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Federal Tax Updates Archive

Making Good on Tax Promises, Sort Of

TweetShareSharePin0 Shares The Green Book is back. Officially “The General Explanations of the Administration’s Fiscal Year 2022 Revenue Proposals,” the volume includes detailed descriptions of President Biden’s tax plans. Required beach reading for tax geeks, just in time for summer. Former President Trump scrapped the long tradition of issuing the Treasury report to supplement the

Revealing The Truth Behind The Garnishment Laws

TweetShareSharePin0 Shares Revealing The Truth Behind The Garnishment Laws Source: Flickr Garnishment law has been in force to improvise the mode of collection of payment for the money due towards the federal government or any other creditor. Garnishment law also states wage garnishment according to which the money is deducted directly from the person’s salary

How to Save Thousands with an S Corporation

TweetShareSharePin0 Shares How to Save Thousands with an S Corporation Source: Flickr How to Save Taxes with an S Corporation Ever wondered why so many small businesses—more than 3,000,000 at last count—operate as an S corporation? Simple. An S corporation saves business owners big taxes in three separate ways: First, as compared to regular corporations

How to Save Taxes with an S Corporation

TweetShareSharePin0 Shares How to Save Taxes with an S Corporation Source: Flickr Ever wondered why so many small businesses—more than 3,000,000 at last count—operate as an S corporation? Simple. An S corporation saves business owners big taxes in three separate ways: First, as compared to regular corporations (sometimes called C corporations), S corporation owners can

Cafeteria Benefits and Your Workforce

TweetShareSharePin0 Shares Cafeteria Benefits and Your Workforce Source: Flickr Especially if you happen to be one of those unflinchingly ambitious micro-business entrepreneurs, I’ve been reading about everyday in pubs like Crain’s Chicago Business, you’ll eventually find that designing and offering up an attractive employee-benefits package will be an essential component of your future growth. An

What You Need To Know About Taxes If You’re Getting Married

TweetShareSharePin0 Shares What You Need To Know About Taxes If You’re Getting Married Source: Flickr It may not be high on the list of wedding planning activities, but there are a few simple steps that can help keep tax issues from interrupting your newly wedded bliss. If you recently married, check out your new tax

IRS Holding $2 Billion In Unclaimed Tax Refunds

TweetShareSharePin0 Shares IRS Holding $2 Billion In Unclaimed Tax Refunds Source: Flickr Every year, the IRS announces that it is holding unclaimed tax refunds. Taxpayers have a limited time to claim the $2 billion dollars the IRS is currently holding. Three years is a magical number when it comes to tax returns. It refers to

Understanding Employee Taxes

TweetShareSharePin0 Shares Understanding Employee Taxes Source: Flickr Employee taxes can be one of the most difficult to understand areas of running a business and hiring employees. If you don’t understand all of the complexities involving employee payroll tax, it can also get you into a heap of trouble. The first employee tax factor you should

Big Budget, Smaller Counters | Tax Policy Center

TweetShareSharePin0 Shares White House releases its $6 trillion budget today. The Washington Post reports President Biden will propose no new major policies in the budget beyond the many ambitious ideas in his American Jobs Plan and American Rescue Plan. The budget reflects his $2.3 trillion infrastructure proposal, $1.8 trillion education and families plan, and $1.5
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