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...
If you need to file for an individual federal income tax return, you will now use the IRS Form 1040 or 1040-SR for Seniors. The other alternatives above: Forms 1040A and 1040EZ ended...
A cannabis business can typically expect a series of scrutiny from the IRS that will want to penalize them if they are not compliant. Here are tips that can help your marijuana business...
Many people have hobbies like playing the piano or bead making simply for fun and do not expect any special monetary compensation from it. Some hobbies might require a couple...
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...
Restaurants can claim a federal income tax credit based on the share of FICA and Medicare ("employment") taxes that they pay on reported tip income to employees. In an ideal...
Posted by Elliot Kravitz, ATP on 03/05/2021
Tax benefits are available for military personnel and their families. However, these tax benefits are often overlooked. For example, any monthly military payment earned during a combat...
Everyone wants to save on taxes, and older Americans are no exception. If you're over 50, here are some tax tips that can help you get there.The standard deduction for the elderly: If...
Posted by Dennis Jao on 02/23/2021
The IRS does not require couples to file joint tax returns for the simple fact that they are married. Spouses have the option of filing separate marriage declarations, and some do...