When it comes time to set up a retirement account, taxpayers may have questions about contribution limits and income thresholds, but many fail to consider how their distributions will be taxed. Instead, down the road when a taxpayer
Read More
If you own a business and have employees, then you are familiar with payroll and the payroll tax the IRS collects. As the employer, you are responsible for withholding certain taxes from your employees’ wages each pay period
Read More
Dear client, Being self-employed can be one of the most freeing and fulfilling things in one’s life. However, with that ownership comes responsibility – specifically a 15.3% self-employment tax. Why Do I Owe Self-Employment Tax Self-employment tax covers
Read More
What should you do if your state says you didn’t file a tax return? The Best Strategy Is To Be Proactive eFile your return and keep the receipt that shows it was processed. If you mailed, either mail
Read More
If you receive income through social payment apps (Venmo, Cashapp, etc.), you may be in for a surprise this upcoming tax season. CHANGES Beginning this year, taxpayers must report to the IRS transactions of $600 or more that
Read More
If you find yourself behind on paying back taxes, we recommend you take immediate action to attempt to mitigate the damage. Here are our top tips for what to do when you owe back taxes: 1. File an
Read More