Business owners with employees could have to personally pay a harsh tax penalty if they aren't careful. It's called the Trust Fund Recovery Penalty, and it applies to the Social Security and income taxes required to be withheld by a company from its employees' wages. This article examines the risk and explains how business owners, managers and other parties can avoid penalties.
Small businesses encounter many challenges and opportunities. This article helps business owners through growing pains by addressing two key areas: 1) financial and tax reporting and 2) working capital.
Taxpayers seeking to minimize their 2024 taxes may still be able to do so. Those who qualify can make a deductible 2024 contribution to a traditional IRA until the federal income tax return filing date (April 15, 2025).
In an increasingly global society, many taxpayers hold foreign accounts. This article explains the rules regarding who must file a Report of Foreign Bank and Financial Accounts (FBAR) with the federal government.