Tax Planning

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 you don’t know about – or one you do know about but […]

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Can’t Pay Your Taxes? Here Are Some Payment Options

Article Highlights: If You Can’t Pay Automatic Extension in Federally Declared Disaster Areas Family Loans Home Equity Loans and HELOCs Credit Card Short-term Payment Plan IRS Installment Agreement Retirement Funds Filing Extensions Enforced Collections Offer-in-Compromise About 3 out of 4 American taxpayers receive a refund each year when they file their income tax returns, but

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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 of

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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. https://www.youtube.com/watch?v=vMVp1W9Rqfw Facebook Twitter LinkedIn Pinterest

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Don’t Get Hit with IRS Underpayment Penalties

Article Highlights: Pay-as-You-Earn System Withholding and Payment Forms IRS On-line Withholding Estimator Situations Triggering Underpayments Safe Harbor Payments True Safe Harbor Under federal law, taxpayers must pay taxes during the year as they earn or receive income, or they can find themselves falling victim to substantial underpayment penalties. Even worse, they may have spent the

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