Category Archives: Tax IRS
Reporting Your Tips
Individuals who work in the service industry often receive tips for their customer service. It comes as a surprise to many people that these tips often qualify as taxable income, so if you work in a restaurant, hotel, salon, or similar industry and have questions about your obligations in regards to your tips, consider… Read More »
Victims Of Hurricane Ian Qualify For Tax Relief
Hurricane Ian, which saw winds of 155 mph and flooding of up to 12 feet, has displaced an estimated 40,600 people in Florida. In recognition of the many hardships being faced by these residents, the IRS has offered tax relief to anyone with an address of record located in any FEMA designated disaster areas…. Read More »
401(k) And IRA Limits Increased For 2023
In 2022, taxpayers who wanted to contribute to 401(k) plans could only contribute up to $20,500. Similarly, the contribution limit for annual contributions to IRAs was capped at $6,000. However, due to a recent change put in place by the IRS, these numbers have been increased for 2023. Contribution Limits for 401(k)s The IRS… Read More »
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 »