https://www.123articleonline.com/rss/author/321388/bas-pcArticles written by Bas PC from 123ArticleOnline.comen-usCopyright (c) 123ArticleOnline.com All rights reserved. https://www.123articleonline.com/articles/1281271/10-tax-tips-for-individuals Here are some suggestions you should consider if you're interested in cutting your taxes. https://www.123articleonline.com/articles/1283836/1099-k-understanding-your-special-ks The IRS is reporting that it will be comparing filed 1099-Ks against income reported on business tax returns (including those reported on 1040 Schedule C tax returns). https://www.123articleonline.com/articles/1293192/2022-fica-tax-rates FICA tax is a combination of a Social Security tax and a Medicare tax. The Social Security tax is assessed on wages up to $147,000; the Medicare tax is assessed on all wages. https://www.123articleonline.com/articles/1288487/2022-social-security-update For those still contributing to Social Security through wages, the potential maximum income subject to Social Security tax to $147,000 (up from $142,800 in 2021). A recap of the key amounts is outlined here. https://www.123articleonline.com/articles/1261352/avoid-these-small-business-irs-audit-mistakes Businesses that are slowly emerging from the COVID-19 pandemic should now keep their eye on another looming obstacle: IRS audits. https://www.123articleonline.com/articles/1269047/cash-or-accrual-whats-the-difference When you start a business, you have many decisions to make. One of those is the method of accounting your business will use for reporting income and expenses on your tax return. It is an extremely important decision. With few exceptions, the method you choose can only be changed in the future with the IRS's permission. https://www.123articleonline.com/articles/1304281/consider-donating-appreciated-stock-mutual-funds One way to reduce your tax bill this year is to donate appreciated stock to a charity of your choice versus writing a check. https://www.123articleonline.com/articles/1302649/contractors-secure-your-job-site-to-reduce-theft According to the Associated General Contractors of America, theft losses among its members have reached almost a billion dollars annually. https://www.123articleonline.com/articles/1274600/creating-financial-goals-as-a-couple Financial goals make it possible for you and your partner to achieve the things you dream about. Here are three things you can do to create - and achieve - financial goals as a couple. https://www.123articleonline.com/articles/1263610/deciding-on-a-15-or-30-year-mortgage-consider-these-factors Assuming that you plan to make monthly payments for the entire term of either loan, should you opt for the longer mortgage or the shorter? These three primary factors are worth considering. https://www.123articleonline.com/articles/1269909/dont-become-a-social-media-fraud-victim Facebook, Twitter, Snapchat, and other social media sites provide innovative ways to connect with friends, share recipes and even find your soulmate. Such sites are also a treasure trove for cybercriminals. https://www.123articleonline.com/articles/1282848/franchises-investigate-before-you-invest Of the thousands of new businesses created every day in the United States, many are franchise outlets. If you've ever thought about buying a franchise, here are some facts worth considering. https://www.123articleonline.com/articles/1296771/give-your-business-an-internal-control-checkup Use the following checklist to review your internal control procedures. The list is not all-inclusive and is no substitute for a thorough internal control analysis. https://www.123articleonline.com/articles/1272127/helping-your-fellow-business-owner Your business survived 2020. Now you may be asking yourself when will the economy return to pre-pandemic levels? Will it be this fall? A year from now? Longer? https://www.123articleonline.com/articles/1267773/higher-taxes-may-be-in-your-future There's little question the tides are moving towards a higher tax environment with multiple trillion-dollar spending bills, a new administration, and deficits as far as the eye can see. https://www.123articleonline.com/articles/1287274/how-to-have-a-comfortable-retirement Regardless of where you decide to invest, the single most important step to a comfortable retirement is to start planning and saving today. https://www.123articleonline.com/articles/1261846/investigate-before-buying-a-business If you are considering buying an existing business, take time to investigate the business thoroughly. https://www.123articleonline.com/articles/1275440/large-retirement-account-balances-can-cause-social-security-tax-problems When you reach age 70 Â, the trigger requiring distributions from qualified retirement accounts is pulled. This annual Required Minimum Distribution (RMD) applies to Traditional IRAs, SEP IRAs, SIMPLE IRAs, 401(k), 403(b), and other defined contribution plans. Amounts not distributed on a timely basis could be subject to a 50% penalty. Thankfully, the RMD rules do not apply to Roth IRAs. https://www.123articleonline.com/articles/1294804/look-beyond-the-interest-rate-before-you-refinance When you're thinking of refinancing your home mortgage, simply comparing interest rates is not enough. Here are some other factors to consider before you refinance. https://www.123articleonline.com/articles/1285838/most-common-areas-for-tax-breaks Tax law changes so frequently