As an employer, you must pay employment taxes if you have employees. Fail to pay and the IRS will rain all over your parade. Penalties If you have employees, you absolutely must deduct and withhold various taxes from the paychecks of your employees. Since you are deducting money from the employee’s paycheck, you are handling their funds. This fact is…
Tag: Taxes
After Tax Contributions
The phrase “after tax contributions” as it pertains to retirement accounts can often be a bit confusing. This article will discuss some of the common aspects of after tax contributions. You might find it easier to understand the phrase if you think of after tax contributions as being voluntary contributions. These are contributions that you deposit into a retirement account…
Why Paying Your Income Taxes With A Credit Card Is A Rip Off
If you own your own business or have not been deducting enough from your paychecks each week, you will probably owe some income taxes when tax time rolls around. This is never fun, and if you do not have the money in your checking account right now, you might be tempted to pay the taxes with your credit card. A…
Is Offshore Banking Just For Crooks And Conmen
Is offshore banking just for crooks and conmen? Well, let me put your mind at rest and say, no. An offshore bank account is simply a bank account in another country. Some people have them because they were born there. Some have them because they do business abroad. Some have them because they want to have money kept safe from…
Work From Home Business Requires Serious Effort
There are various circumstances that cause people to consider starting a work from home business and there are just as many of those businesses available. What you need to ask yourself is whether you want a work from home business or a work at home business. The difference is the type of work you will be doing, but either way…
Florida Relocation
New Yorkers are buying homes in Florida (particularly in Boca Raton, Delray Beach and Boynton Beach) at a record pace, either as a second home or permanently relocating to the sunshine state. This brief overview is intended to give readers from New York an idea of what to expect when embarking on the process of shopping for a home in…
3 Tips For Keeping Proper Tax Records For Your Home Business And Keeping The Irs Happy
The last thing most people think about when starting a business is doing taxes. But proper planning will make doing your taxes much easier – and keep the IRS happy! Here are 3 simple tips for keeping proper records: 1. Whenever you buy anything for your business, keep the receipt! Not only will this make record keeping a lot simpler,…
Wave Goodbye To Uncle Sam S Taxes
There exists an incredibly powerful wealth-building strategy that has been around since 1921, and is still used by the country’s most savvy real estate investors. Remarkably, the IRS made this tax deferral possible. Put simply, you can defer (possibly forever, if you meet a certain condition which I’ll share in a moment) capital gains taxes on the profits from the…
The Irs Solution If You Cannot Pay Your Taxes
The Internal Revenue Service wants you to pay taxes on time. That being said, it understands this is not always possible and has created a program for such situations. The IRS Solution If You Cannot Pay Your Taxes The Internal Revenue Service is very upfront about its goal in dealing with taxpayers. While it obviously wants to collect all taxes…
4 Reasons People Get Into Trouble With The Irs
You don’t want to mess with the Internal Revenue Service. One small mix-up when handling your finances can cost you big. For example, in recent years the IRS has increased its filing of levies, liens and wage garnishments. In fact, in 2004 alone, approximately 2.5 million levies were filed. The experts at JK Harris & Co., one of the nation’s…