If you’re a freelancer or self-employed paying estimated taxes late, the IRS has good news for you. They’re waiving estimated tax payment penalties, even if you don’t meet the threshold for “safe harbor” protection. Normally, you would owe the IRS for paying late, but...
Since the end of 2017, everyone is scrambling to figure out how the Tax Cuts and Job Act (TCJA) affects them. Individual taxpayers, businesses and state governments (like Indiana) are determining how this new legislation affects them on a state and local level. An...
For years, marriage has meant the union of two people in all things except their taxes. For some odd reason, combining their incomes results in pushing a couple into a higher tax bracket than if they file separately. This tax anomaly is called the marriage penalty....
If you’re a small business, you may be focused on how the new tax laws will affect your company’s future tax returns. Meanwhile, the 2017 tax return deadline for individual filers and sole proprietor or single member LLC small businesses is looming. This year, the...
Many small businesses are pass-through companies, those with sole proprietorship, limited liability corporations, S-corporations and partnerships. These businesses do not pay corporate taxes, filing income from the business through the owner’s personal tax returns....
The 2018 Tax Cuts and Job Act (TCJA) will affect most taxpayers, although the new law won’t affect taxes for 2017 (the return you file in 2018). Of the seven income brackets that determine a person’s tax rate, only a slight reduction in income tax occurs in five...
