This article deals first with Form W-4, Employee’s Withholding Certificate, and then gets into the specific types of taxes that are withheld in regards to employee wages, salaries, and tips. As usual, there’s the disclaimer that this article is not an exhaustive treatment of this subject. Specifically, this article primarily goes into the purpose of [...]
When people say the word “employment” they mean that they work for a living. That’s the colloquial definition. When people talk about their employer, they mean the person or company from which they derive income due to labor. However, these colloquialisms don’t necessarily correspond to the tax definition of what an employee is. This differentiation [...]
The self-employment tax seems to lend itself to an intuitive definition. What is the self-employment tax? It’s a tax on the self-employed. Who pays the self-employment tax? The self-employed pay, clearly. However, there’s more to this than meets the eye due to the nuance associated with the nexus of real life and arbitrary rules. This [...]
https://www.complexbuilders.com When disaster strikes just know that the government has your back. Don’t believe me? Well, the IRS offers some easing of your potentially cataclysmic loss through the tax code, specifically taxpayer disaster relief. This allows you to keep more money in your pocket rather than paying it to Uncle Sam. I suppose the idea [...]
So…your spouse or ex-spouse effed up on your joint tax return, either deliberately or accidentally. The IRS sends a letter to both you and your spouse or ex-spouse and is now requesting money from not only him/her, but you. How is this fair? You’re not the one that made the mistake or purposely misled them. [...]
The premium tax credit is available for those who sign up for the Healthcare.gov Marketplace otherwise known as Obamacare (the latter nomenclature may be somewhat pejorative, but that’s not really for me to decide). This credit therefore requires you to get insurance through the government sponsored exchange. It is only available under those circumstances. As [...]
When you sell income producing property related to your business, like machinery or a moonwalk. You have to report that sale somewhere on your return. The result can be an ordinary gain or loss or a capital gain or loss. Unlike income generating property not used in a business, property used in an organized business [...]
http://www.cbs.tc/ This article deals with the nuts and bolts of passive activities and specifically the deductibility of their losses. This is a subject that should be important to people because more and more individuals have investments that qualify as passive activities, and as such could use an introduction into what they are, how their losses [...]
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