Here’s what taxpayers should know about backup withholding

Here’s what taxpayers should know about backup withholding

Backup withholding ensures that the government is paid the correct amount of taxes on specific types of payments reported on certain Forms 1099 and W-2G. Here are some facts about backup withholding.              Backup withholding is required on certain non-payroll...
You may owe “nanny tax” even if you don’t have a nanny

You may owe “nanny tax” even if you don’t have a nanny

Have you heard of the “nanny tax?” Even if you don’t employ a nanny, it may apply to you. Hiring a house cleaner, gardener or other household employee (who isn’t an independent contractor) may make you liable for federal income and other taxes. You may also have state...
The tax responsibilities that come with shutting down a business

The tax responsibilities that come with shutting down a business

There are many reasons a business owner may choose to close their doors, and there are many things that must be done to go out of business. Two important steps all business owners must take are fulfilling their federal tax responsibilities and informing the IRS of...