Basics of Tax-Efficient Investing

Money Talk

As I wrote in my book, Flipping a Switch , the investment firm Nuveen, many years ago, created the advertising slogan “It’s not what you earn, it’s what you keep.” This phrase was designed to encourage investors to buy tax-free municipal bonds that provide a higher after-tax return than higher-yielding taxable bonds. In a more general way, the advertisement was also promoting the concept of tax-efficient investing. For tax-advantaged accounts (e.g.,

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Ten Tax Planning Tips for 2022

Money Talk

Now that 2021 income tax season has been over for a month and the dust has settled, it is time to start some serious tax planning for 2022. Planning now provides seven months to take action and/or implement changes to avoid a stressful “tax scramble” at the end of the year. In an earlier blog post , I described 12 tax planning topics for 2022. Improve Your Tax Records - If disorganized records were a problem for 2021 taxes due in 2022, set up a better system.

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State Tax ID: What Is It, How to Apply, & Beyond

Patriot Software

More than likely, you also need a state tax ID number. So, what is a state ID number, and how can you obtain it? Payroll Payroll Taxes State-mandated LawsIf you have employees, you have responsibilities—one of which is to obtain a Federal Employer Identification Number (FEIN).

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Ten Tips for Tax Withholding on Multiple Income Streams

Money Talk

It is not uncommon for American taxpayers of all ages to have multiple streams of income. A big concern of people with multiple income streams is adequate tax withholding. Nobody want to pay the IRS tax underpayment penalty, which is 0.5% of the amount owed for each month or partial month of unpaid taxes. mutual fund dividend and capital gain distributions), and tax withholding. Use the IRS Tax Withholding Estimator to check if withholding is adequate.

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10 Things You Need to Know About Payroll-Only Registration

Before you go forward with payroll-only registration as a solution for hiring in another country, you should know it’s more complex than just filing some paperwork. In this ebook, you’ll learn about many of the challenges companies run into.

How Often Should I Update My W-4 Tax Form?

Stratus.HR

When you first filled out your W-4 tax form as a new employee, you probably didn’t think much about it afterwards. But what if you’re filing your taxes a year later and you discover you had fewer taxes withheld from your paycheck than expected.

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Thirteen Tax Topics for Older Adults

Money Talk

All of these events impact income taxes. This post describes thirteen tax-related topics (in no particular order) that people should be familiar with in later life. Funds must be withdrawn by the RMD deadline: December 31 of each tax year. 2020 tax returns for 2022 premiums).

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Twelve Tax Planning Topics for 2022

Money Talk

The 2021 income tax season will soon be in the history books. With income tax calculations still fresh in our heads, this is a great time to do some tax planning for 2022. Here are 12 tax topics to consider: Itemized Deductions- Only about 10% of taxpayers can itemize since the Tax Cuts and Jobs Act went into effect in 2018. Changed Income- A change in household income this year- up or down- will affect income taxes.

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Tax Filing: Paper or Ether?

Money Talk

I am one of the 10 million or so tax filers that the IRS probably hates. I continue to file my taxes on paper. It’s not that I haven’t tried to use fillable forms. But the process is cumbersome and it is so much easier for me- as an admitted frugal tax geek- to fill out paper forms, double check my math, and priority mail my tax return. It is like piecing together a quilt. Bottom line: no tax-filing method is 100% secure.

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What Taxes Do Businesses Have To Pay?

Kollath CPA

If you’re running a business, you’re on the hook for a variety of taxes. But What Taxes Do Businesses Have To Pay? Let’s take a look at the main categories: Income tax . All businesses except partnerships must file an annual income tax return.

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How to Achieve Your Cybersecurity Goals for Employee Data

Speaker: Gallagher

Join our employee benefits compliance experts as they address the current state of cyber, best practices when developing and maintaining a cybersecurity program for employer-sponsored benefits, and resources to help you meet cybersecurity goals for your employee data.

Government maintains income tax thresholds

Employee Benefits

Autumn budget 2022: The government will maintain the current freeze on income tax personal allowance and higher-rate tax thresholds until April 2028. The personal allowance is less of an issue for the highest earners, for whom it starts to disappear from the £100,000 mark onwards.

What Exactly Is a “Tax Year”?

Kollath CPA

What Exactly Is a “Tax Year”? A tax year is an annual accounting period for keeping records and reporting income and expenses. Types of Tax Year. You can adopt either type of tax year unless you have a required tax year. Hopefully this helped explain it!

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Is The Adoption Tax Credit Right For You?

Kollath CPA

However, with the help of the government, you can obtain an adoption tax credit that was worth $14,400 in 2021. This year, the adoption tax credit is now $14,890. The adoption tax credit comes with many different rules and limitations. Is The Adoption Tax Credit Right For You?

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Your Paycheck After Taxes: 7 Ways to Stretch It

Take It Personel-ly

It might have been from your job in high school, and it was time to collect your first-ever paycheck after working for two weeks. You opened it (or logged online) to see that glorious number — but thanks to taxes, […].

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The Tax Implications of Independent Contractors

Kollath CPA

It’s not just semantics; the IRS makes a stark distinction. You don’t generally have to withhold or pay any taxes on payments to independent contractors, as you do with employees. The post The Tax Implications of Independent Contractors appeared first on Kollath CPA.

