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Federal Tax Updates Archive

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

Battling the IRS

TweetShareSharePin0 Shares Battling the IRS Source: Flickr There was once a song about battling the law and losing. Fortunately, battling the IRS is possible and sometimes inevitable. Battling the IRS There comes a time when many Americans must take action against the IRS. The IRS can come down swiftly and without mercy against taxpayers for

MORE Act | Federal Taxation of Recreational Marijuana

TweetShareSharePin0 Shares Today, Rep. Jerry Nadler (D-NY) reintroduced the Marijuana Opportunity Reinvestment and Expungement Act (MORE Act) to reform federal treatment of marijuana by descheduling it, meaning it no longer would be a prohibited substance. Not surprisingly, the bill includes an excise tax on all sales of marijuana products, which would take effect six months

Arizona Legislators Consider Lower, Flatter Income Tax

TweetShareSharePin0 Shares Arizona legislators are considering tax changes as part of the fiscal year 2022 budget process that is underway. Companion omnibus taxation bills HB 2900 and SB 1828 would reduce individual income tax rates for all taxpayers, consolidate the state’s graduated-rate income tax brackets into what would effectively be a two-rate structure by 2023,
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