If you own or manage a business with employees, you could be personally responsible for paying a harsh tax penalty. It’s called the Trust Fund Recovery Penalty (TFRP). It applies to the mishandling of Social Security and income taxes that must be withheld from employees’ wages.
With so many people working remotely, it’s become more common to think about moving to another state, perhaps for better weather, to be closer to family or to reduce living expenses. Retirees also look at out-of-state moves for many of the same reasons. If you’re thinking about such a move, consider taxes before packing up your things.
Working from home isn’t new, especially for self-employed people. But during the height of the pandemic, millions of jobs were moved from employers’ premises to employees’ private homes. Many continue working from home and wonder if they qualify for the home office tax deduction.
Tax-saving benefits are generally available when your business puts newly acquired qualifying assets into service. Under Section 179 of the tax code, companies can take substantial depreciation deductions, subject to various limits adjusted annually for inflation.
Click on the links below to jump to each section in this article: Tips for Pain-Free Tax Filing Deduction vs. Credit Required Withholding for Supplemental Pay Tips for Pain-Free Tax Filing It’s time again to start thinking about getting your tax return prepared. Here are some quick tips you can use to help speed tax processing and avoid hassles. Gather all documents needed to prepare an accurate return, including W-2s, 1099 forms, statements of interest and dividends, and relevant receipts. Failure to provide certain information could mean an incomplete return, which may require additional processing and delay any refund due. Check names, Social Security numbers and amounts for accuracy and correct spelling. Also, if you supply a bank account number, double-check it. Don’t wait to...
Right now, you may be more focused on what you’ll owe (or receive as a refund) when you file your 2024 tax return in April than on tax planning for the new year. However, as you work through your annual tax filing, you should familiarize yourself with amounts that may have changed for 2025 due to inflation adjustments.
Companies without a disaster recovery or business continuity plan need only consider the aftermath of recent hurricanes. News reports estimated property damages from Hurricane Helene alone last year to be more than $59.6 billion, plus disruption of untold businesses and services.
Under an ESOP, employee participants gain partial ownership of the business through a retirement savings arrangement. Meanwhile, the company and its existing owner(s) can benefit from some tax breaks, an extra-motivated workforce and, potentially, a smoother path for succession planning.
Click on the links below to jump to each section in this article: Married Filing Separately: When It May Make Sense A Better Way to Help with Tuition Business Mileage Rate Is Up for 2025 Married Filing Separately: When It May Make Sense Filing joint tax returns generally results in the lowest tax bill for married couples. However, in some circumstances, they may pay less taxes if they file separately, such as when one spouse has large medical expenses. Medical expenses are deductible only to the extent that they exceed 7.5% of adjusted gross income (AGI). So if one spouse would have significantly lower AGI filing separately, it may increase the deduction. But be mindful of the downsides of filing separately. Certain tax credits, for instance, are generally unavailable to separate...
As the end of the year approaches, many people give more thought to supporting charities they favor. To avoid losing valuable charitable deductions if you itemize, you’ll need specific documentation, depending on the type and size of your gift. Here’s a breakdown of the rules:
