Category Archives: Tax IRS
Planning Your Retirement With An IRA
There are a lot of ways to plan for retirement. One of the most common, however, is to invest in an Individual Retirement Arrangement, or an IRA. These kinds of accounts provide tax incentives for making investments that can help provide financial security later on in life. IRAs can be held by a bank,… Read More »
What Businesses Should Know About Backup Withholding And Reporting Non-Employee Compensation
Companies that hire independent contractors aren’t usually responsible for withholding income taxes, Social Security, or Medicare taxes from the pay of those individuals. They are, however, still required to report non-employee compensation of $600 or more to the IRS, using Form 1099-NEC. These forms must usually be submitted by January 31st every year. Where… Read More »
Victims Of Flooding In Missouri And Kentucky Eligible For Tax Relief
Storm victims in parts of Missouri and Kentucky who have been affected by flooding are now eligible for tax relief and as a result, have until November 15th to file their tax returns and make payments. Read on to learn more about who qualifies for disaster-related tax relief. Designated Disaster Areas The IRS is… Read More »
Paying Estimated Taxes
Taxes must be paid as a person earns or receives income throughout the year. This can usually be achieved by withholding a certain amount from one’s paycheck. If, however, the amount withheld from a salary or pension isn’t enough, or if a person receives income through interest, dividends, alimony, capital gains, or self-employment, then… Read More »
Tax Benefits For Small Businesses In 2022
Small business owners always qualify for a few specific tax benefits. However, for 2022, some of these benefits have been expanded. Some small business owners, for instance, could now be eligible for an enhanced 100 percent deduction for business meals. This is only one of the many tax benefits that small business owners could… Read More »
Preparing For A Natural Disaster
As we officially enter the summer months, Florida residents may want to reconsider either creating or reviewing their emergency preparedness plans, which includes taking steps to protect important tax-related information. Given the impact of hurricanes, tropical storms, flooding, land and mudslides, and winter storms on Florida over the last few years, there is no… Read More »
Taxpayers Should Consider Checking Their Federal Withholding
Most taxpayers are encouraged to review their federal tax withholding at least once a year to ensure that too much or too little tax isn’t being kept aside. There are, however, certain employees who should be extra diligent in double checking their withholding. For help determining whether you fall under this category, don’t hesitate… Read More »
Do I Need A Tax Transcript?
Taxpayers who need to verify their identity or provide proof of income could benefit from a tax transcript, which shows a wide range of tax-related information. The type of transcript that a person needs, however, will depend on the exact information he or she is looking for, so if you need help accessing your… Read More »
Recent Changes To Retirement Plan Distribution Rules
Under the federal tax code, retirement plan account owners are usually required to begin taking required minimum distributions (RMDs) when they turn 70 and one-half or 72 years old, depending on their birth date and when they retired. Not all retirement plans require RMDs, but many do, including traditional employee pensions and 401(k) plans…. Read More »
Tax Tips For Parents Who Shared Custody In 2020
We often receive tax-related questions from parents who share custody of their children, like who can claim that child as a dependent and who is entitled to the child tax credit. These questions have become even more pressing over the last couple of years, with many parents unsure about how the Economic Impact Payments… Read More »
