Depending on your business type, there are different ways to prepare and file your taxes. Key Takeaways Before filling out any tax form to report your business income, gather all records—paper or electronic—that pertain to your business earnings and expenses. If you run your busine...
To calculate your Social Security tax amount, simply multiply: paycheck gross pay * .062 For example, if a paycheck's gross pay is $1,000: 1000 * .062 = $62.00 In addition to federal taxes, employees may be subject to state and local taxes. ...
Step 1: Gather all new tax documents Step 2: Form 1040-X Click to expand Key Takeaways Before amending your return, gather all your new tax documents like W-2s or 1099s to reflect any changes in income or deductions. Use Form 1040-X to correct errors on your original federal tax retur...
Remember, federal taxes aren’t automatically deducted from self-employment income. If you have a side business or do freelance work, it’s especially important to factor that income into your tax equation to make sure you don’t end up with a big tax bill at the end of the year. Step ...
If you received a state income tax refund for a year when you took the federal standard deduction instead of itemizing, you don’t have to add the refund to your taxable income since you didn’t take a deduction for state taxes.
Retirees can follow these simple guidelines to help manage their tax situation. Here's what you need to know about taxes in retirement.
The longer you wait to pay back taxes, the more interest and penalties can accrue. And if you have tax debt, the IRS can take matters into its own hands to collect money from you. That's why it's so important to solve your tax debt now. Reach out toAnthem Tax Servicesto get start...
Here's how to plan and prepare your taxes like a pro, so you can save the most money and get the biggest tax refund possible.
Once you know the total you’ll owe in federal taxes, the next step is figuring out how much you need to have withheld per pay period to reach—but not exceed—that target by Dec. 31. Divide the total by the number of pay periods you expect to have. This will depend on whether you...
You have to pay taxes on your stock market profits so it's important to know how to take advantage of stock investing losses. Losses can benefit you if you owe taxes on any capital gains and you can carry over losses you can't deduct to use in future years. ...