The IRS Business Tax Account provides information to sole proprietors, partners of partnerships, and shareholders of S corporations and C corporations. Eligible business taxpayers who set up an account can use the hub to make electronic payments, schedule or cancel future payments and access other tools. Business taxpayers can also view their current balances, payment […]
Eligible individuals with disabilities and their family members can use Achieving a Better Life Experience (ABLE) accounts to pay for qualified expenses. These are savings or investment accounts that don’t affect eligibility for government assistance programs. Contributions aren’t tax deductible, but withdrawals used for qualified expenses are tax free, similar to 529 education savings plans. […]
Making a family loan isn’t the only way to assist a loved one with purchasing a home. If you aren’t concerned about being paid back, a straightforward option is gifting cash. In 2025, you can give up to $19,000 to anyone without federal gift tax consequences under the gift tax annual exclusion. If your loved […]
The IRS Business Tax Account provides information to sole proprietors, partners of partnerships, and shareholders of S corporations and C corporations. Eligible business taxpayers who set up an account can use the hub to make electronic payments, schedule or cancel future payments and access other tools. They can also view their current balances, payment history, […]
The IRS has posted a list of common refund myths on its website. For example, if the online Where’s My Refund tool or automated hotline doesn’t specify when a refund will be approved, there’s no point in calling the IRS. The tax agency won’t have additional details yet. Also, don’t assume that Where’s My Refund […]
The term “sandwich generation” was coined to describe baby boomers caught between caring for their aging parents and their children. Today, it most commonly applies to Generation Xers and older Millennials. If you’re caught in the middle, it might be time for honest discussions about pressing issues such as funding children’s higher education and paying […]
Business owners, beware. Identity theft is a growing threat that can cripple your business or shut it down forever. Signs of business identity theft include the inability to file a tax return because a return has already been filed using the business ID number, a request for a routine extension is rejected, and tax transcripts […]
If you owe federal tax, you can typically use credit and debit cards to pay directly or through certain third-party apps. However, the number of cards you can use when submitting individual tax forms is generally limited to two per year or two per month (for details: Frequency limit table by type of tax payment | […]
Any U.S. person with a financial interest in or authority over foreign financial accounts may be required to file a Report of Foreign Bank and Financial Accounts (FBAR). An FBAR is required if the aggregate value of the accounts exceeds $10,000 at any time during the calendar year. FBARs are due April 15 of the […]
Employers are required to withhold federal tax from supplemental wages paid to employees. These include bonuses, commissions, reimbursements (so long as you don’t have an accountable plan), severance, cash prizes, retroactive raises and taxable fringe benefits. Suppose you pay a bonus separately from regular wages. In that case, you generally must either 1) withhold 22% […]