Typically, people who are self-employed pay their federal income tax by making estimated tax payments. However, they aren’t the only ones that may need to pay estimated tax. Federal income tax is a pay-as-you-go tax. Which means the tax must be paid as income is earned or received during the
Paid Family and Medical Leave Tax Credit for Employers
Employers, including small businesses, that provide paid family and medical leave to their employees may be eligible for an employer tax credit. Several enhancements have been made to this credit under the Working Families Tax Cuts. Here’s an overview of the employer credit for Paid Family and Medical Leave, including
Major Life Events and Taxes
There are several kinds of major life events that can affect your income tax requirements, tax benefits and withholding. It could be marriage, welcoming a new child, divorce, or loss of a loved one — all of these can impact your tax situation. Here are some common life events and
Your Mid-Year Tax Check-up
Mid-summer is usually a quiet time for tax preparation, which makes it a great time to do a quick check and make sure you’re on a smooth track to next filing season. Here are some tips: Keep good tax records. Keep all your important tax records in one place. You
Federal Tax Credits for Contributions to Scholarship Granting Organizations
The Internal Revenue Service announced that 27 states have elected to participate in the Federal Scholarship Tax Credit (FSTC) program, which enables eligible taxpayers to claim a federal tax credit for qualified contributions to Scholarship Granting Organizations (SGOs) providing scholarships for qualified elementary and secondary education expenses. In order to
Is Your Business a Business or a Hobby?
Many people have hobbies – things they enjoy doing in their spare time – and some even make a little extra money from them. But there’s a difference between a hobby and a business, especially in how each is treated when it comes to filing taxes. Businesses operate to make
Tax Tip: Check Your Withholding
Even though the tax filing deadline for tax year 2025 passed a couple weeks ago, it’s not too early to start planning for next year so that you can avoid any unpleasant surprises. One easy thing you can do is check for proper tax withholding. What is withholding? Taxpayers need
Help! I Missed the Filing Deadline!
If you missed the April 15 filing deadline, you should submit your federal tax return as soon as possible. If you missed the deadline to file and owe taxes, it is important to file as soon as possible to avoid penalties and interest. Requesting an extension allows for additional time
Tipped Workers Final Regulations
The Department of the Treasury and the Internal Revenue Service has issued final regulations on the “No Tax on Tips” provision. The One, Big, Beautiful Bill final regulations provide the list of occupations that receive tips and define “qualified tips” that eligible taxpayers may claim as a deduction. The final
Proposed Regulations Issued for “Trump Accounts”
The Department of the Treasury and the IRS have issued proposed regulations providing general requirements for Trump Accounts, certain definitions relating to Trump Accounts, election rules to open an initial Trump Account by an authorized individual for an eligible individual, and rules for who is the responsible party for the