If you use independent contractors to perform services for your business, for each one that you pay $600 or more for the year, you are required to issue the worker and the IRS a Form 1099-NEC no later than January 31, 2022, for 2021 payments.
Many taxpayers received advanced payments of the Child Tax Credit in 2021. This must be reconciled on your 2021 tax return.
A frequently overlooked tax benefit is the spousal IRA, which allows a nonworking or low-earning spouse to contribute to his or her own IRA, as long as his or her spouse has adequate compensation.
Is your QuickBooks company file ready for 2022? Here are three things you can do to put things in order.
With the Infrastructure Investment and Jobs Act of 2021, cryptocurrency exchanges will have new information reporting requirements starting in 2023. The first reporting forms related to crypto transactions will be issued to the IRS and investors in January 2024.
Managing Associate K.C. Smith, CFP®, CEPA, and Research Analyst Nick Antonucci, CVA, CEPA, join Chief Investment Officer Troy Harmon, CFA, CVA, to address a couple’s concerns about taking Social Security benefits knowing they will likely be taxed on their benefits.
With the end of the tax year just around the corner, tax-savvy individuals need to take some time from their busy schedules to review the tax planning steps they’ve already taken and see what else they need to do.
If you are fortunate to have a large estate, you can make gifts without reducing your lifetime exclusion, including an annual gift exclusion and paying for medical or educational expense directly to the provider.
While you may have holiday music on and customers are swept up in a holiday rush, as a business owner, you have some important deadlines to meet before the end of the year.
Our tax system is set up to “pay-as-you-earn,” but there are situations where taxpayers can get into trouble and face underpayment penalties. We explain how to avoid these situations in this week’s Tax Tip.
