Tag: withhold

  • The Tax Score of Winning

    The Tax Score of Winning

    Studies have found that more people are engaging in online gambling and sports betting since the pandemic began. And there are still more traditional ways to gamble and play the lottery. If you’re lucky enough to win, be aware that tax consequences go along with your good fortune. Review the tax rules Whether you win…

  • Estimated Tax Payments:  Deadline for First 2021 Installment Coming Up

    Estimated Tax Payments: Deadline for First 2021 Installment Coming Up

    April 15 is not only the deadline for filing your 2020 tax return; it’s also the deadline for the first quarterly estimated tax payment for 2021 if you’re required to make one. You may have to make estimated tax payments if you receive interest, dividends, alimony, self-employment income, capital gains, prize money or other income.…

  • Now More than Ever, Carefully Track Payroll Records

    Now More than Ever, Carefully Track Payroll Records

    The subject of payroll has been top-of-mind for business owners this year. The COVID-19 pandemic triggered economic changes that caused considerable fluctuations in the size of many companies’ workforces. Employees have been laid off, furloughed, and, in some cases, rehired. There has also been crisis relief for eligible businesses in the form of the Paycheck…

  • The Next Estimated Tax Deadline is September 16: Do You Have to Make a Payment?

    The Next Estimated Tax Deadline is September 16: Do You Have to Make a Payment?

    If you’re self-employed and don’t have withholding from paychecks, you probably have to make estimated tax payments. These payments must be sent to the IRS on a quarterly basis. The third 2019 estimated tax payment deadline for individuals is Monday, September 16. Even if you do have some withholding from paychecks or payments you receive,…

  • The Tax Implications of Being a Winner

    The Tax Implications of Being a Winner

    If you’re lucky enough to be a winner at gambling or the lottery, congratulations! After you celebrate, be ready to deal with the tax consequences of your good fortune. Winning at gambling Whether you win at the casino, a bingo hall, or elsewhere, you must report 100% of your winnings as taxable income. They’re reported…

  • The “Nanny Tax” Must Be Paid for More than Just Nannies

    The “Nanny Tax” Must Be Paid for More than Just Nannies

    You may have heard of the “nanny tax.” But even if you don’t employ a nanny, it may apply to you. Hiring a housekeeper, gardener or other household employee (who isn’t an independent contractor) may make you liable for federal income and other taxes. You may also have state tax obligations. If you employ a…

  • 2019 Q1 Tax Calendar: Key Deadlines for Businesses and Other Employers

    2019 Q1 Tax Calendar: Key Deadlines for Businesses and Other Employers

    Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2019. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. January…

  • Do You Need to Make an Estimated Tax Payment by September 17?

    Do You Need to Make an Estimated Tax Payment by September 17?

    To avoid interest and penalties, you must make sufficient federal income tax payments long before your April filing deadline through withholding, estimated tax payments, or a combination of the two. The third 2018 estimated tax payment deadline for individuals is September 17. If you don’t have an employer withholding tax from your pay, you likely…

  • 2018 Q3 Tax Calendar: Key Deadlines for Businesses and Other Employers

    2018 Q3 Tax Calendar: Key Deadlines for Businesses and Other Employers

    Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2018. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. July…

  • Do You Need to Adjust Your Withholding?

    Do You Need to Adjust Your Withholding?

    If you received a large refund after filing your 2017 income tax return, you’re probably enjoying the influx of cash. But a large refund isn’t all positive. It also means you were essentially giving the government an interest-free loan. That’s why a large refund for the previous tax year would usually indicate that you should…