If you are employed by a company that gives annual bonuses, you may look forward to receiving this extra money in your paycheck at the end of the year. While you enjoy the money, however, you also might consider if and how it will be taxed. In fact, the IRS considers end of the year bonuses to be payroll and imposes taxes on them. Your employer has the option of taxing yours in one of two ways.
Charities rely on people for donations. Donations comprise many charities' main source of money and allow these organizations to support their causes. If you want to donate to charities in Houston, you may wonder which ones are among the best in the city and what specific causes they support. These organizations are well reviewed by others and support issues like animal welfare, environmental conservation and human services.
Most people generally accept the inevitability of paying taxes on their income each year. They view this annual requirement as a civic duty and something that should not be avoided. However, a smaller number of would-be taxpayers go out of their way, either legally or illegally, to avoid declaring their incomes and paying taxes on it. Cases of tax evasion and tax avoidance keep the IRS busy as it investigates people who purposely withhold money from the government. With that, you would be well advised to appreciate the differences between tax avoidance and tax evasion, as well as understand the possible penalties involved with both.
Under normal circumstances, you probably assume that the primary goal of the IRS is to collect tax money owed to the government. While tax collection remains an important duty of this entity, it also makes it a priority to reward people who have information about tax cheats. In fact, you may directly or indirectly know of someone who purposely cheats on paying taxes each year, whether it be by claiming false expenses, deliberately withholding income or fraudulently claiming on their tax return. Before you call the IRS to report this individual, however, you should understand the process of taking part in the Whistleblower program and what criteria must be met before you can claim a reward.
With tax laws continuously changing, business owners may find it difficult to know what expenses they can claim at the end of the year. Even more, they may not remember what funds they are supposed to claim to avoid incurring penalties and fines. One of the most confusing aspects of filing taxes as a small business owner involves knowing whether or not to claim bonuses as a business expense. They can appreciate why it may be necessary for them to declare the bonuses they pay to employees and what qualifications call for them to include these funds on their returns.
No doubt by now we have all come across Bitcoins in one realm or another. While many Bitcoin progenitors may have seemingly made out like bandits, that all looks to soon change. Once the tax man comes calling; everyone and everything is up for scrutiny. Here is what you need to know about Bitcoins as they stand for tax burdens.
axpayers may be eligible for several tax deductions and credits that could substantially increase their tax refunds this year. If you are a single mom or a single dad, read these tax tips for single parents to see how you could boost your tax refund!
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f you missed the April 15th filing deadline and are getting ready to prepare for the October 15th extension cutoff date, you may be feeling quite stressed out. You cannot procrastinate any longer. Nevertheless, there are some useful tips to help you get through this all-too stressful time and maybe even come out on top!
Are you considering purchasing a first home? If you are, you may be wondering if buying a home will help or hurt your tax liability next year. The good news is that most homeowners can take advantage of several tax deductions when they buy or refinance a house. First-time homebuyers in particular may be eligible for substantial tax breaks. Here's a primer on how buying a first house will affect your taxes.
