CAN’T PAY TAXES THEN DO THIS

Can’t pay taxes then do this. This is an exceptional year financially, due to the financial strain from COVID-19. 37% of taxpayers said they do not have the resources to pay 2019 taxes this year, according to a June survey from Tax Audit. The survey of 1,051 respondents was conducted from May 22 to May […]

HOMEOWNERS A VIRUS AND PROPERTY TAXES

Homeowners a virus and property taxes. Some 4.75 million homeowners are in forbearance as of May 26 with more than 41 million Americans filing for unemployment insurance benefits during the pandemic, making it tough for some to keep up with costs associated with home ownership, like property taxes and insurance. For many people affected by […]

GUIDE FOR REPORTING TIP INCOME

Guide for reporting tip income. Employers and employees in the service industries that involve tipping need to comply with a unique set of tax rules. Like wages, income tax, Social Security tax and Medicare tax must be paid on tip income. Tax professionals can share the following guide with clients and prospects to educate and […]