5 Tips for Avoiding a Small-Business Audit
Just the words “IRS audit” are enough to make most people roll their eyes or groan in pure agony. More specifically, business owners in particular often fear being audited by the IRS. That said, there are numerous steps people can take when they are eager to mitigate the risks of being audited. Even though there […]
What Is Taxable and Nontaxable Income?
In general, income is taxable unless it is specifically exempted by law. Such taxable income must be reported and is subject to taxation. Income that is nontaxable, however, may still have to be reported on your tax return. Even if you have not cashed a valid check you received before the end of a certain […]
The Complex Rules Surrounding Mortgages and Taxes
The home mortgage interest deduction is as American as apple pie, but since 2017 when the tax law for this deduction was passed, there have been some changes. For starters, and most notably, the maximum mortgage principal that made homeowners eligible for the interest deduction has been lowered. It was originally $1 million and is […]
How to Deal with Employee Taxes
Employers generally must withhold income tax from employees’ wages. To figure out how much tax to withhold, you need to use the employee’s Form W-4, the appropriate method and the appropriate withholding table described in Publication 15-T, Federal Income Tax Withholding Methods. You’ll deposit your withholdings based on your business and the amount you withhold. File […]
