Form W-4 is a thing that most people forget about. However, it can be a headache at tax time and cost you a lot of money. A W-4 is an employee’s withholding certificate. It indicates how many allowances you can claim. It also allows your employer to withhold the correct federal tax from your pay.… Read More
A recent topic of internet chatter has been the IRS designation “disregarded entity.” While the term may feel a little off-putting at first, being a disregarded entity is not a bad thing, and the IRS does not think any less of you. It simply means this is the way your business is perceived by the… Read More
If you have rental property, you probably worry about liability of events stemming from the property. More than likely your homeowner’s insurance policy will cover some accidents/damage up to a certain amount if you are personally insuring the property. After that, you are on the hook, and your personal assets may be liable to compensate… Read More
When it comes to preparing your tax returns, you have options. You can complete a tax return via the IRS website. You can use tax software. Or, you can hire a professional—an accountant, a CPA, a tax lawyer, or an enrolled agent (IRS). However, the more complicated your situation, the more likely you are to… Read More
Background The 1099-NEC (Nonemployee Compensation) is a form revived by the IRS in 2020. The form had been retired back in 1982, but was brought back by the IRS in 2020 for reporting of nonemployee compensation. The redesigned 2020 form is, predictably, an expanded version. Â Why? Before the Protecting Americans from Tax Hikes Act,… Read More