Many people assume tax planning is the same as tax preparation, but the two are quite different. Let's take a closer look:
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Avoiding surprises as a business owner is crucial to ensure you have a successful business. The same goes for managing your personal finances. By subscribing to our blog and newsletter you get the latest updates on the world of finance and taxes. Additionally, by visiting our main topic categories below you can educate yourself on the various topics regarding tax education, personal finance, and business ownership.
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Topics: Taxable Income, Business Ownership, Personal Finance, Taxes, Record Keeping, Managing Your Tax Liability, Tax Return, Tax Planning, Tax Preparation
Choosing a Retirement Destination: Tax Considerations
With health care, housing, food, and transportation costs increasing every year, many retirees on fixed incomes wonder how they can stretch their dollars even further. One solution is to move to another state where income taxes are lower than the one in which they currently reside.
Topics: Taxable Income, Personal Finance, Taxes, Retirement, Tax Planning, Financial Success
Whether you've invested in Bitcoin and sold it at a profit or loss or received it for services performed, you'll need to report it on your tax return. Here's what you should know:
Topics: Taxable Income, Personal Finance, Taxes
While taking money out of a retirement fund before age 59 1/2 is usually not recommended, in certain cases, it may be unavoidable, especially during times of economic crisis. If you need cash and have a retirement fund you can tap, here's what you need to know.
Topics: Personal Finance, Taxes, Retirement, Social Security
Starting your own business can be an exciting prospect, but there is more to it than simply writing a business plan. Also, if you expect to have employees, there are a variety of federal and state forms and applications that you need to complete to get your business up and running. That's where a tax professional can help. With this in mind, let's take a look at what you need to know before you start a new business.
Topics: Business Ownership, Small Business, Financial Success
Planning and Preparing for a Successful Retirement
As you approach retirement, it's vital that you pay attention to several important financial matters to ensure a smooth transition. Here are five of them:
Topics: Personal Finance, Retirement, Social Security, Financial Success
The gig economy, also called sharing or access economy, is defined by activities where taxpayers earn income providing on-demand work, services, or goods. This type of work is often carried out via digital platforms such as an app or website. There are many types of sharing economy businesses including two of the most popular ones: ride-sharing, Uber and Lyft, for example, home rentals such as Airbnb, and TaskRabbit.
Topics: Taxable Income, Personal Finance, Taxes, Managing Your Tax Liability, Tax Return, Tax Planning
While it probably seem like tax season just ended, it is never too early to do a "Paycheck Checkup" to make sure the right amount of tax is withheld from earnings - and avoid a tax surprise next year when filing your 2020 tax return. As a reminder, because income taxes operate as a pay-as-you-go system, taxpayers are required by law to pay most of their tax as income is received.
Topics: Taxable Income, Taxes, Tax Planning
If you employ someone to work for you around your house, it is important to consider the tax implications of this type of arrangement. While many people disregard the need to pay taxes on household employees, they do so at the risk of paying stiff tax penalties down the road.
Topics: Taxes, Tax Planning
On August 8, 2020, the President issued a Memorandum allowing employers to defer withholding and payment of an employee's portion of the Social Security tax (i.e., the 6.2% FICA portion of the federal payroll tax on employees). Medicare taxes, however, are not covered. The payroll tax deferral is effective starting September 1, 2020, and also applies to the employee portion of the Railroad Retirement Act Tier 1 tax.
Topics: Business Ownership, Taxes, Small Business