Tag: pay

  • What Happens If an Individual Can’t Pay Taxes

    What Happens If an Individual Can’t Pay Taxes

    You may wonder what happens in the event you or someone you know can’t pay taxes on time. Here’s a look at the options. Common penalties The “failure to file” penalty accrues at 5% per month or part of a month (to a maximum of 25%) on the amount of tax your return shows you…

  • Individuals Get Coronavirus (COVID-19) Tax and Other Relief

    Individuals Get Coronavirus (COVID-19) Tax and Other Relief

    Taxpayers now have more time to file their tax returns and pay any tax owed because of the coronavirus (COVID-19) pandemic. The Treasury Department and IRS announced that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020. Taxpayers can also defer making federal income tax payments,…

  • When Is Tax Due on Series EE Savings Bonds?

    When Is Tax Due on Series EE Savings Bonds?

    You may have Series EE savings bonds that were bought many years ago. Perhaps you store them in a file cabinet or safe deposit box and rarely think about them. You may wonder how the interest you earn on EE bonds is taxed. And if they reach final maturity, you may need to take action…

  • Does Prepaying Property Taxes Make Sense Anymore?

    Does Prepaying Property Taxes Make Sense Anymore?

    Prepaying property taxes related to the current year but due the following year has long been one of the most popular and effective year-end tax-planning strategies. But does it still make sense in 2018? The answer, for some people, is yes — accelerating this expense will increase their itemized deductions, reducing their tax bills. But…

  • Contemplating Compensation Increases and Pay for Performance

    Contemplating Compensation Increases and Pay for Performance

    As a business grows, one of many challenges it faces is identifying a competitive yet manageable compensation structure. After all, offer too little and you likely won’t have much success in hiring. Offer too much and you may compromise cash flow and profitability. But the challenge doesn’t end there. Once you have a feasible compensation…