Tag: income

  • Questions You May Still Have After Filing Your Tax Return

    Questions You May Still Have After Filing Your Tax Return

    If you’ve successfully filed your 2022 tax return with the IRS, you may think you’re done with taxes for another year. But some questions may still crop up about the return. Here are brief answers to three questions that we’re frequently asked at this time of year. When will your refund arrive? The IRS has…

  • 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…

  • EIDL, Restaurant Grants Offer Relief to Struggling Small Businesses

    EIDL, Restaurant Grants Offer Relief to Struggling Small Businesses

    The American Rescue Plan Act (ARPA), signed into law in early March, aims at offering widespread financial relief to individuals and employers adversely affected by the COVID-19 pandemic. The law specifically targets small businesses in many of its provisions. If you own a small company, you may want to explore funding via the Small Business…

  • Will You Have to Pay Tax on Your Social Security Benefits?

    Will You Have to Pay Tax on Your Social Security Benefits?

    If you’re getting close to retirement, you may wonder: Are my Social Security benefits going to be taxed? And if so, how much will you have to pay? It depends on your other income. If you’re taxed, between 50% and 85% of your benefits could be taxed. (This doesn’t mean you pay 85% of your…

  • Good Records Are the Key to Tax Deductions and Trouble-Free IRS Audits

    Good Records Are the Key to Tax Deductions and Trouble-Free IRS Audits

    If you operate a small business, or you’re starting a new one, you probably know you need to keep records of your income and expenses. In particular, you should carefully record your expenses in order to claim the full amount of the tax deductions to which you’re entitled. And you want to make sure you…

  • Do You Have a Side Gig? Make Sure You Understand Your Tax Obligations

    Do You Have a Side Gig? Make Sure You Understand Your Tax Obligations

    The number of people engaged in the “gig” or sharing economy has grown in recent years, according to a 2019 IRS report. And there are tax consequences for the people who perform these jobs, such as providing car rides, renting spare bedrooms, delivering food, walking dogs, or providing other services. Basically, if you receive income…

  • Holiday Parties and Gifts Can Help Show Your Appreciation and Provide Tax Breaks

    Holiday Parties and Gifts Can Help Show Your Appreciation and Provide Tax Breaks

    With Thanksgiving behind us, the holiday season is in full swing. At this time of year, your business may want to show its gratitude to employees and customers by giving them gifts or hosting holiday parties. It’s a good idea to understand the tax rules associated with these expenses. Are they tax deductible by your…

  • Putting Together the Succession Planning and Retirement Planning Puzzle

    Putting Together the Succession Planning and Retirement Planning Puzzle

    Everyone needs to plan for retirement. But as a business owner, you face a distinctive challenge in that you must save for your golden years while also creating, updating and eventually executing a succession plan. This is no easy task, but you can put the puzzle pieces together by answering some fundamental questions: When do…

  • 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…