The Biden administration is working on several major changes to the 401(k) such as an automatic enrollment to employees that are not covered by a retirement plan at their workplace. If your employer doesn’t offer 401(k), you’re out of options as it’s not like IRA where you can open an account yourself. Your employer must … Read more
The new child tax credit automatically enrolls taxpayers to advanced payments. Unenrolling from the child tax credit in is still possible though. If you’re planning on unenrolling from the advanced child tax credit payments, we highly suggest hurrying up as the payments will be sent starting from August 1st. Opting out of advanced child tax … Read more
Form W-2, Wage and Tax Statement includes many information about an employee’s payroll. The Internal Revenue Service wants employers to file Form W-2 for every employee that worked in the company and received $600 or more in compensation during the tax year. One of the few boxes that got employees wondering is the Box D … Read more
The Internal Revenue Service helps taxpayers with filing certain tax forms for free. The Free File Fillable Forms has a large number of tax forms that can be filed electronically. If you need a tax form that needs filing with the IRS, Free File Fillable Forms is worth trying. When you land on the IRS … Read more
Form 12277 is a simple tax form that removes lien on a federal tax lien. After paying off your debt fully and being up to your tax payments for the current tax year, file the 12277 to remove the lien. If this is your first time filing Form 12277 (in that case, we hope you … Read more
Accounting software for small businesses is a must if you’re planning to handle everything from creating invoices to calculating monthly payments. While there is plenty of accounting software you can utilize in your small business, not all of them are going to offer you everything you need. Although you may not need much, having something … Read more
Form 1099-G, Certain Government Payments is the information return you’ll get from governments whether federal, state, or local. If you’re living in Rhode Island (RI) and received payment from the state government such as unemployment compensation, you’ll get the 1099-G reporting this income. As for what to do with it, you’ll need to attach it … Read more
There are several taxes you pay as an employee before you get your income in hand. There are multiple payroll taxes. You will pay at least three different taxes when your employer processes payroll and depending on where you live/work, you might pay two additional taxes. In this article, we will go over the taxes … Read more
Form 990-PF, Return of Private Foundation, as the name suggests, is the tax return of private foundations. Like individuals file Form 1040 to report everything to the Internal Revenue Service, US private foundations need to enter the information asked to fulfill tax obligations. On the 990-DF, a private foundation that is located in the United … Read more
A commodity is an economic good that has substantial or full fungibility that the market treats instances of the good as equivalent with no regard to who produced it. There are different commodities in the world and some have a higher volume than others. The highest volume commodities make up a large portion of the … Read more