withholding
Check Your Withholding: Put More Money in Your Pocket Now or Prevent Tax Bills Later
It’s not too late to adjust your 2012 tax withholding to avoid big tax refunds or tax bills when you file your tax return next year. You should act soon to adjust your tax withholding to bring the taxes you … read more
What is Estimated Tax and Do I Have to Pay it Every Year?
The IRS requires taxpayers to make tax payments throughout the year in order to avoid underpayment penalties. Most taxpayers receive the bulk of their income in the form of wages and satisfy the payment requirements through the tax withheld by … read more
7 Tips to Start Planning Now for Next Year’s Tax Return
Okay, now that the tax professionals have all had time to catch our breath from the past tax season, we are ready to start thinking about next year! The following suggestions are from the IRS, where they remind us that … read more
Can Taxpayers Reduce their Federal Income Tax Liability by Filing a “Zero Return”?
IRS is constantly bombarded by frivolous tax arguments, some of which strike a reoccurring theme. One is where some taxpayers attempt to reduce their federal income tax liability by filing a tax return that reports no income and no tax … read more
The IRS Website – Top 10 Helpful Features
The IRS has an excellent website, full of helpful information and online support. The IRS recently released the top 10 reasons to visit www.irs.gov. 1. Unlimited access – get answers 24 hours a day, seven days a week The website … read more
Is Disability Income Taxable?
You’ve suffered a disability and fortunately you have disability insurance to help you out, but is the disability income you receive taxable? The answer to that question depends on who paid for the benefit. If the income is paid directly … read more
Newlywed Tax Tips
Have you recently married? Do you plan on being married by the end of the year? Likely the last thing on your mind at this time is taxes, but there are a few things you’ll want to take care of … read more
Have a Nanny? Tax Rules for Household Employees
Your nanny, babysitter, maid, or other domestic worker may be considered your employee in the eyes of the IRS. Generally, if you control what work is to be done and how it is done, your worker will be considered an … read more
Are You Making Rental Payments to Nonresidents?
We all are aware of providing form W-9 and form 1099 when paying for items such as services or rental income. As some of you may have found, some of the payees may not be US taxpayers and are ineligible … read more
Tips for Students With a Summer Time Job
The summer is almost over and many students are working or had been working summer jobs. Some of these students may not realize that taxes will have to be paid on their earnings. They may be under the impression that because it is only a … read more