Who is a Household Employee? The “nanny tax” rules apply to you only if (1) you pay someone for household work and (2) that worker is your employee. A household employee is someone who does work in or
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So you saw online about the 𝐀𝐮𝐠𝐮𝐬𝐭𝐚 𝐫𝐮𝐥𝐞? (e.g., renting your home to your business and taking it as a business deduction but without paying tax on the rental income). Remember this: – You’re limited to 14 days
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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
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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
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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
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Can tax planning really reduce what you owe? Something many taxpayers find confusing is the differences between tax planning and tax preparation. What’s the point of tax planning? Won’t you owe the same amount no matter what? Let’s take a
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