The United States has a “pay as you go” tax system in which payments for income tax (and, where applicable, Social Security and Medicare taxes) must be made to the IRS throughout the year as income is earned, whether through withholding, by making estimated tax payments, or both. You suffer an estimated tax penalty if […]
The purpose of this article is to reveal how you can get the IRS to owe you money. Of course, the IRS will not likely cut you a check for this money (although in the right circumstances, that will happen), but you’ll realize the cash when you pay less in taxes. Here are six powerful […]
Not even two months into the 2022 tax season, the IRS is backed up with unprocessed filings from 2021. Millions of returns, including business and payroll tax returns, haven’t been processed, and the IRS is unable to provide a timeline for when they will be. We thought it was important to update you on this […]
In the news recently, you may have seen that the owner of Gladys Knight’s Chicken and Waffles restaurant has been sentenced to two years in prison and owes the federal government over $1 million. Why? He refused to pay his payroll taxes. There are severe consequences for avoiding your tax obligations. Please keep reading to […]
Employees are an asset to any company because they help manage and grow your business. Ideally, as your business expands, your staff will too. Taking on a first employee (or second!) can be daunting, but we’re here to help. Keep reading to learn more about hiring employees. 1099 vs. W2 When you hire someone, you […]
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