If you employ someone in your home, such as a housekeeper, nanny, or health care aide, your obligations do not end with paying wages. There are some important payroll tax responsibilities you are requ...
If you employ someone to work in your home, such as a housekeeper, babysitter, or home health aid, you may have to pay Social Security and Medicare (FICA) taxes on their wages. No taxes are due if tot...
Any homeowner who has ever dealt with a contractor knows that the relationship can be difficult and the results of a job may not be as expected. When serious problems arise, it may become necessary to...
- For purposes of the 3.8% additional Medicare tax on net investment income in 2013, how does this relate to rental income?
- Can I make a direct transfer of my IRA to my church and qualify for tax-free treatment (up to $100,000)? I’m 72 years old.
- I sold my residence at a loss. How do I report this on my tax return?
- I traveled to Africa on a mission trip with my church. I paid for the airfare. Can I deduct it?
Set Up a Tax Payment Plan Online
While it’s always best to pay your tax bill in full to avoid interest and penalties, if you find yourself unable to do this, you can set up an installment plan with the IRS by completing an Online Payment Agreement application at www.irs.gov/individuals. Condition: The total amount owed (tax, interest, and penalties) does not exceed $25,000.
Only 35.6% of all filers itemize their personal deductions; 64.4% claim the standard. The percentage of itemizers has been declining in the last several years.
Source: Statistics of Income Bulletin Fall 2010
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