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Do Nonprofits Pay Payroll Taxes?

Patriot Software

When it comes to payroll taxes, for-profit businesses have it pretty straightforward. For-profits pay payroll taxes. But for some nonprofit organizations, it’s not as simple. Do nonprofits pay payroll taxes? Do nonprofits pay payroll taxes?

APA’s Guide to Local Payroll Taxes Is Updated for 2023

American Payroll Association

Local income tax compliance can be challenging. APA’s Guide to Local Payroll Taxes, updated for 2023, can help. It is available in both online and print versions

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Government scraps 45% tax rate on incomes above £150,000

Employee Benefits

Mini Budget 2022: The UK government has announced that it will scrap the 45% tax rate on incomes above £150,000 as of 6 April 2023. The post Government scraps 45% tax rate on incomes above £150,000 appeared first on Employee Benefits.

2021 Tax Prep Tips for Small Businesses

Take It Personel-ly

As tax season rolls around, it can be a time-consuming and challenging process for small business owners to get things in order. tax code can be complex, and finding yourself out of compliance could lead to steep penalties.

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Filing the Final Tax Return

Kollath CPA

As a survivor, executor or administrator of an estate, you are obligated to file an income tax return reporting all the deceased’s income up to his or her date of death. Filing the Final Tax Return. If tax is due, submit payment with the return.

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All About Quarterly Tax Returns

Kollath CPA

IRS Form 941 is a tax form that businesses file quarterly. It is how businesses report income taxes. As well as payroll taxes, Social Security, and Medicare taxes that the business withheld from employee paychecks over the previous tax year.

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Child Tax Credits as Monthly Payments – Should I Unenroll?

Stratus.HR

The IRS recently announced that its program to provide advanced monthly payments of 2021 Child Tax Credits will begin in July. What is the Child Tax Credit? The Child Tax Credit is something a taxpayer typically claims when filing taxes.

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Employee Retention Tax Credit

360PEO Inc.

You may be eligible for the Employee Retention Tax Credit (really!) The #ERTC may seem complex if you're using a PEO but it's simplified and a hidden goldmine. The post Employee Retention Tax Credit appeared first on 360PEO Inc. CARES ACT Tax ERTC Tax Credit

Tough Tax Questions! Should You File for Tax Extension?

Take It Personel-ly

Is your tax return due and you’re not prepared? One of the best things you can do is to file for tax extension. A tax extension is a great way to get the time you need to prepare and gather your documents. This is a common problem.

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APA's Payroll Tax Calendar for 2022

American Payroll Association

It contains important payroll tax payment and reporting dates every payroll professional needs to know during the calendar year The APA Compliance Calendar for 2022 is now available on the APA website.

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It’s time to pay your deferred Social Security taxes

Business Management Daily

share of Social Security taxes last year, the time to make your first payment is approaching quickly. You’ll receive a separate notice for each quarter you deferred the deposit of your taxes. Your make-up payments must be made separately from your other tax deposits.

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Does Your W-2 Look Wrong? It Could Be This…

Stratus.HR

Although we don’t have control of the mail system, we strongly suggest you try to track it down to protect your personal information. To do this, log into the Stratus System , click the green $ sign, go to Taxes (W2 Info), then click the blue Edit button.

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No Time to Go It Alone: Why it Pays to Get Professional Help When you Have a Tax Problem

Take It Personel-ly

Whether you’re an individual trying to address your tax problems or a business trying to get things straight, it’s easy to fall into the mindset of trying to solve your problems yourself and get yourself operating legally and paying the right amounts of tax you owe.

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IRS Sounds Alarm on Abusive Tax Shelters & Transactions

Kollath CPA

All investors seek to take advantage of all legal means to legitimately reduce their overall tax liability, but abusive tax shelters are illegal investments claiming to reduce your income tax liability without changing the value of your income or assets.

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APA Asks IRS to Verify Employment for Tax Levies

American Payroll Association

The APA requested that the IRS improve the process by which it verifies employment prior to sending new Forms 668-W, Notice of Levy on Wages, Salary, and Other Income, to employers

The Property Tax Low-Down

Take It Personel-ly

Doing an internet search on taxes Calgary imposes gives you a lot of information on the new tax regulations that have recently come out. Business Lifestyle finance finances financial financial tips home homeowners personal finance property property management property tax taxes

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The Tax Situation When You Have Employees

Kollath CPA

Being an employer comes with a wide range of responsibilities, including withholding, depositing and paying employment taxes. How can you make sure you’re fulfilling all your tax duties to avoid getting hit with fines and fees? You must deposit the taxes you withhold.

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Retirement and Taxes: "To" and "Through" Planning

Money Talk

If you picture retirement planning and taxes as a Venn Diagram, there is lots of overlap between these two areas of personal finance. This is true both during one’s working years (when taxpayers are saving for retirement) and later, when people are older and withdrawing taxable income from tax-deferred accounts. At any stage of retirement planning, taxpayers' taxable income determines their tax rate. Tax-exempt income is income that is free from federal income tax.

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The Tax Implications of Closing A Business

Kollath CPA

However, it’s important to keep abreast of compliance requirements before you say goodbye. It’s designed to help you navigate the process of shutting down. It includes guidance on: What forms to file. The Tax Implications of Closing A Business.

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