Video Tips: Here’s Why You Should Have Your Tax Refund Direct Deposited
Receiving a tax refund is happy news to any taxpayer; getting it quickly is even better. Direct deposit is the safest and most convenient way to receive a tax refund. The IRS encourages taxpayers to file when they are ready and choose direct deposit to receive any refund they may be owed.
Get Those Kids a Job: The Tax Advantages of Securing Summer Jobs for Your Children
Article Highlights Standard Deduction IRA Options Self-Employed Parent Employing Your Child Tax Benefits Children who are dependents of their parents are subject to what is commonly referred to as the kiddie tax. This generally applies to children under the age of 19 and full-time students over the age of 18 and under the age of […]
Should You Be Keeping Home Improvement Records?
Article Highlights: Keeping home improvement records Home gain exclusion amounts Records may be required to avoid tax Many taxpayers don’t feel the need to keep home improvement records, thinking the potential gain will never exceed the amount of the tax code’s exclusion for home gains explained as follows. Under the current version of the tax […]
Don’t Ignore Household Employee Payroll Tax Rules
Article Highlights: Employees Tax Avoidance Form 1099-K Filing 1099s Correct Procedures W-2s, Payroll Taxes and Reporting Overtime Hourly Pay or Salary Separate Payrolls If you hire a domestic worker to provide services in or around your home, you probably have a tax liability that you don’t know about – or one that you do know […]
Payments not subject to FICA taxes | FICA Tax Refund
Payments not subject to FICA taxes | FICA Tax Refund FICA doesn’t apply to all types of pay. Here are a few of the more common types of payments to employees that aren’t subject to FICA tax withholding: Wages paid after the worker’s death Wages paid to a disabled worker after becoming eligible for Social […]
Commonly Asked Tax Questions
Article Highlights: What is Filing Status? When is One Required To File? What is AGI? Which is Better, Itemized Deductions or the Standard Deduction? What is a Tax Write-Off? How is Taxable Income Determined? What is the Difference Between the Graduated Tax Rates and the Tax Brackets? What is a Tax Credit? Which is Better, […]
Roundup of Individual Tax Changes For 2023
Article Highlights: Required Minimum Distributions (RMD) Excess Accumulation Penalty Military Spouse Retirement Plan Participation Clean Vehicle Credit Credit For Previously Owned Clean Vehicles Early Distribution Penalty Exceptions Credit For Energy Efficient Home Modifications Home Solar Energy Credit Credit For Small Employer Pension Plan Startup Costs Nanny Retirement Contributions Qualified Charitable Distributions Two recently passed pieces […]
Do your foreign bank accounts trigger FBAR filing requirements?
Do your foreign bank accounts trigger FBAR filing requirements? When you live or conduct business abroad, you often need a foreign bank account to make and receive payments locally. Or maybe you live in a country that requires you to set up a private foreign pension. Even when living in the US, you may have […]
Video Reminder: An Extension to File is Not an Extension to Pay Taxes
Taxpayers who can’t file by April 18, 2023 deadline can request an extension before that deadline, but they should know that an extension to file is not an extension to pay taxes. If they owe taxes, they should pay them before the due date to avoid potential penalties and interest on the amount owed.
Important changes to the 2017 FBAR deadline and Beyond
Important changes to the 2017 FBAR deadline You probably already know about FBAR and that you must report foreign bank and financial accounts if the account balances exceed certain thresholds. Starting in 2017, big changes to the FBAR deadline are in store. 2017 FBAR deadline aligns with the US income tax deadline In previous years FBAR filings, […]