- Many Taxpayers Will See Smaller Refunds This Year
- Congress has for years used the tax return as a means of providing benefits to taxpayers in need and incentives to stimulate activities in business, as well as addressing environmental issues. So when COVID-19 hit, Congress and many state governments provided tax benefits to help citizens through the pandemic. Because the COVID pandemic-related benefits have come to an end, your tax refunds may be smaller this year, and substantially smaller for many. The following is a rundown of some areas where decreases in federal tax benefits will affect taxpayers’ 2022 tax refunds.
- What You Can Learn About Running a Business From Henry Ford
- What you thought was a good idea will have to be scrapped entirely. Others will have to be adjusted.
- Video Tips: EITC Awareness Campaign from the IRS
- The IRS on January 27 kicked off an Awareness outreach campaign to help Americans to take advantage of the Earned Income Tax Credit (EITC).
- Are You an S Corporation Stockholder? Are You Taking Reasonable Compensation in the Form of Wages?
- S corporation compensation requirements are often misunderstood and abused by owner-shareholders. An S corporation is a type of business structure in which the business does not pay income tax at the corporate level and instead distributes (passes through) the income, gains, losses, and deductions to the shareholders for inclusion on their income tax returns. If there are gains, these distributions are considered return on investment and therefore are not subject to self-employment taxes.
- Tax Benefits for Grandchildren
- If you are a grandparent there are several things you can do to teach your grandchildren financial responsibility and set aside money for their future education and retirement. Before we get into actual suggestions, it is important that you understand the gift tax rules.
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