IRS form 8888 allows you to directly deposit part or all of your tax refund in an IRA. You can file a tax return claiming a tax deduction for an IRA deposit before the money is in the account as long as you make the contribution by your tax filing deadline. “Don’t forget to...
but it also caps at 25% of the tax due. If you set up an IRSinstallment agreement, the IRS will reduce your failure to pay penalty to 0.25% of the tax you owe while the installment agreement is in effect.
Direct Fileis a free IRS program for filing federal tax returns online. In 2025, Direct File is open to eligible taxpayers in 25 states: Alaska, Arizona, California, Connecticut, Florida, Idaho, Illinois, Kansas, Maine, Maryland, Massachusetts, Nevada, New Hampshire, New Jersey, New Mexico, ...
Before you hire anyone (and in order to set up payroll), you’ll need to get an employer identification number (EIN) from the IRS. EIN’s are also known as an “employer tax ID.” You use it to report taxes and other information to your state agencies and the IRS. Apply for an E...
You can apply for an EIN on the IRS website. In addition, some states have their own tax ID numbers, which you may need to pay state income tax and unemployment tax. Check with your state for the specific application process, or try ADP’s payroll tax registration services....
Here’s everything you need to know about scanning receipts and organizing them for tax purposes. Do I need to keep paper receipts? The IRS recommends keeping receipts for at least three years, but there are no legal requirements for whether or not the receipts need to be physical paper ...
First, use the IRS'sTax Withholding Estimatortool to get an idea of whether you need to make changes in the first place. The tool will ask questions about your filing status, income sources, current tax situation and deductions you're planning to take. To fill out the questions accurately,...
One way to limit payroll’s impact on your cash flow is to pay your people using direct deposit or digital pay options instead of paper checks. Because you don’t know when someone will cash a paycheck, it becomes more difficult to ensure you always have sufficient funds in your bank acco...
Tax scam:Fraudsters pose as IRS agents or debt collectors to steal financial information. Invoice fraud:Fake invoices are submitted to deceive businesses into issuing an unjustified payment. Check fraud:Criminals may forge or alter checks to steal funds from business accounts. ...
If you need extra time to file your tax return, you can request an extension to avoid hefty penalties. Jessica WalrackApril 11, 2025 How Much Is the Average Tax Refund? The IRS has issued more than 61 million tax refunds so far in 2025. Here’s the average payment. ...