Despite the robust job market, some people are still losing their jobs. For those who are laid off or terminated from employment, taxes are probably the last thing they’re concerned about. However, they may face tax implications when personal and professional circumstances change, and there may be some decisions to make.
Family businesses make up a huge percentage of companies in the United States and produce much of the country’s gross domestic product. Often defined as companies that are majority owned by a single family with two or more members involved in their management, family businesses can be a significant source of wealth. They may also face higher fraud risks. This article explains why that is true, and how family businesses can reduce the risks.
If your child is awarded a scholarship for college or another type of school, it’s certainly cause for celebration. But parents need to be aware of the potential tax implications. This article explains when a scholarship may be taxable.
Many people earn money during the year but don’t have any, or enough, federal tax withheld from the payments. Or they have taxable income from sources such as interest, dividends, self-employment income or capital gains. If that’s the case, they may need to make estimated payments, or risk triggering a penalty at tax time.
This calendar notes important tax deadlines for the third quarter of 2023.