Comptroller Brooke E. Lierman has stated that the Office of the Comptroller will waive late payment penalties and interest for Maryland businesses until May 31, 2024, to address the economic effect of the Francis Scott Key Bridge collapse. According to investigators,...
What is the qualified business income deduction? The Qualified business income deduction (QBI) allows self-employed and small-company owners to deduct up to 20% of their qualified business income from their taxes. In general, to qualify, total taxable income in 2023...
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...
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,...
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...
