Form 2848—Power of Attorney and Declaration of Representative is the IRS form where individuals can authorize someone else to represent them before the IRS. This tax form is mostly used for giving authorization to attorneys but can be filled out to give authorization to anyone. Since the purpose of Form 2848 is very simple, the … Read more
Form 5498—IRA Contribution Information is given to individuals who have an Individual Retirement Account to report contributions. You can think of Form 5498 as the W-2—Wage and Tax Statement. It works the same way as the W-2 because it reports the contributions made but only for informational purposes. This tax form is also sent to … Read more
Form 8832—Entity Classification Election is the IRS form for eligible entities to set the tax classification for federal tax purposes. The tax classification of an eligible entity can be a corporation, partnership, or entity disregarded as separate from the entity’s owner. However, before an entity files Form 8832, there is one thing that needs to … Read more
Family and Medical Leave Act or better known as FMLA is the federal law that allows employees to go on job-protected leave. Sometimes, FMLA can be denied by employers. Table of Contents This can happen due to several reasons but an employer can’t just deny an employee from using FMLA leave. For this, the employer … Read more
Landlord insurance coverage is a type of property coverage. It comes with more than one protection including property and liability. Whether you have multiple properties or plan on subletting your home for a short while when you’re traveling, landlord insurance is the best way to secure your home. One thing to keep in mind about … Read more
Form 2210 is the IRS tax form used by individuals, estates, and trusts to figure out the penalty of underpaying estimates taxes. Before you file Form 2210, you must figure out whether or not you’ve underpaid your taxes. As for how you can know if you underpaid estimated taxes, you need to look at the … Read more
While employees and employers pay Social Security and Medicare taxes under FICA, self-employed individuals pay it under self-employment tax. Use the calculator down below to see how much you will have to pay in self-employment tax and your income subject to it. First and foremost, not all of the earnings coming from self-employment is subject … Read more
PPP Loan Forgiveness Extended to December 31, The PPP loan forgiveness program, which has been a lifeline for numerous businesses throughout the pandemic, has now been extended to December 31, . This PPP loan extension is part of the government’s ongoing effort to provide COVID-19 relief and economic stimulus to businesses struggling amidst the ongoing … Read more
Early withdrawals from an Individual Retirement Account (IRA) is subject to a penalty. If you withdraw money from your IRA before the age of 59 1/2, you will pay a 10 percent early withdrawal penalty. It doesn’t end there though. You will also have to pay income tax. For example, if you withdraw $5,000 from … Read more
Many taxpayers use tax withholding as a means to save up for money. This isn’t a good deal at all. It isn’t a wide approach to treat taxes withheld as savings. Since you’re loaning your money to the government for free, you won’t get anything in return than what you paid the IRS. Although withholding … Read more