withholding Archives

You may qualify for a tax credit for employees who receive tips

Jan 18, 2024 | Small Business

If you’re a restaurant owner with employees receiving tips, you may qualify for a lucrative tax break.

What are the tax implications of winning money or valuable prizes?

Nov 16, 2023 | Individuals

There are tax implications if you hit a sizable jackpot in the lottery or while gambling. Here are the basic rules.

You may be eligible to use more than one filing status

Jan 4, 2021 | Individuals

When it comes to taxes, December 31 is more than just New Year’s Eve. That date will affect the filing status box that will be checked on your 2020 tax return. When filing a return, you do so with one of five tax filing statuses. In part, they depend on whether you’re...

Tax implications of working from home and collecting unemployment

Sep 28, 2020 | Individuals

COVID-19 has changed our lives in many ways, and some of the changes have tax implications. Here is basic information about two common situations. Working from home Many employees have been told not to come into their workplaces due to the pandemic. If you’re an...

More parents may owe “nanny tax” this year, due to COVID-19

Aug 24, 2020 | Individuals

In the COVID-19 era, many parents are hiring nannies and babysitters because their daycare centers and summer camps have closed. This may result in federal “nanny tax” obligations. Keep in mind that the nanny tax may apply to all household workers, including...

Discussing the President’s executive action to defer payroll taxes

Aug 18, 2020 | Small Business

On August 8, President Trump signed four executive actions, including a Presidential Memorandum to defer the employee’s portion of Social Security taxes for some people. These actions were taken in an effort to offer more relief due to the COVID-19 pandemic....

Conduct a mid-year paycheck checkup for adequate withholding

Jul 20, 2020 | Individuals

Did you recently file your federal tax return and were surprised to find you owed money? You might want to change your withholding so that this doesn’t happen next year. You might even want to do that if you got a big refund. Receiving a tax refund essentially means...

What filing status are you eligible to use on your income tax return?

Dec 16, 2019 | Individuals

For tax purposes, December 31 means more than New Year’s Eve celebrations. It affects the filing status box that will be checked on your tax return for the year. When you file your return, you do so with one of five filing statuses, which depend in part on whether...

How should you handle worker classification?

May 13, 2019 | Small Business

Many employers prefer to classify workers as independent contractors to lower costs, even if it means having less control over a worker’s day-to-day activities. But the government is on the lookout for businesses that classify workers as independent contractors simply...

Is your nonprofit organization ready for a raffle?

Mar 11, 2019 | Nonprofits

A raffle is a great fundraiser for not-for-profits. But they are subject to strict tax rules. State laws on nonprofit-sponsored raffles can vary significantly, but nonprofits must comply with federal income tax requirements linked to unrelated business income,...

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