Nanny tax is federal withholding tax including social security and Medicare employment taxes that you become responsible to deduct at source and deposit to treasury from the payments made to a household employee . In other words, Internal Revenue Code considers you an employer for a nanny that you hired for your kids and him/her …
Read moreNanny Tax : Do You Have to Pay Taxes for a Caregiver ?
HELOC or a home equity line of credit , is a line of credit allowed by the lender against your home. This ( heloc mortgage loan ) is a revolving credit line . You can use it for large expenses or to payback higher-interest rate debts such as credit cards because it often has a …
The Child Tax Credit law under section 24 of the 26US Code has changed a lot from the tax year 2018 with the passage of the Tax Cuts & Jobs Act. Earlier i.e before TCJA, a taxpayer could claim a tax credit worth up to $1,000 per qualifying child. but from the tax year 2018 …
The amended Internal Revenue Code (courtesy Tax Cuts & Jobs Act ) now (from tax year 2018) provides 20% tax deduction for all self-employed or freelancers or estate or trust from a partnership, S corporation or sole proprietorship or s corporation or who have qualified business income. The Qualified Business Income or QBI Calculator deduction …
Let me first elaborate on “failure to deposit penalty” which is imposed on employer not paying payroll taxes within scheduled time. Internal Revenue Code makes Employers responsible for withholding tax from their employee’s paychecks and also their contribution to Social Security, and Medicare taxes. After deduction of these amounts , one needs to deposit them …
One of the most common life-changing events is the marriage of a person and when that happens, your financial life will also change on account of tax issues – some positively and some negatively. The Often asked question by a newly married couple is “Do you get more income tax being married ?” or “How …
What is a 1099 form ? The IRS Form 1099 is a series of documents the Internal Revenue Service (IRS) that report the various types of income a taxpayer ( the recipient of the 1099 form) may have received throughout the year other than the salary . This is one form that arrive , generally , in late January …
Do you know if you are eligible for tax deduction related to mortgage interest you paid? Seven answers to most important questions reltaed to tax deduction of home loan interest
