Sole proprietorship taxes differ from other business entities, such as corporations, in that the business is not taxed separately from the owner. Instead, you record and pay your single proprietorship taxes on your personal tax return. To explain, the IRS refers to...
If you and your significant other live together but are not married, you most likely share numerous expenditures, and one of you may even financially support the other. In such a case, you may question if you may list your girlfriend or boyfriend as a dependent on...
How to treat the home office deduction Many people who work for themselves do so from home. If that describes you, you are probably familiar with the home office deduction. If you have a home office that you utilize on a regular basis and only for business purposes,...
Tax season is here, which means spring is just around the corner. It’s the time of year when we look forward to better weather and tax refunds, but beware: tax season is also scam season. In recent years, the IRS has observed an increase in tax fraud, such as...
With tax season on the way, the IRS reminds businesses that the deadline for filing pay statements and paperwork for independent contractors to the government is Jan. 31. Employers must submit copies of Forms W-2, Wage and Tax Statement, and W-3, Transmittal of Wage...
As tax season approaches, keep an eye out in the mail for envelopes labeled “tax information.” Among the numerous items they may include are several sorts of 1099 tax forms. But what are they used for, and why are they required? Let ‘s see. A 1099...
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