that you must be concerned with tax planning year-round, or you'll miss opportunities to lower your tax bill. https://www.123articleonline.com/articles/1276931/protect-against-nursing-home-theft Although the administrators and staff of most assisted living facilities work hard to carry out their duties with integrity, some steal from the residents. https://www.123articleonline.com/articles/1282132/retirement-account-funding-after-retirement While there are many tax-advantaged retirement savings plans, the various options and rules can make the most sophisticated of us cringe. https://www.123articleonline.com/articles/1265355/roll-it-before-you-pull-it While each retirement plan has similar early withdrawal penalty exemptions, they are not all alike. Knowing these subtle differences within 401(k) plans can help you avoid a 10 percent tax penalty if you take money out of the plan prior to reaching age 59 1/2. This is true because a basic rollover of funds into a Traditional IRA is a readily available option to avoid the penalty. https://www.123articleonline.com/articles/1264362/so-you-sold-your-home-now-what If you're considering selling your home or have recently sold your home, there are possible tax consequences. The good news: much of the gain on the sale of your home may be tax exempt. https://www.123articleonline.com/articles/1292299/stay-safe-when-using-free-wi-fi A wide variety of businesses routinely advertise free Wi-Fi access. While it may seem easy and convenient to use, free Wi-Fi comes with major risks. https://www.123articleonline.com/articles/1292615/tax-planning-and-tax-management-services-in-south-jersey-tax-preparation-companies Business Accounting Systems, P.C., is a South Jersey Public Accounting Firm located in West Deptford, New Jersey that has been providing excellence in servicing the accounting, payroll, and tax needs of independently owned small businesses throughout the Tri-State area https://www.123articleonline.com/articles/1271174/tax-software-is-it-the-best-way-to-go Some popular tax preparation software is relatively inexpensive, but what does using software to prepare your taxes really cost you? https://www.123articleonline.com/articles/1297553/tax-free-rental-income Most income you receive is taxable income that is reported to you and to the Federal/State tax authorities. However, there are a few income-producing events that the IRS has said are not taxable. One of them is renting out your home or vacation property. https://www.123articleonline.com/articles/1300251/the-lost-art-of-tracking-home-improvements One of the more popular provisions in the tax code is the $250,000 capital gain exclusion ($500,000 for a married couple) of any profit made when selling your home. As long as you follow the rules, most home sales transactions are not a taxable event. https://www.123articleonline.com/articles/1295758/the-nine-basic-rules-of-investing There is no magic to making money by investing. It requires discipline, determination, perseverance, and hard work. In deciding what investments are suitable for you, you must first understand the nine basic rules of investing. https://www.123articleonline.com/articles/1266659/the-pros-and-cons-of-home-equity-debt Home equity loan interest can often lose its tax deductibility if you're not careful. Here is what you need to know. https://www.123articleonline.com/articles/1278078/time-for-mistletoe-and-savings 'Tis the season for shopping! To many, the holidays are the most wonderful time of the year and also the most difficult time for a budget. https://www.123articleonline.com/articles/1274083/tips-to-help-make-college-more-affordable With the cost of college rising rapidly, it can be overwhelming to think about how to pay your way through school for either yourself or your kids. Fortunately, saving hundreds, even thousands, is possible. https://www.123articleonline.com/articles/1272771/tips-to-organize-your-tax-records As important tax records start filling mailboxes, how can you make sure your tax preparation goes smoothly and efficiently this year? Here are some tips. https://www.123articleonline.com/articles/1270469/using-losers-to-make-winners Understanding the rules surrounding investment losses can really help minimize your tax obligation each year. https://www.123articleonline.com/articles/1280081/virtual-currency-every-bit-counts The IRS notice hopes to clarify how you must treat your use of this new technology. The outcome for users is not good. Here is what you need to know. https://www.123articleonline.com/articles/1289637/what-is-the-best-filing-status The best filing status for you depends upon which status you can qualify for and your particular circumstances. Here are the five filing statuses and the qualifications you must meet to use them. https://www.123articleonline.com/articles/1284743/what-to-do-when-a-loved-one-dies The death of a loved one is a stressful event. In addition to the emotional turmoil, survivors must deal with several financial and tax issues, some of them mundane and some quite complex. https://www.123articleonline.com/articles/1299290/who-needs-a-business-valuation Do you know what your business is worth? If you're like many business owners, the answer to this question is probably 'no.' That's because business valuations can be both time-consuming and costly. Even so, there are many instances when it's important to determine the value of your company.