Taxes Related Topics 
Money Talk
FEBRUARY 23, 2023
Knowing your tax rate can help you prepare a tax return and take action(s) to reduce your tax liability. Do you know your federal income tax rate? You may actually have several different tax rates (e.g., This post describes the different federal tax rates that apply to taxpayers. Ordinary Income Tax Rate - The seven federal income tax brackets for ordinary income (e.g., Income taxes are progressive (i.e.,
Money Talk
MAY 18, 2022
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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Money Talk
AUGUST 3, 2022
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. This is the process of (legally) structuring an investment portfolio so the least amount of tax is paid. If you expect to be in a higher tax bracket, consider Roth (after-tax) investments.
Money Talk
JUNE 8, 2022
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. Below are ten tax withholding tips for taxpayers with multiple streams of income: Inventory Your Total Income- Make a list of projected income sources for the current year, using previous income listed on your 2021 tax return as a guide.
Advertiser: Paycor
There are few certainties in life. Death. Taxes. Changing compliance laws. Keeping up is a full-time job many companies can’t staff. That’s why finding the right HR provider is critical. Learn how Paycor helps you stay ahead. Download the guide today!
Patriot Software
DECEMBER 14, 2022
Self-employed individuals must pay a unique payroll tax called self-employment tax. What is self-employment tax? In this article, you’ll find out everything you need to know about self-employment tax. Payroll Payroll TaxesAre you self-employed?
Patriot Software
OCTOBER 17, 2022
Unemployment benefits are funded by unemployment taxes, which are paid based on employee wages. But who pays unemployment tax? Types of unemployment taxes Before you can learn who pays unemployment taxes, you need to know about the two types […] READ MORE.
Money Talk
MARCH 4, 2022
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).
Money Talk
APRIL 14, 2022
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.
HR Lineup
FEBRUARY 16, 2023
Drake Tax Software is a professional tax preparation software designed for small to mid-sized accounting firms and tax professionals. It also comes with customizable templates, which tax professionals can tailor to their specific needs. Taxes and Withholding
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American Payroll Association
JANUARY 5, 2023
The APA Compliance Calendar for 2023 has been released on the APA website and includes the filing dates for Forms 941, deposit due dates for withheld federal employment taxes, and more
Kollath CPA
DECEMBER 9, 2021
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.
HR Lineup
FEBRUARY 16, 2023
While the service is primarily known for its ease of use and convenience, it is important for users to understand the tax implications of using Cash App. This income is typically reported on a 1099 form, which will be provided to you by Cash App if you earn more than $600 in a given tax year.
Kollath CPA
JANUARY 13, 2022
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.
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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.
Patriot Software
APRIL 6, 2022
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.
Kollath CPA
MARCH 9, 2022
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.
Money Talk
FEBRUARY 25, 2022
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!
American Payroll Association
MARCH 9, 2023
The IRS issued a consumer alert that employers can pass on to their employees to help them be aware of tax scams involving Form W-2
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Patriot Software
OCTOBER 10, 2022
As a small employer, you have all sorts of payroll taxes to worry about: income taxes, Medicare tax, and Social Security tax. But, what about unemployment taxes? Do employers have to pay unemployment taxes? Do employers have to pay unemployment taxes?
Stratus.HR
JUNE 16, 2022
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.
Patriot Software
DECEMBER 15, 2022
Arizona employers, you may know that Senate Bill 1828 substantially reduced the state’s income taxes starting with the 2022 tax year. But did you also know that it requires employer action for the 2023 tax year? Payroll Human Resources Payroll Taxes State-mandated Laws
Patriot Software
MARCH 10, 2023
If so, you might have heard about House Bill 2526, a 2023 law that significantly cut individual income tax rates. As a result, your West Virginia income tax withholding might look a little different. Employers are […] Read More Payroll Payroll Taxes State-mandated Laws
Patriot Software
DECEMBER 5, 2022
You must withhold payroll taxes from employee wages and remit them to the proper agencies. Depending on the payroll tax, you must match employee contributions. But, not all payroll taxes are created equally. So, who pays payroll taxes?
Kollath CPA
MARCH 7, 2023
The gig economy has a lot to recommend it, but in a recent notice, the IRS is reminding gig workers that taxes are still a requirement, even if they can be a little confusing in this model. The more you know, the more you can effectively work with your tax professional.
Patriot Software
APRIL 18, 2022
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?
Take It Personel-ly
MARCH 22, 2021
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.
Business Management Daily
MARCH 3, 2023
Congress routinely showers small businesses with tax preferences. And now is the time to think about them, since the tax-filing deadlines for calendar-year corporate returns are fast approaching—March 15 for S corps and April 18 for C corps. For tax years beginning after Dec.
WEX Inc.
MARCH 7, 2023
The season for filing taxes is upon us once again. We wanted to share a few tips and reminders about the health savings account (HSA) information you’ll need for your tax return. You'll need this form when filing your taxes. This form is not a requirement when filing taxes.
American Payroll Association
SEPTEMBER 10, 2022
The Pennsylvania Department of Revenue announced that withholding tax will be added to the new myPATH tax portal in late November. myPATH is replacing e-TIDES
American Payroll Association
JANUARY 25, 2022
The governor of Washington has announced a delay collecting the payroll tax associated with the Washington long-term care insurance program until April 2022
Business Management Daily
MARCH 16, 2023
Tax home You can reimburse employees for their travel expenses when they travel away from their tax home on business. Tax homes aren’t employees’ homes, unless they’re working from home. Tax homes are employees’ regular or main place of business.
American Payroll Association
JANUARY 25, 2022
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.
HR Lineup
JANUARY 2, 2022
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.
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