Federal withholding tables are reference charts published by the Internal Revenue Service (IRS) in Publication 15-T, Federal Income Tax Withholding Methods. You use these tables to calculate how much federal income tax to deduct from an employee’s gross pay during each payroll run. The U.S. tax code taxes income progressively across annual brackets, but you…
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Starting today – July 15, families with children will receive more money due to the expanded Child Tax Credit. Working families can expect to receive up to $3,600 per child under the age of six, or $3,000 per under the age of 18. The credit would come as a monthly payment of up to $300
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Ask someone what the difference between an accountant and a bookkeeper is, and they may find it difficult to answer. Some would say they’re the same – but that would be incorrect. While bookkeepers and accountants share common tasks and functions, they support businesses in different stages of the financial cycle. Here’s an explanation of
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For the second year in a row, the IRS has decided to postpone the April 15th tax filing deadline. The new date is May 17. Details are forthcoming but the decision to delay the date was called for by many. The agency agreed with The American Institute of CPAs, the National Association of Tax Professionals,
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The $1.9 trillion stimulus plan called the American Rescue Plan is just one signature away from becoming law –And here’s what you need to know about it. While most Americans were focused on the $1,400 stimulus checks, it’s the extension of the child tax credit in the relief legislation that many are calling a radical
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Now that the House and Senate officially passed the $1.9 trillion stimulus bill, you may be wondering when will the $1,400 stimulus checks go out. The House plans to pass the amended COVID-19 relief bill Tuesday, with President Biden signing it into law before March 14. After that, the IRS can speed up the process
When Will The Third Round of Stimulus Checks Arrive? Read More »
By now you’ve sent out your W-2 to your employees. But in addition to that, businesses must also file Form W-3 along with copies of each employee’s W-2 with the Social Security Association (SSA). What is Form W-3? Form W-3, officially the Transmittal of Wage and Tax Statements, is a summary for the SSA of
What is Form W-3 and Do You Have to File One? Read More »
If you’re one of the millions of people who have moved or are thinking of relocating since the pandemic hit, you may be tempted to move to a state with no income tax. Sure, everyone wants a lower tax bill, but don’t assume that living in any of these states will make things easier. There’s
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It’s obviously no fun owing the IRS money. Especially, if you’ve lost your job or have been financially impacted by the coronavirus. So, with tax season 2020 officially here, the decision on whether or not to withhold depends on your financial situation. If you’re barely making ends meet, it can be tempting to put off
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“As many as 8 million people are still waiting for their second stimulus checks”. That’s according to Brian Deese, the new director of the White House National Economic Council. “This is principally an issue associated with people who are non-filers.” If you think you’re one of these 8 million and you’re certain you meet all the
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