If you are a United States citizen who lives and works overseas, you might be wondering if you must pay U.S. income taxes or how you will be taxed. If you are a U.S. citizen or a resident alien who lives elsewhere in the world, regardless of where...
Many employers offer Christmas bonuses or year-end bonuses to motivate their employees. Depending on how the bonus gets paid to the employee, it can affect the employee’s tax return and the tax withholding process. One of the main questions both employers and employees face is – “Are bonuses...
Now is the time to determine if you made any payments during the 2018 tax year that would require you to file Form 1099. If you paid $600 or more in compensation to a non-employee or an unincorporated business, you are most likely required to report the...
As 2018 comes to an end, it’s time to think about year-end tax planning for 2018, and to plan ahead for 2019, especially with the new tax reform legislation passed by Congress last year. This article highlights potential tax-savings opportunities and strategies for you to consider.
Nobody can force you to plan about taxes before the time comes for you to pay them. However, the cost of not planning ahead might even cost money in the long run and might even land you in prison for tax evasion. For small business owners, an accounting system...
The historic South Dakota v. Wayfair case has essentially granted all states the authority to impose sales and use tax on businesses using an economic standard basis. With this decision, even if your business never steps foot in a state, it could become subject to sales tax based on...
There’s been a lot of talk about the new tax law changes imposed under the Tax Cuts and Job’s Act (TCJA) Trump signed into office last year and rightfully so, considering it’s the largest tax reform signed into law since 1986. The most notable change for businesses was the...
Many people choose to pass assets to the next generation during life, whether to reduce the size of their taxable estate, to help out family members or simply to see their loved ones enjoy the gifts. If you’re considering lifetime gifts, you should be aware of which assets you...
To avoid interest and penalties, you must make sufficient federal income tax payments long before your April filing deadline through withholding, estimated tax payments, or a combination of the two. The third 2018 estimated tax payment deadline for individuals is September 17th. If you don’t have an employer withholding...
The Tax Reform Act’s Impact on Manufacturers How much will the tax law changes actually impact your manufacturing business? As you probably are aware of the purpose behind the tax law was to reduce taxes across the board and to level the playing field for international business. So what...
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