When dealing with federal tax laws, the Internal Revenue Code is the ultimate authority. Every provision has been voted on by the U.S. Congress at one time or another but often times these code sections are somewhat vague and don't offer much help when preparing your tax return. This is...
Tax laws are the legal rules and procedures governing how federal, state and local governmentscalculate the tax you owe. The laws cover income, corporate, excise, luxury, estate and property taxes, to name just a few. The U.S. Congress and state legislatures are responsible for creating a ...
Managing travel expenses is an important part of running a business, especially for self-employed individuals who travel for work. There are travel costs that you can claim as tax-deductible business expenses, allowing you to reduce the overall amount you pay. This article outlines which costs qu...
Your employees are responsible for paying and reporting these taxes on their annual tax returns. As an employer, your role is to manage the withholdings, making sure the correct amount is deducted from their paychecks each pay period. Forself-employedworkers, it works differently. If...
With e-file set to open on Jan. 27, H&R Block is arming taxpayers with the latest information regarding significant changes to tax laws, deductions and credits that could impact individual returns, and the resources needed to minimize tax liabilities and
Withholding:Employers must also withhold a portion of employees’ wages for income tax purposes. Self-employed individuals and businesses are often responsible for making quarterly estimated tax payments. Payroll processing requires businesses to withhold income taxes on employee wages. Then, the taxes ar...
Prepare for Tax Season the Smart Way: What You Should Do Today January 9, 2025 At a glance The main takeaway:Are you prepared for tax season? Discover seven key areas your business should prioritize to effectively prepare for a smooth filing process. ...
Above-the-line deductions are beneficial because they directly reduce the AGI, impacting other calculations like eligibility for certain tax credits and deductions. Common above-the-line deductions include contributions to retirement accounts, health savings accounts (HSAs), self-employed health insurance...
Subcontractors and independent contractors are often confused, but they have distinct roles. An independent contractor is a self-employed individual or business entity hired by a client to perform specific tasks. A subcontractor, on the other hand, is an independent contractor hired by another contrac...
Many workers are self-employed for tax purposes, whereas employees are taxed through PAYE. This would have significant consequences for employers and workers. Employment rights All workers would be afforded the same basic rights and protections, including sick pay, holiday pay, parental leave and pro...