Should You Be Making Estimated Payments?
If your federal tax withholding isn’t enough to cover your total tax liability, you may need to make estimated tax payments. This typically applies if you earn income from sources such as interest, dividends, self-employment, capital gains, or other taxable income. The following rules explain how to make these payments without incurring an underpayment penalty. […]
The Quirky Math Of Partnership Income
When it comes to taxation, partners in a business may find the math a bit puzzling. You may discover that the amount of partnership income you’re taxed on is more than the amount that was distributed to you. That’s a quirk of taxation that lies in the way partnerships and partners are taxed. Pass-through taxation […]
Before A Weather Emergency Closes Your Business, Make A Plan
It’s hurricane season, which is just one of several weather emergencies companies may face, depending on location. Tornadoes, floods and wildfires also pose serious threats. According to the Federal Emergency Management Agency (FEMA), about 25% of businesses never reopen after a major disaster. And many that do reopen struggle to recover. To lower the risk […]
You May Owe The “Nanny Tax” Even Without A Nanny
Don’t let the name “nanny tax” fool you. It’s a tax that applies to the wages of a variety of types of household help you hire, such as a nanny, gardener or housekeeper. Hiring extra help can ease the burden of home-related tasks, especially in the summer when the kids are home or the garden […]