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 MoreIf 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 MoreLet’s talk about tax credits – what they are, how they differ from deductions, and which can benefit your small business. What are tax credits? A tax credit is a dollar-for-dollar reduction of one’s tax liability, reducing the
Read MoreDear 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 MoreWhat 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 MoreIf 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
