You’re well aware of income taxes and sales taxes. You see federal and, where applicable, state income taxes withheld from wages; you handle your income tax obligations on annual income tax returns....
What’s up with 2012 taxes? That’s a good question! It’s important to know the answer because it affects the moves you make this year as well as the 2012 estimated tax payments you make. Unfortun...
Tax terms can be confusing, especially when they appear only as acronyms. In order to benefit from tax articles designed to help you in tax planning where acronyms are included, it is important to und...
Did you know that you can earn a lot of money before you owe any federal income tax? The tax law encourages teens to make money by allowing certain tax breaks. Tax-free earnings Teens can earn up to a...
Maybe you've had a paper route, baby-sat, or worked at a fast-food restaurant while you were growing up and pursuing your education. Now you've landed a full-time job or are in the market for one. Wha...
Today, more people than ever are staying single. Men and women are marrying later, more people are divorcing, and more are simply choosing not to marry. Fortunately, for the most part, the tax law shi...
- 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.
- 5 Apps to Help with Taxes
- I have to take a required minimum distribution from my IRA. Can I take stock instead of cash?
Self-employed? Put Your Child to Work for You
Not only will your child learn valuable work skills and you’ll gain needed assistance, but the family will save on taxes. The child will not owe any income tax on wages up to $5,700 in 2009 (about 10 hours a week at $12 per hour for 48 weeks). And you and your child don’t pay Social Security and Medicare (FICA) taxes on these wages. Caution: Document carefully the hours worked and the tasked performed in case the IRS questions whether the payments were legitimate.
The IRS is holding more than 104,000 regular refund checks totaling about $103 million; they were returned by the U.S. Postal Service due to mailing address errors.
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