The Federal Insurance Contributions Act (FICA) tax is a federal payroll tax imposed on employees and employers to fund Social Security and Medicare programs. FICA tax is a critical...
Posted by Pat Raskob on 03/14/2023
Every taxpayer needs the means to lower their taxes. Both individuals and business owners look for ways to save each dollar in taxes. Although the government initiated the Tax Cuts...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 03/01/2023
Education tax credits and deductions can provide significant tax savings for individuals paying for higher education expenses. For the 2022 tax year, there are two main education tax...
Posted by KLSM CPA Firm PLLC on 02/28/2023
Think of tax deductions as small (and sometimes not so small) gifts from the IRS. First, its value is subtracted from taxable income, and then the tax bill is calculated based on what's...
Posted by KLSM CPA Firm PLLC on 02/22/2023
Charitable contribution deductions are a type of tax deduction that allows individuals and businesses to deduct the amount of money they donate to a qualified charitable organization....
Posted by Pat Raskob on 02/17/2023
Owing the IRS is not what an American citizen hopes for, but there comes a time it happens, and might be out of your hands. The consequences are flexible at first, but the tail is...
Posted by KLSM CPA Firm PLLC on 02/17/2023
Unemployment insurance is a government program that provides financial support to workers who have lost their jobs through no fault of their own. It is designed to help individuals...
Posted by Dennis Jao on 02/17/2023
Federal students can claim tax credits and deductions for education. In addition, you may need to file early taxes to enjoy education financial aid. The government has enacted different...
Posted by Pat Raskob on 02/07/2023
Weight loss resolutions are the biggest topic each year, but not many know they can deduct weight loss expenses by itemizing their tax returns. However, the IRS has given space to...
Posted by Dennis Jao on 02/07/2023
