10
Oct
TAX CALENDAR
This calendar notes important tax deadlines for the fourth quarter of 2024....
29
Jul
INDEPENDENT CONTRACTORS: HANDLE WITH CARE
Many businesses use independent contractors to help keep their costs down — especially in these times of staff shortages and inflationary pressures. Businesses that use independent contractors should be careful that these workers are properly classified for federal tax purposes. If the IRS reclassifies them...
02
Jul
TAX CALENDAR
This calendar notes important tax deadlines for the third quarter of 2024....
27
May
THE “NANNY TAX” MUST BE PAID FOR NANNIES AND OTHER HOUSEHOLD WORKERS
Many taxpayers employ household workers such as a cleaners or nannies who aren’t independent contractors. These employers may be required to withhold from their workers’ wages and pay Social Security and Medicare taxes, and possibly other taxes. This short article gives a rundown of what...
12
Jan
TAX CALENDAR
This calendar notes important tax deadlines for the first quarter of 2024....
09:00 /
Taxes
27
Nov
IS DISABILITY INCOME TAXABLE?
Many Americans receive disability income, and the question is often asked: Is it taxable? The short answer is: That depends on who paid for it. This article details how and when taxes may apply. A sidebar discusses how much disability coverage an individual may need....
06
Oct
TAX CALENDAR
This calendar notes important tax deadlines for the fourth quarter of 2023....
08:00 /
Taxes
06
Jul
TAX CALENDAR
This calendar notes important tax deadlines for the third quarter of 2023....
09:25 /
Taxes
17
Apr
BE PREPARED FOR TAXES ON SOCIAL SECURITY BENEFITS
No one likes surprises when filing a tax return. One thing that catches many older people off guard is getting taxed on their Social Security benefits. This article explains how taxpayers can calculate provisional income to determine whether their Social Security income is indeed subject...
09:00 /
Taxes
27
Jan
6 KEY TAX Q&AS FOR 2023
Right now, taxpayers may be more concerned about their 2022 tax bills than about how to handle their personal finances in the new year. However, as they deal with their annual tax filing, it’s a good idea to also familiarize themselves with pertinent tax-related amounts...
29
Apr
COULD YOU BE HIT WITH THE TRUST FUND RECOVERY PENALTY?
There’s a harsh tax penalty that business owners could have to pay personally if they own or manage a business with employees. It’s called the Trust Fund Recovery Penalty and it applies to the Social Security and income taxes required to be withheld by a...
07
Jan
IMPOSTER FRAUD TARGETS MILITARY MEMBERS AND VETS
According to the Federal Trade Commission, veterans lost approximately $60 million to fraud in 2020. Among the greatest fraud threats to this group is “imposter” fraud. This brief article defines this type of fraud and offers suggestions on how to avoid falling victim...
26
Nov
IS DISABILITY INCOME TAXABLE?
Many Americans receive disability income, and the question is often asked: Is it taxable? The short answer is: That depends on who paid for it. This article details how and when taxes may apply. A sidebar discusses how much disability coverage an individual may need....
30
Aug
KNOW THE NUANCES OF THE NANNY TAX
During the pandemic, many families have hired household workers. For any household worker who isn’t an independent contractor, “nanny tax” obligations may apply. This article explores the details of withholding, reporting and paying a household worker. A sidebar looks at the federal unemployment tax....
12
Oct
TAX CALENDAR
October 15 — Personal federal income tax returns for 2019 that received an automatic extension must be filed today and any tax, interest, and penalties due must be paid. The Financial Crimes Enforcement Network (FinCEN) Report 114, “Report of Foreign Bank and Financial Accounts” (FBAR),...
01
Jun
BEWARE OF TAX TRAPS WHEN MAKING AN EMPLOYEE A PARTNER
In today’s competitive employment market, a business organized as a partnership may want to promote an employee to a full partner. This brief article advises caution before acting, explaining some of the potential tax traps of doing so....
13
Oct
TAX CALENDAR
This calendar notes important tax deadlines for the fourth quarter of 2017....
09:00 /
Taxes
01
Aug
SHOULD YOU CONVERT FROM A ‘C’ CORPORATION TO AN ‘S’ CORPORATION?
Many private business owners elect to incorporate, turning their companies into C corporations. But, at some point, you may consider converting to an S corporation. This isn’t necessarily a bad idea, but it’s important to know the ramifications involved. Similarities and differences S and C corporations use...
11:00 /
Taxes
02
Jul
TAX CALENDAR
July 17 — If the monthly deposit rule applies, employers must deposit the tax for payments in June for Social Security, Medicare, withheld income tax and nonpayroll withholding. July 31 — If you have employees, a federal unemployment tax (FUTA) deposit is due if the FUTA liability through...
11:00 /
Taxes