- All You Need to Know about the New Tax Extender Legislation
- Congress has reached a bipartisan agreement on tax extenders, aptly named "Protecting Americans from Tax Hikes Act of 2015". Much to everyone’s surprise, some were made permanent while others were only extended for a period of time. Congress also modified several provisions and added new ones to reduce tax fraud. Here is a look at some of the key provisions included in the legislation that pertain to individuals, small businesses, and certain energy-related provisions:
- Which 1040 Is The Right One For You?
- When Benjamin Franklin said that nothing is certain but death and taxes, he managed to name two of the things that people loathe and fear the most. One of the things that makes taxes so unpleasant is obviously the fact that you have to hand over some of your hard-earned money to the government, and the other is that it can be so difficult to figure out how to fill out the forms – and which one to use.
- Traditional to Roth IRA Conversions - Should You? Did You? Wish You Hadn't?
- The tax provision that allows taxpayers to convert a Traditional IRA to a Roth IRA is a great tax-planning tool when used properly, and timing is everything.
- Unpaid Debt Can Take Your Refund
- As the 2015 tax season approaches, you may be getting excited about your potential tax refund.
- Are You at Risk for a Trust Fund Penalty?
- When an employer withholds Social Security and income taxes from an employee, those funds are the property of the government, and the employer must hold those funds in “trust” until the funds are turned over to the government. Failure to do so could lead to the so-called trust fund penalty, which is equal to 100% of the withholding from the employees' wages. The penalty applies to any willful failure to collect, account for and pay over Social Security and income taxes required to be withheld from employee wages.
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