Business ownership comes with many ups and downs, and sometimes, those downs may include a net loss for your company. If this is the first time your company has experienced a net loss, you may not be sure how this impacts your business’s taxes. Keep...
Every year, hundreds of taxpayers fall victim to tax fraud. Scammers file false returns using your name and Social Security number, and collect refunds from the federal and state governments. The IRS has taken additional steps every year, trying to educate taxpayers and help them...
Starting your own business is an exciting venture, but there’s much more to it than the upfront sales and the products or services you provide. So much goes into establishing and building a business, and there are a lot of little details you have to...
The amount you withhold from your paychecks can directly impact how much you owe in taxes when tax season rolls around. The goal, of course, is to withhold the perfect amount so that you neither owe taxes nor need to collect a refund. But since...
If you’ve been impacted by a natural disaster, you may be eligible for certain types of tax relief from the IRS. The exact types of relief provided will vary depending on your disaster area. However, this article will give you a basic understanding of what...
While most of the Tax Cuts and Job Act’s new tax laws went into effect in 2018, there was one major one that wasn’t yet applied: important changes to how alimony and other support payments are handled on your tax return. These laws went into...
Yesterday, the Labor Department made public a new final rule that will make it easier for small businesses to offer 401(k) plans to their employees. This rule will go into effect on September 30th, and will allow multiple small businesses to band together to offer...
Filing taxes for the wages you earned is relatively straightforward. However, if you’re an independent contractor or own your own business, things can get a bit trickier. If you’re feeling a bit daunted by the prospect of filing self-employment taxes, here are a few things...
One of the major tax law changes brought on by the Tax Cuts and Jobs Act was nearly doubling the standard deduction to $12,000 for individuals and $24,000 for married couples filing jointly. The law also placed a cap on many common deductions that taxpayers...
If you’re starting a new business, one of the first things you must do is to select a business structure. For those making their first foray into entrepreneurship, it’s important that you take the time to consider all of the ways in which the various...
