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Income Tax Archives

Three tips to avoiding self-employment tax pains

The holidays are often the favorite season of many around the country. After the holidays rest a four-month long season that is a favorite among tax professionals - tax season. While it is an opportunistic time of year for everyone in the tax industry, it is often loathed among independent contractors and the self-employed.

You must report offshore accounts in your tax return

It may not seem intuitive to report income from foreign countries and accounts in a U.S tax form, but it is required by law. You must include all income, wages, and interest from the year, even those earned in offshore accounts. Doing so does not necessarily mean that you will owe taxes on your offshore accounts, but avoiding/refusing to include them on your tax returns is very serious.

Something fishy about your return? Check your tax software

With the internet now part of our everyday life, as many as 43 percent of Americans are going online to find tax preparation services. Many of these websites are helpful, but errors in software can result in missed deductions or, worse case scenario, an audit. Errors in tax preparation software are now part of the yearly tax season headlines

Understanding the 'self-employment tax'

From Uber drivers to graphic designers, more and more people earn at least some of their income as independent contractors or freelancers, making them self-employed in the eyes of the IRS. If you earn more than $400 a year from self-employment, you'll need to file a federal tax return on that income.

Have your payroll taxes been paid?

Operating a business with employees carries with it a large number of responsibilities. One of the most important, if not necessarily the most pleasant, is ensuring that your employment payroll taxes are paid. This is accomplished via withholding on most employees' paychecks. While in most businesses, this is done automatically, there may be circumstances that could lead to that not happening.

Who prepares your taxes?

Tax preparation is a task few look forward to with great anticipation. Most people may wish to avoid it altogether and hire someone to do it for them. For many businesses, it is a necessary expense, as the complexity of dealing with taxes, from the personal income tax of the owners to the corporate or partnership filing of the entity itself can be time consuming, distracting and an activity that contains many risks.

Is it all just a "pyramid" scheme?

Tax policy is a tricky instrument. While everyone would like to pay less in taxes, a problem develops when revenue to the state or municipality develops shortfalls. The issue with Michigan's deteriorating roads is in part due to years of insufficient tax revenue from the gas tax to support maintenance and repair work.

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