An ‘Innocent Spouse’ May Be Able To Escape Tax Liability
When a married couple files a joint tax return, each spouse is ‘jointly and severally’ liable for the full amount of tax on the couple’s combined income. Therefore, the IRS
When a married couple files a joint tax return, each spouse is ‘jointly and severally’ liable for the full amount of tax on the couple’s combined income. Therefore, the IRS
The business entity you choose can affect your taxes, your personal liability, and other issues. A limited liability company (LLC) is somewhat of a hybrid entity in that it can
If you don’t have enough federal tax withheld from your paychecks and other payments, you may have to make estimated tax payments. This is the case if you receive interest,
As you’re aware, certain employers are required to report information related to their employees’ health coverage. Does your business have to comply, and if so, what must be done? Basic
When you filed your federal tax return this year, were you surprised to find you owed money? You might want to change your withholding so this doesn’t happen again next
These days, most businesses have websites. But surprisingly, the IRS hasn’t issued formal guidance on when website costs can be deducted. Fortunately, established rules that generally apply to the deductibility
When you take withdrawals from your traditional individual retirement account (IRA), you probably know they’re taxable. But there may be a penalty tax on early withdrawals depending on how old
Sometimes, bigger isn’t better: Your small- or medium-sized business may be eligible for some tax breaks that aren’t available to larger businesses. Here are some examples. 1. Qualified Business Income
Missouri recently enacted House Bill No. (HB) 2400, which includes a section called the “SALT Parity Act.” This Act allows pass-through entities (s-corporations and partnerships) to make an election to
Many people wonder how they can save taxes by transferring assets into their children’s names. This tax strategy is called income shifting. It seeks to take income out of your