The IRS considers bonuses a form of wages, and as such, they're subject to federal taxes, just like your normal pay. However, it’s not just federal tax you have to consider. You might be subject to Medicare and Social Security tax, and unemployment tax. Depending on where you live, you may also have to pay...
The EV charger federal tax credit for electric vehicle charging stations and equipment that had expired is back, albeit with some changes. If you install a home EV charging station, the tax credit is 30% of the cost of hardware and installation, up to $1,000. Businesses that install new EV chargers or EV charger equipment...
What is a 1031 Exchange? It is a way to leverage your gains. It allows sellers of investment or business-use real estate to defer paying capital gains, and depreciation recapture taxes, when they use the proceeds of the sale to purchase one or more additional pieces of investment or business-use real estate. IRS Code 1031...
GOT MAIL? Scammers often use stolen Social Security numbers to file fraudulent tax returns and collect refunds. To prevent this, the IRS scans every tax return for signs of fraud. If a suspicious tax return is found, the IRS reviews the return and sends a letter to the taxpayer letting them know about the potential...
Making more money does not always have to mean paying more taxes, but you do need a plan, and more than just a prediction. Whether you are an individual or a business owner, don’t wait till yearend like most folks, when it is generally too late to do much, focus on what you can do...
