If you own or manage a business with employees, you could be personally responsible for paying a harsh tax penalty. It’s called the Trust Fund Recovery Penalty (TFRP). It applies to the mishandling of Social Security and income taxes that must be withheld from employees’ wages.
Working from home isn’t new, especially for self-employed people. But during the height of the pandemic, millions of jobs were moved from employers’ premises to employees’ private homes.
Many taxpayers are unclear on the difference between deductions and credits. Both can be powerful tax-saving tools. Here’s how they each work.
Suppose you pay premiums for Medicare health insurance. In that case, you may combine them with other qualifying expenses and claim them as an itemized deduction for medical expenses on your tax return.
Summer is a good time for some tax planning that could lower your 2024 tax bill. Since the passage of the Tax Cuts and Jobs Act, which increased the standard deduction, fewer people benefit from itemizing deductions.
Certain companies must provide information related to their “beneficial owners,” the individuals who ultimately own or control the company, to the Financial Crimes Enforcement Network (FinCEN). Failure to submit a beneficial ownership information (BOI) report may result in civil or criminal penalties.
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