Small business taxes are often overlooked as there are so many aspects to take into consideration. If you are a business owner, check out this step-by-step guide to understanding business taxes. Do you run a business, or are you thinking of setting up a business for yourself for the first time? Then you need to …
When paying your taxes, there are many things to consider, including backup withholding. What is backup withholding, and how does it affect you, the taxpayer? The government collects taxes on income, among other things. But there are many different types of income, and some taxpayers don’t always report the income they generate. Furthermore, some taxpayers …
Delinquent taxes can lead to dangerous consequences from the IRS, but what exactly are these taxes, and how can they negatively affect you? Tax Day falls on mid-April nearly every year, with certain exceptions (such as 2020 and 2021, due to COVID-19). All eligible taxpayers contribute to the government’s coffers throughout the year, but Tax Day …
There are many common errors that taxpayers may not know about that will lead to your tax return being rejected. Here’s what to know. If you are one of the millions of Americans required to file taxes this year, then knowing why your tax return might have been rejected in the past – and learning …
Tax credits can help taxpayers by providing financial relief, but what is a tax credit, how do they work, and how do you claim them? Many taxpayers may have become familiar with what tax credits are and how they function, through an energy-efficient home purchase, a first child, or through caring for an elderly loved …
If you have found a mistake on tax returns already filed, do not panic. There are ways to fix these tax return mistakes. Whenever tax season begins, people rush to get their taxes done – one, so they’re out of the way, and second, to claim any refunds they may be eligible for. But if …