Whether you’re self-employed or your business employs individuals who make a modest income, you’ll still need to withhold a percentage of that income and pay it to the IRS each quarter. Going through your taxes every quarter might not make much sense, though, if you’re only withholding a minimal amount. In these cases, you might …
Do you often procrastinate until the last minute? If so, you likely already know how that trait can wreak havoc on your life. Unfortunately, procrastination is the reality for about a third of Americans who wait until the last week before Tax Day to compile and file their taxes. Filing your taxes before the next deadline can …
IRS data reveals that in any given year, about one in four taxpayers wait until the last two weeks before the tax deadline to get started on processing their taxes. Considering that the tail end of 2019 and the entire year of 2020 was filled with chaos and uncertainty, it’s no surprise that a huge number …
Continue reading “IRS Waives $1.2 Billion Late-Filing Penalties for Income-Tax Returns”
Do you prepare and file your taxes? If not, you’re in good company. Recent estimates show that about 56% of Americans have someone else prepare their taxes; only about one in three adults file their own. If you’re among the majority, then you likely prefer the expertise of a tax professional. These experts not only ensure …
Inventory capital, which includes assets that businesses use to conduct their operations, makes up a whopping 7% of the GDP of the entire United States! As you can imagine, the IRS wants to keep a watchful eye over all these assets, and they also want to tax them when possible. Of course, it wouldn’t make sense to …
More than half (56%) of Americans own cryptocurrency or have owned it in the past. What’s more, recent surveys suggest that about 46.5 million more Americans will join in on the trend during the next year due to incoming stock market changes and instability. If you’re currently trading in cryptocurrencies or have in the …
Recent statistics indicate that by 2020, a whopping 78% of brands had already implemented or planned to use AI to serve customers better. One way that businesses are using AI is through over-the-phone customer service. That’s why an AI robot answers the phone for so many companies. Sometimes that AI is convenient and helpful…sometimes it’s …
In 2021, about 2.4 million Americans established new payment plans with the IRS because they could not afford their entire tax debt bill right away. Compared to 2020, that number is a 29% increase! There are many reasons why more Americans are struggling to pay their tax debt, and one of them is the extremely …
Continue reading “How to Complete an IRS Form 433-D Installment Agreement”
Did you know that over 3.3 million Americans were delinquent on child support payments in mid-2020? Since the economy has been in a nosedive since then, it’s safe to say that even more Americans have fallen behind. While getting behind on your obligations isn’t the worst offense, it can come with consequences. Receiving a Tax …
The pandemic may have brought about hardship for many, but it also provided a space for some to realize their dreams. A record-setting 4.4 million new businesses opened their doors during the height of the crisis in 2020—if you were one of those amazing entrepreneurs, then congratulations on making your dreams come true! Owning a business …
Continue reading “Everything You Need to Know About Form 941”
