If you owe federal tax, you can typically use credit and debit cards to pay directly or through certain third-party apps. However, the number of cards you can use when submitting individual tax forms is generally limited to two per year or two per month (for details: Frequency limit table by type of tax payment | Internal Revenue Service ).
Next-Level Growth: Unlocking Your Business’s Full Potential
After successfully navigating the start-up phase, your business has a strong foundation for growth. At the growth stage, business and financial advisory services become essential. Focus on these two key areas to elevate your company to the next level.
Stay Ahead of Business Cybercrime
Business owners, beware. Identity theft is a growing threat that can cripple your business or shut it down forever.
It May Not Be Too Late to Reduce Your 2024 Taxes
If you’re preparing to file your 2024 federal income tax return and your tax bill is higher than you’d expected or your tax refund is smaller than you’d hoped, there might still be an opportunity to change it. If you qualify, you can make a deductible contribution to a traditional IRA until the filing date of April 15, 2025, and benefit from the tax savings on your 2024 return.
Questions About Taxes and Tips? Here Are Answers for Employers
Businesses in certain industries employ service workers who receive tips as a large part of their compensation. These businesses include restaurants, hotels, and salons. Compliance with federal and state tax regulations is vital if your business has employees who receive tips.
Could You Be Hit with the Trust Fund Recovery Penalty?
If you own or manage a business with employees, you could be personally responsible for paying a harsh tax penalty. It’s called the Trust Fund Recovery Penalty (TFRP). It applies to the mishandling of Social Security and income taxes that must be withheld from employees’ wages.
How to Manage Business Interest Expense Limits
Prior to the enactment of the Tax Cuts and Jobs Act (TCJA), businesses were able to claim a tax deduction for most business-related interest expense. The TCJA created Section 163(j), which generally limits deductions of business interest, with certain exceptions.
March 2025 Tax Due Dates
March 17 Individuals: Report February tip income of $20 or more to employers (Form 4070). Employers: Deposit nonpayroll withheld income tax for February if the monthly deposit rule applies. Deposit Social Security, Medicare, and withheld income taxes for February if …
Figuring out Your Correct Tax Filing Status
Understanding Your Tax Filing Status: A Key Factor in Your Tax Return Your filing status plays a crucial role in your tax return—it determines which tax forms you need, the size of your standard deduction, your eligibility for tax credits, …
Claiming an Elderly Parent or Relative as a Dependent
Are you taking care of an elderly parent or relative? Whether it’s driving to doctor appointments, paying for nursing home care or medical expenses, or handling their personal finances, dealing with an elderly parent or relative can be emotionally and financially draining, especially when you are taking care of your own family as well.