posted by Pat Raskob on 11/30/2022
Since nonresident and resident aliens are taxed differently, it is important to determine your status. You are considered a nonresident alien when you are not a U.S. citizen or a U.S....
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 07/01/2022
Tax season has many people wondering what itemized deductions are and their role in tax preparation. Itemized deductions offer an alternative to standard deductions and can reduce...
Posted by Rosovich & Associates, Inc. on 06/24/2022
There is no dodging of social security taxes for many people for their employment and self-employment taxes. However, there are exceptions to these groups of people.You cannot dodge...
Posted by Karen Munoz, EA on 11/30/2021
It’s definitely an exciting journey to go off to college to widen your horizons, learn new things, and meet new people. But what makes education even better is when you get to...
Posted by Valderas Financial Solutions LLC on 11/14/2018
What is the Social Security Tax?Social Security tax is usually collected in the form of payroll tax or self-employment tax. It is levied on both employers and employees to fund the...
Posted by Valderas Financial Solutions LLC on 08/01/2018
For many taxpayers, determining residency can be as simple as indicating that you are a legal U.S. citizen. However, for those who are nonresident aliens, the tax implications are...
The first thing to note when it comes to self-employed tax, SE tax, is that it only refers to Medicare taxes and Social Security benefits. Self-employed persons may be required to...
Posted by East West Accounting Services LLC on 01/06/2016
The vast majority of individual taxpayers will file the Form 1040 to file their taxes. However, there are many other types of forms. The one that works best for you and your...
Posted by ERNIE BUSTAMANTE on 01/05/2016