Anyone starting a new business should be aware of their federal tax responsibilities. Here are several things you should know if you plan on opening a new business this year. First, you must decide what type of business entity you are going to establish. The type your business takes will determine which tax form has... Read More
The failure to file a federal tax return can be costly — whether you end up owing more or missing out on a refund. There are several reasons taxpayers don’t file their taxes. Perhaps you didn’t know you were required to file. Maybe, you just kept putting it off and simply forgot. Whatever the reason,... Read More
If you use independent contractors to perform services for your business or rental and you pay them $600 or more for the year, you are required to issue them a Form 1099 after the end of the year to avoid facing the loss of the deduction for their labor and expenses. (This requirement generally does... Read More
Many parents who work or are looking for work must arrange for the care of their children during the school vacation. If you are one of those parents, and your children requiring care are under 13 years of age, you may qualify for a child care tax credit. Here are some facts that you need... Read More
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