Here in Missouri, among the big tax issues that are present for businesses are sales tax issues. Sometimes, disputes can arise between a business and the state over such taxes. Such disputes can come up for all different sorts of businesses. As a case that is currently before the Missouri Supreme Court illustrates, this includes professional sports teams.
People in different stages of life can vary quite a bit in what tax issues are present for them. So, each age group can have its own set of tax mistakes it is particularly important to watch out for. Today’s post will be focused on tax mistakes for one particular group: people of retirement age.
Tax season can have its challenges for any type of taxpayer. However, when a taxpayer owns a small business, there is a whole set of added potential headaches they can be facing.
Filing taxes can be a time-consuming process and can have the potential to be a source of a fair amount of stress. So, the upcoming tax season is something that may fill some with a small measure of dread.
Wages aren’t the only thing a worker can get from their employer. For example, they may also receive certain fringe benefits in connection to their job. How are such benefits treated for tax purposes? Well, fringe benefits generally are taxable income. Thus, they typically are required to be reported as pay by the employer and can expose the recipient employee to added tax liability.
One type of tax debt a person could end up having is a tax debt related to the federal capital gains tax. This is a tax on profits realized from the sale of certain assets. There are many types of asset sales this tax can apply to.
What profession they are in is among the things that can have significant tax implications for a person.
A good deal of paperwork goes along with federal taxes here in America. This can be seen in a recent report that looked at how much time taxpayers in the U.S., in total, will likely spend on Internal Revenue Service paperwork this year.
Raising kids is not a cheap thing. So, any form of financial relief when it comes to child-related costs can be welcome for a parent. One form of relief a parent may have access to are tax benefits, such as the Child and Dependent Care Credit.
About a month ago, we wrote a post about tax liens and tax levies and how devastating these things can be. Today, we're going to focus on the former and talk about how you can avoid a tax lien with effective communication with the IRS.