Are you married? Congrats! The IRS is rewarding you with tax deductions and credits. What does it mean to file taxes with your spouse? Find out here! Rachel Cruze Taxes What Is Taxable Income? 10 min read You don’t have to pay taxes on your entire paycheck. That’s where taxable and...
When calculating the Employee Retention Credit (ERC), it is crucial to understand what qualified wages are eligible for the credit. Qualified wages are the wages paid to eligible employees during the designated periods that meet the requirements set forth by the Internal Revenue Service (IRS). For...
The IRS failure-to-pay penalty is assessed on taxes that remain unpaid after the due date. The penalty is assessed each month or each partial month until the issue is resolved. Often, the failure to pay relates to dishonored checks or the failure to file a return by its due date, the ...
Late penalties can be a bit tougher to calculate and depend on whether you've filed your return. If you owe the IRS a balance, the penalty is calculated as 0.5% of the amount you owe for each month (or partial month) you're late, up to a maximum of 25%. This late penalty increas...