Filing taxes is a job that nobody likes to do, but it has to be done every year. The Internal Revenue Service (IRS) doesn’t implement any real time limitations on how long you have to file past taxes. Therefore, you can file any back taxes at any time, and the IRS won’t deny your return….
Is A Car An Asset?
When it comes to finding out whether our items are assets or liabilities, it can be difficult. A few people may get confused about the two, and place a car as an asset, or a liability. But, which is the right answer? Cars are pretty crucial in our current Society, but they are expensive, and…
Are Tips Taxable?
A lot of waiters and servers receive a lot of their income from tips, but are these tips taxable? Doing your taxes is grueling, but it is really important to get it right, otherwise you may be fined, or have money deducted from your next paycheck. Tax season consists of tax forms, accounting, and boring…
Can You File Taxes With No Income?
If you haven’t made any income or very minimal income amounts within the year, you might not have to file any of the related tax forms and paperwork. Now before you jump for joy at evading one of the most confusing and stressful parts of the year, it’s important to keep in mind that just…
Do Charities Pay Taxes?
In the USA there are more than 1.5 million different charities working every day to raise money and support different causes. Along with the large charities which you probably will have become familiar with through television ad campaigns, there are a number of smaller charities across the country too. Large charities can raise millions of…
Do Day Traders Pay Self Employment Tax?
Day trading is a very popular form of investment. During the first Covid-19 lockdown, this was a form of investment that a lot of people decided to take up as they suddenly had a lot of time on their hands, which they didn’t have before. A lot of people dived head first into day trading…
Can You File Taxes Without A W2?
The W2 is a tax form that the Internal Revenue Service (IRS) in the US uses. This form is filled out and reports any wages that have been paid to employees and any wages that have been withheld from that as well. When it comes to filing your taxes, there are a couple of forms…
How To Avoid Gift Tax
With the IRS taking a sizeable chunk of money for every transaction, it makes sense that this would also include gifts of money, otherwise, you could simply transfer all of your wealth to someone else and avoid any additional costs. As it stands the IRS takes a percentage of money over $15 000 in gifts,…
Can You Pay Taxes With A Credit Card?
Sometimes it can seem like a really tempting option to pay your taxes with your credit card, especially if you’re a little bit tight for cash. Not only that but you usually also have a nice little 21-day grace period that can be helpful, but you may also even get some rewards from your credit…
Do Corporations Pay Capital Gains Tax?
Federal and state tax law have recently undergone a change particularly since 2017. Many states have reduced corporate tax rates in the last ten years but what about capital gains tax for corporations? We look at what capital gains tax is, what corporation tax is and the difference between the two. We will then look…
