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If one of the spouse is U.S. resident and other is not, then the spouse can choose to show the nonresident spouse as resident in his tax returns. This includes situations in which one of you is a nonresident alien at the beginning of the tax year, but a resident alien at the end of [...]
The way you file your tax returns actually determines many things such as the deductions you get, the amount of tax you owe, and whether you qualify for credits or not. If you're thinking about taxes now that you're newly married, filing jointly or separately is an important decision. Filing Taxes Married Jointly If you [...]
According to the IRS obligations an employer is suppose to withhold employment taxes from the payroll of employees and pay that to the IRS, these are known as “Trust Fund Taxes” or Payroll Taxes. If employer is unable to meet this obligation it means that employer has to face a Trust Fund Tax Liability. The [...]
What is payroll tax debt? Business owners with employees have the responsibility of withholding, collecting and paying tax to the IRS. Those employees, in turn, trust their employer to withhold tax from their paycheck, and send those funds to the IRS. What is a Factoring agreement? If your business has a factoring agreement with a [...]
According to the law, employers are required to make federal payroll tax payments to the government. Employers are expected to file proper reporting and informational returns. Filing payroll taxes can be complex, and penalties of not filing can be really tough. So if a business does not file a pay roll tax due to its [...]
The Internal Revenue Service is focused on closing the tax gap. One way it hopes to do so is by collecting under-withheld employment taxes. Many mistakes that are made are related to company payroll taxes. Following is the list of some common payroll mistakes that companies make: Method of classifying employees as Independent Contractors [...]
If a business owner has many payroll taxes due, he can face many problems such as; severe penalties by IRS, it might trigger audit on the business, or lead to a federal criminal investigation. The importance of payroll taxes cannot be ignored. Following is the list of some important things to know about small business [...]
What is tax forgiveness? IRS introduced the Debt Forgiveness program which is also known as Fresh Start Program. The reason behind starting this program was that IRS realized that taxpayers will never pay their debt off of there is no hope. IRS use to increase the penalties and interests at a high speed, due to [...]
If you fail to pay the tax on time you face penalties. These penalties keep on increasing and add to your debt. It is better that instead of running away from taxes you file your tax return. In order to reduce the hit to your wallet from penalties, be sure to file your return even [...]
If you don’t have money to pay to the federal income taxes that you owe, you have three options: Option #1 Get an installment agreement, in which you will pay the full tax liability, but over an agreed-upon period of time. In this way your financial burden will minimize, and you will be allowed to [...]
