IRS WARNS TAXPAYERS TO BEWARE OF PHISHING SCAMS Phishing is a scam typically carried out by unsolicited email and/or bogus websites posing as legitimate sites luring unsuspecting victims to provide personal and financial information. The IRS has recently warned consumers to watch for emails appearing to be from the Taxpayer Advocate Service (TAS) that include [...]
TIPS FOR BUSINESSES THAT OUTSOURCE PAYROLL DUTIES Many employers outsource their payroll and related tax duties to third-party payers such as payroll service providers and reporting agents (often referred to as service bureaus). Reputable payable service bureaus can help employers streamline their business operations by collecting and timely depositing payroll taxes on the employer’s behalf [...]
TAXING SOCIAL SECURITY BENEFITS Some taxpayers must include up to 85% of their social security benefits in taxable income, while others find that their benefits are not taxable at all. If social security is your only source of income, your benefits probably won’t be taxable. In fact, you may not even need to file a [...]
AVOIDING PENALTIES ON IRA WITHDRAWALS BEFORE AGE 59 ½ IRA owners can withdraw money from their account at any time and for any reason because the owner is in total control of this account. Most withdrawals from traditional IRAs will be at least partially taxable. To add insult to injury the taxable portion of a [...]
A Tour through QuickBooks' Payroll Setup Tool Getting QuickBooks ready to process payroll is a complex, time-consuming process. Here’s what you can expect. Payday. You look forward to it when you’re young and working at your first part-time job. But as a grown-up who needs to start processing payroll for your employees, you probably anticipate [...]
TAXABLE TIP INCOME If you receive tips on the job from customers, you must include those tips in the computation of your tax liability, if any. This includes tips, directly from customers, tips added to credit cards, and your share of tips received under a tip-splitting agreement with other employees. The method for paying out [...]