Payroll tax suspension will be effective starting from September 1st after President Trump’s executive order to lift off Social Security tax from payroll taxes. While we know when the payroll tax suspension is going to begin, when it will continue to be collected is unknown. It is expected that the payroll tax suspension will continue … 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
Need extra time to file a tax return? Consider a tax extension in to give you six more months to file a tax return. A tax extension allows taxpayers to give themselves more time to file a tax return. Whether you need to gather your tax documents to file a tax return or expecting additional … Read more
Residents of New York must pay income taxes. Most of the things that go into federal income taxes apply to New York State income taxes. New York has 8 tax brackets each with its own tax rate. For the tax season, the tax rates are between 4 to 8.82%. For single filers, up to $8,500 … Read more
How to Request a Form 4506-T This form will give you a summary of your gross income and deductions. It can also request a copy of your tax return from the IRS. You can also use the form to file your taxes online. Requesting a copy of your tax return Getting a copy of your … Read more