Independent contractors, also known as 1099 contractors, are responsible for paying their own taxes since they are not classified as employees. Unlike traditional employees who have taxes withheld by their employers, 1099 contractors must calculate and pay their taxes directly to the IRS. This includes federal income tax, state income tax (if applicable), and self-employment … Read more
When it comes to saving for college, 529 plans are one of the most popular tools due to their tax advantages and flexibility. However, understanding how these accounts are treated on the Free Application for Federal Student Aid (FAFSA) can be confusing. The ownership of a 529 plan—whether it’s held by the student, parent, or … Read more
As the movement for salary transparency gains traction across the United States, more states are implementing laws that require employers to disclose salary ranges and compensation details in job postings. These laws aim to create a more equitable workplace by ensuring that potential employees have access to critical information about pay before accepting job offers. … Read more
Setting the right salary for a job is a crucial aspect of human resource management that can significantly impact employee satisfaction, retention, and overall organizational success. In our article, “How to Set Salary for a Job,” we will explore the key considerations and methodologies involved in establishing competitive salaries. The process begins with defining your … Read more
With the implementation of the Corporate Transparency Act (CTA) on January 1, 2024, understanding BOI filing requirements has become a critical responsibility for LLC owners across the United States. The CTA mandates that most domestic and foreign LLCs file a Beneficial Ownership Information (BOI) report with FinCEN (Financial Crimes Enforcement Network). This report aims to … Read more
The EFIN (Electronic Filing Identification Number) is a critical identifier issued by the IRS to tax professionals and businesses authorized to electronically file tax returns. Whether you’re a tax preparer starting your business or an experienced professional who misplaced this number, knowing how to find your EFIN for free is essential. The process can seem … Read more
The Low-Income Housing Tax Credit (LIHTC) is a pivotal program in the United States aimed at increasing the availability of affordable housing for low-income individuals and families. Established under the Tax Reform Act of 1986, it serves as a crucial financial incentive for developers to construct or rehabilitate rental properties that meet specific affordability criteria. … Read more
The Tax Cuts and Jobs Act (TCJA), enacted in December 2017, introduced sweeping changes to the U.S. tax code, many of which have had profound effects on charitable donations. By altering itemized deductions, increasing the standard deduction, and modifying adjusted gross income (AGI) limits for charitable contributions, the TCJA has redefined the incentives and strategies … Read more
If you live or do business in Arkansas and expect to owe state income taxes that aren’t covered through withholding, you’ll likely need to make Arkansas estimated tax payments. Estimated taxes are typically paid by self-employed individuals, business owners, investors, and retirees who earn income outside of regular wages from which taxes are withheld. By … Read more
Massachusetts property tax is a key component of local government funding, providing the financial backbone for many critical services such as education, public safety, infrastructure maintenance, and various community programs. Unlike many other states where property tax rates are set at the state level, Massachusetts takes a more decentralized approach, leaving the determination of property … Read more