Every American citizen is required to pay tax on all income they earn. This rule isn’t limited to your monthly paycheck. It also doesn’t matter whether you received your income in cash, check, goods, or services. As long as your earnings qualify as taxable, then you have to pay your dues in the year you receive your income.
The Planner is CORE Group's blog and a way to help others interested current tax planning and service news.
CORE helps entrepreneurs in business services, growth acceleration & unlocking profit while retaining money. Accounting - Payroll - Bookkeeping - Taxes - Profit First #growprofitably
In today’s economy, most Americans are looking into gigs that can support their lifestyles, their finances and overall income. You could be working for Uber or DoorDash, posting product reviews on YouTube or being an Airbnb host.
If you're like most Americans, the day that you send off your tax returns is a major relief. But dropping off your tax return isn't the end of the story, because an audit is always possible. If that's the case, you'll need good documentation to prove your return's accuracy.
In today's bustling job market, you might need to hire an employee or two. Do you know what kind of employee you want to employ? A 1099 contractor or W-2 employee?
As a business owner, being well versed in IRS tax forms and the best ways to record payroll and submit taxes is a crucial skill. IRS forms and adhering to proper FICA (Federal Insurance Contributions Act) standards can be confusing. The IRS does little to illuminate this process, and there is not a lot of simple, concise advice for dealing with taxes.
Managing your assets in terms of taxes can seem intimidating at first glance. A simple mistake can cause significant damage to your business. However, understanding concepts like depreciation and amortization can help avoid potential issues in the future. This guide explains the various aspects of amortization and depreciation to help navigate your assets.
An S corporation is a type of corporation that meets the specified requirements of the Internal Revenue Code (IRS). An S corporation passes through most of its business income and loss to its shareholders like a sole proprietor. The owners are not liable to pay double tax, at the corporate level and then on the individual shareholder level.
You're not really getting paid to learn, but it definitely pays to learn.