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.
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.
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.
For tax year 2021, the Child Tax Credit increased from $2,000 per eligible child to $3,600 per child ages five and younger and $3000 for children ages six to 17. The amount of Advanced Child Tax Credits is half of the new credit amounts. So, starting July 2021, if you are eligible, you will start to receive monthly Advanced Child Tax Credit payments. If your child is five years old or younger, the payment would be $300 per month through December. That is $1,800, or half of the new Child Tax Credit amount. If you have children between the ages of six and 17, your monthly payment will be $250 per month through December, or $1,500 total.