When small-business owners were asked to site which challenge related to the federal tax code haunted them the most, an astounding 55% identified the administrative burdens while only 45% pointed to the financial burden. That’s pretty significant and speaks volumes as to the complexity of the tax code. The survey was conducted by the National [...]
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Tax season is finally behind us, and what a busy season it was! Now that most Americans have filed their tax returns, we’ve reached the time of year in which we often see an epidemic of sorts. One of our favorite bloggers ( G.E. Miller of 20SomethingFinance) has dubbed this epidemic “Tax Refund Windfall Syndrome”. [...]
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Employers must furnish employees with W-2 statements for 2012. 1099 information statements for 2012 must be furnished by payers. (Deadline for 1099-B and consolidated statements is February 15.) Employers must generally file 2012 federal unemployment tax returns and pay any tax due.
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Yesterday we addressed some of the more basic questions you may ask if you found yourself in a sudden position of wealth due to winnings or inheritance. Today we want to focus on the impact your wealth will have on insurance, your estate and gifting. Impact on Insurance Unfortunately, being wealthy may make you more [...]
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What would you do with an extra $10,000? Maybe you’d pay off your student loans, nagging bills or credit card debt. Maybe take that vacation you’ve been dreaming of for so long. What if that $10,000 was suddenly an extra million, 5 million or more? Maybe you were lucky enough to win your state lottery [...]
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According to the Kiplinger Tax Letter, April 13, 2012 “The IRS is shifting the focus of its examinations of businesses. Fewer resources will be devoted to very large corporations.” Instead the Service will be turning their attention this year towards pass-through entities (S Corporations and Partnerships), midsize firms (those with assets between $10 million and [...]
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We have seen it happen time and time again: a taxpayer hit with an unexpected amount of tax due come filing time is often tempted to put off filing their return on time because they don’t have the cash to pay the liability. This is the worst thing they could do. In an article titled, [...]
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States are coming up with new ways to get delinquent taxpayers to pay up. Here’s what a few states are doing: California: “If you don’t pay your California taxes, you can’t drive – we mean it,” says Assembly member Henry Perea. California will suspend the licenses of the top tax debtors in the state. California [...]
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