Ask the Taxman: Can I establish multiple businesses under a single LLC
Ask the Taxman: Can I establish multiple businesses under a single LLC? Answer: The answer is yes–it is possible and permissible to operate multiple businesses under one LLC. Many entrepreneurs who opt to do this use what is called a “DBA” (also known as a “Doing Business As”) to operate an additional business under a […]
Ask the Taxman: Which copy of the W-2 does the employer keep?
Ask the Taxman: Which copy of the W-2 does the employer keep? There are 6 parts to the W-2; Copy A is sent to the Social Security Administration Copy 1 is sent to the State Taxing Authority(ies) Copy B is the Federal copy for the employee Copy C is the copy for the employee to […]
Choosing Tax Resident Status for a Non-Resident Alien Spouse
Choosing Tax Resident Status for a Non-Resident Alien Spouse The Internal Revenue Code allows a U.S. citizen or a resident alien to treat their spouse as a tax resident of the U.S. This option provides some advantages and some taxing consequences for the husband and wife. So, one must carefully understand the full implications of […]
Cryptocurrency and the Wash Sale Rule
Cryptocurrency and the Wash Sale Rule The IRS classifies cryptocurrencies like Bitcoin, Ethereum, Dogecoin, or Shiba Inu as property. Cryptocurrency investors are subject to the same capital gains and losses rules that apply to other investors, with one important exception. Cryptocurrency investors escape the wash sale rule. What is the Wash Sale Rule? The wash […]
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 […]
Agreement to make Payments | Agreement Payment Plan | Advantage of Direct Debit Payments
Agreement to make Payments | Agreement Payment Plan | Advantage of Direct Debit Payments If your tax bill is too much for you to pay in a single payment, you have options. The IRS has Installment Agreement plans to spread your payments over several years. While having an IRS debt is stressful, […]
Benefits of Paying by Direct Debit | Benefits of Direct Debit Payments | Balance Owed IRS Installment Agreement
Benefits of Paying by Direct Debit | Benefits of Direct Debit Payments | Balance Owed IRS Installment Agreement If your tax bill is too much for you to pay in a single payment, you have options. The IRS has Installment Agreement plans to spread your payments over several years. While having […]
Can I Make Partial Payments to IRS | Can I Deduct IRS Installment Payments | Business Payment Agreement
Can I Make Partial Payments to IRS | Can I Deduct IRS Installment Payments | Business Payment Agreement If your tax bill is too much for you to pay in a single payment, you have options. The IRS has Installment Agreement plans to spread your payments over several years. While having […]
Can I Set Payment Plans to IRS | Can I Pay the IRS Monthly | Can I Pay Tax Return in Installments
Can I Set Payment Plans to IRS | Can I Pay the IRS Monthly | Can I Pay Tax Return in Installments If your tax bill is too much for you to pay in a single payment, you have options. The IRS has Installment Agreement plans to spread your payments over several years. […]
Can You Pay Off an IRS Installment Early | Can You Make Payments on Taxes Owed to the IRS
Can You Pay Off an IRS Installment Early | Can You Make Payments on Taxes Owed to the IRS If your tax bill is too much for you to pay in a single payment, you have options. The IRS has Installment Agreement plans to spread your payments over several years. While having an […]