Payroll deduction is necessary to keep the company afloat. Employers are required by the government to subtract certain amounts from each employee’s paycheck. Most times, the deductions include personal income tax and social security, which the IRS receives from the company in advance. The company is like a collection agency for the IRS. If you have a CPA that does your tax management and files your return, you can discuss these deductions to see if they are plausible or necessary.
Read MoreThe estate tax rate can be one of the highest tax rates. It starts at 37% and can get as high as 47%. This means it’s important to carefully plan if you want to avoid the government getting the bulk of your hard-earned assets.
Read MoreEvery year, millions of Americans get tax refunds when there are taxes due and they file their tax returns. Many people are expecting this money and want to know when it should come. The IRS will issue about 9 out of 10 refunds in less than 21 days. However, there are many different things that can delay your tax return and cause it to take even longer and need additional time.
Read MoreIf you own a home or are hoping to purchase real estate in the future, you need at least a basic understanding of land and house taxes.
That knowledge will help you decide which property to buy and may save you money if mistakes are made in your taxes during your years of ownership. Keep reading to learn how to determine your land and house taxes whether you’re shopping for a new home or already own real estate.
Read MoreTaxes are inevitable, and nobody can pretend they enjoy the process of preparing and filing taxes every year. If you have filed your own taxes before or if you have at least helped prepare the paperwork on yours for several years, you at least understand the process and may be able to get through it relatively quickly.
If you are new to filing taxes, it is important that you learn the basics about how to save money on taxes, what kind of information you need to gather, and, if you need to, how to file a tax extension.
Read MoreIf you seek out professional help to complete your income tax return each year you are not alone. The IRS estimates that 80 million taxpayers, a full 56 percent of the people who file individual tax returns, use a paid preparer. But it still takes a little work and knowledge on your part to give your CPA all the necessary tools to complete the best return possible.
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