When choosing a payroll service provider to handle payroll and payroll tax, employers need to make sure they choose a trusted payroll service that can help them avoid missed deposits for employment taxes and other unpaid bills. Typically, these clients remain legally responsible for paying the taxes due, even if the employer sent funds to the payroll service provider for required deposits or payments.
Tax Tips for Students with a Summer Job
With teen employment expected to be plentiful this summer, with better pay and more opportunities, chances are good that your high school or college student will have a job this summer. Here’s what they should know about summer jobs and taxes:
Preparing for Hurricanes and Other Natural Disasters
The Atlantic hurricane season officially begins on June 1, and now is a good time for individuals, organizations, and businesses to make or update their emergency plans. Here are five steps taxpayers can take to safeguard their tax records before disaster strikes:
June 15 Deadline for Taxpayers Living Abroad
If you live or work outside the United States, you generally must file and pay your tax the same way as people living in the U.S. This includes people with dual citizenship. People who live and work abroad have until June 15, 2022, to file their 2021 federal income tax return and pay any tax due. An automatic two-month deadline extension is normally granted for those overseas. If you’re a taxpayer with foreign income, here’s what you should know about reporting foreign income:
Now Is the Time To Check Your Federal Tax Withholding
Now that tax season is over, it’s time to get the new tax year off to a good start by checking your federal income tax withholding. Taxpayers can do this by using the Tax Withholding Estimator on IRS.gov. Let’s take a look at why using this valuable online tool is a good idea:
How To Check the Status of a Tax Refund
Tracking the status of a tax refund is easy with the Where’s My Refund? tool. It’s available anytime on IRS.gov or through the IRS2Go App. Where’s My Refund provides a personalized date after the return is processed and a refund is approved. While most tax refunds are issued within 21 days, some may take longer if the return requires additional review.
Is Your College Student’s Scholarship Taxable?
May 1st is the traditional deadline for undergraduate students to commit to their college of choice, which means tuition payments are not far behind. If you’re wondering if your child’s scholarships are taxable, here’s what you should know.
Taxpayer Rights: Pay No More Than the Correct Amount
As a reminder, taxpayers have the right to pay only the amount of tax legally due, including interest and penalties. They also have the right to have the IRS apply all tax payments properly. This is one of 10 fundamental rights known collectively as the Taxpayer Bill of Rights.
Business Meals Fully Deductible in 2021 and 2022
Beginning January 1, 2021, and extending through December 31, 2022, businesses can claim 100% of their food or beverage expenses paid to restaurants as long as the business owner (or an employee of the business) is present when food or beverages are provided, and the expense is not lavish or extravagant under the circumstances.
The Facts: Taxable vs. Nontaxable Income
Are you wondering if there’s a hard and fast rule about what income is taxable and what income is not taxable? The quick answer is that all income is taxable unless the law specifically excludes it. But as you might have guessed, there’s more to it than that.