The IRS is a federal agency that’s responsible for the enforcement of tax laws and collection of individual income taxes and employment taxes. The agency also handles corporate taxes and estate taxes, among others. As a business owner, you should be on top of what taxes you’ll have to ...
If you claim a qualifying dependent, you may be able to use Form 8812 to save up to $2,000 dollars on your taxes this year or receive a substantial refund. The Child Tax Credit is available to those who claim children, stepchildren, foster children, and
If you are the beneficiary of a health savings account (HSA), then the IRS requires you to prepare Form 8889 with your tax return before you can deduct your contributions to the account. The purpose of the form is to report your deductible contributions, calculate the deduction, report the ...
What Is the IRS? The Internal Revenue Service (IRS) is the division of the U.S. Treasury Department tasked with enforcing theInternal Revenue Code (IRC), administering federal tax laws, and collecting federal taxes from U.S. individual and corporate taxpayers. The IRS collectsgift,excise,estate...
What Is the IRS Form 4562? IRS Form 4562 is known as the Depreciation and Amortization form which you need to complete while filing your income tax return. There are assets such as land, vehicles, machinery, equipment, and so on, that are purchased by a company for business use. All ...
IRS Form 941, or Employer’s Quarterly Federal Tax Return is a form used by employers to reportpayrolltaxes and employee wages. Every quarter, employees’ federal income andFICA taxeshave to be reported. IRS form 941 helps in reporting the wages paid to employees, federal income taxes that ar...
Filing your taxes on time is very important to avoid penalties and ensure you stay on good terms with the IRS. Missing the tax deadline 2025 could lead to late fees, interest, or delays in receiving your refund. The tax day 2025 deadline for filing your 2025 returns is April 15. But ...
What Is the IRS Limit for 401(k) Elective Deferrals? An elective deferral is the amount that an employee chooses to deduct from their paycheck and deposit into an employer-sponsored retirement plan like a 401(k). The limit set by the IRS is $23,000 in 2024 and $22,500 in 2023. Indi...
Notice 1450. If you have recently received this notice from the Internal Revenue Service (IRS), you may be feeling a mix of confusion and concern. Understanding the purpose and content of IRS Notice 1450 is crucial in order to respond appropriately and address any issues raised by the IRS. ...
If you need help determining the status of a worker, you can submit Form SS-8, Determination of Worker Status for Purposes of Federal Employment Taxes and Income Tax Withholding to the IRS. What is a typical payroll cycle? The most common payroll cycle or pay period in the United States ...