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.

Taxes 131

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 Funds must be withdrawn by the RMD deadline: December 31 of each tax year. 2020 tax returns for 2022 premiums).

Taxes 170
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

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. 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. Yes, I could hire someone or buy $100 software to complete my tax return but, as I said, I actually like filling out tax forms. True confession time!

Taxes 100

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.

Taxes 80

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.

What Are Payroll Taxes?

Patriot Software

Employers juggle many responsibilities, including calculating and withholding payroll taxes and other deductions. But, what exactly does payroll taxes include? If you’re wondering about understanding payroll taxes, never fear—your payroll taxes breakdown is here.

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.

Taxes 82

The Tax Implications of Independent Contractors

Kollath CPA

You don’t generally have to withhold or pay any taxes on payments to independent contractors, as you do with employees. For an official ruling, you can file Form SS-8, Determination of Worker Status for Purposes of Federal Employment Taxes and Income Tax Withholding, with the IRS.

Taxes 83

Payroll Tax vs. Income Tax

Patriot Software

Tax withholding comes with the territory of being an employer. Employment taxes can be broken down into payroll taxes and income taxes. But when you hear about a payroll tax deferral, you probably want to know the exact difference between payroll tax vs. income tax.

Taxes 107

What Is Local Income Tax?

Patriot Software

Here’s another tax to add to the payroll checklist: local income tax. Cities, counties, small areas, and localities across the country have a local income tax for individuals working or living in the area. But, what is local income tax? What is local income tax?

Taxes 73

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.

Taxes 56

Employee Retention Tax Credit

360PEO Inc.

You may be eligible for the Employee Retention Tax Credit (really!) payroll #cashflowmanagement #bookkeeping #financeEmployee Retention Tax Credits (#ERTC) under CARES ACT have been available for #SMB yet there has been confusion. CARES ACT Tax ERTC Tax Credit

Taxes 52

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.

Taxes 52

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.

Taxes 86

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.

Taxes 66

5 Best Tax Software for 2022

HR Lineup

Filing federal and state tax returns online can be challenging and overwhelming for employers. Since the process needs to be seamless and fast, employers are looking for effective tax filing solutions. Luckily, there are tax software programs out there to simplify filing tax returns.

Taxes 67

Myths of the Estate Tax

Kollath CPA

If you think you can avoid the federal estate tax, ­­you’re probably right. The federal estate tax applies to Americans only if their estates total more than $11.7 Learn more Myths of the Estate Tax below. State taxes are collected only above certain wealth thresholds.

Taxes 52

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

Taxes 60

Connecticut’s Tax Amnesty Program Launches

American Payroll Association

A three-month tax amnesty program in Connecticut runs through January 31, 2022, and includes withholding tax

The Tax System in France

Global People Strategist

However, French residents pay for these benefits through a substantial amount of taxes. Those who wish to work and reside in France have a variety of taxes to be paid, here is a closer look at the French tax system. Types of Taxes. Income Tax. Income Tax.

Taxes 52

Washington Governor Delays Long-Term Care Insurance Payroll Tax

American Payroll Association

The governor of Washington has announced a delay collecting the payroll tax associated with the Washington long-term care insurance program until April 2022

Taxes 116

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.

Taxes 89

6 Troublesome Small Business Tax Mistakes That Could Cost You a Fortune

Take It Personel-ly

Taxes typically take the backseat to customer acquisition and sales when it comes to your time and attention. However, don’t get so distracted during tax season that you make mistakes that result in you overpaying your taxes, incurring tax penalties, or inviting an audit.

Taxes 73

What Are Pre-tax Deductions?

Patriot Software

Do you need to withhold money from employee wages beyond taxes (e.g., Then you might be wondering when exactly you deduct the employee’s contributions—before or after taxes. For accurate withholding, understand what are pre-tax deductions.

Tax-Free Investing for Those Fearing a Tax Hike

Money Talk

A recent article in the Wall Street Journal described a new investment trend: “Wealthy Americans eyeing potential tax increases are helping drive record amounts of money into municipal bond funds.” It also went on to state that tax-free U.S. With these trends in mind, now is a good time to review some basics about tax-free (a.k.a., tax-exempt) investing. Reciprocal Immunity- For over 100 years, government entities do not tax each other’s investors.

Taxes 100

How to Fill Out Form 940 for Federal Unemployment Taxes

BerniePortal

HR Compliance TaxesUnemployment has unfortunately become a relevant issue for more and more American workers over the past year. But funding unemployment has concerned employers for decades. To that end, employers comply with federal law by using Form 940.

Taxes 82

Utah Establishes 20-Day Threshold for Nonresident Income Tax Withholding

American Payroll Association

For tax years beginning on or after January 1, 2023, employers will not be required to withhold Utah income tax from nonresident employee wages for services performed in the state, unless the employee spends more than 20 days working in Utah

Why You Shouldn’t Do Your Taxes on Your Own

Take It Personel-ly

Tax season is here, and the stress builds up as the date of filing approaches. It can be tempting to do taxes on your own especially if you think it will save you some money. Filing your taxes […].

Taxes 67

Understanding pre vs. post-tax benefits

PeopleKeep

However, every employer offering benefits has to deal with the ins and outs of pre-tax and post-tax deductions. Both pre-tax and post-tax benefits have their pros and cons.

How to calculate your premium tax credit with a QSEHRA

PeopleKeep

Since the Affordable Care Act created premium tax credits in 2014, millions of low-income Americans were able to get more affordable access to health insurance premiums on the state and federal exchanges. Watch our video to learn more about how premium tax credits work across all HRA types.

Taxes 83

Washington Long-Term Care Insurance Payroll Tax Delayed Until July 2023

American Payroll Association

Recent legislation delays the collection of the employee-paid payroll tax to fund the Washington long-term care insurance plan until July 1, 2023. Employers must refund the payroll tax already collected to employees

Taxes 123

How to Calculate Payroll Taxes

Patriot Software

One responsibility you have once you hire employees is withholding taxes from their paychecks. For accurate withholding, learn how to calculate payroll taxes. What are payroll taxes? When you think of payroll taxes, you might think of all […] READ MORE.

Tax FAQs: Questions Employees Might Have in 2021 | BerniePortal

BerniePortal

Tax season is busy for employers on both a personal and professional level. From compliance matters to deadlines, this resource will help answer questions your employees may have about tax season. HR Taxes

Taxes 83

Be Prepared for Employee Questions as IRS Begins Accepting 2021 Tax Returns

American Payroll Association

On January 24, the IRS opened the tax filing season for taxpayers

What is Futa and Suta Tax?

HR Lineup

As an employer or business owner, there are various taxes that the federal and state government requires you to pay. For instance, the W-2 employee (FICA) tax requires you to withhold your workers’ money to cater for medicare and social security taxes. What is FUTA Tax.

Taxes 65

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

Stratus.HR

To do this, log into the Stratus System , click the green $ sign, go to Taxes (W2 Info), then click the blue Edit button. If you made any pre-tax contributions last year, your YTD earnings will not match Box 1 of your W-2. Unless you like paying taxes.).

Taxes 62

Your Paycheck After Taxes: 7 Ways to Stretch It

Take It Personel-ly

You opened it (or logged online) to see that glorious number — but thanks to taxes, […]. Business Lifestyle budget business financing business leaders business tips finance financial financial management financial tips Improvement money money management taxes

Taxes 83