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Taxes for Self-employed House Cleaner
Working for yourself cleaning houses can be very rewarding, both personally and financially. But when you are self employed, you can face a significantly higher tax burden than your traditionally...
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Do Qualified Dividends Affect AGI?
Adding dividend-paying investments to your portfolio can be a great way to generate current income while still maintaining the potential for future growth. But not all dividends are treated equally...
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How Many Deductions Can I Claim on My W-4 Form?
If you’re starting a new job or want to lower the amount of federal income taxes your employer is withholding from your paycheck, including deduction allowances when filling out a W-4 form enables you...
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How to Fill Out a W-4 Personal Allowances Worksheet
When you work for an employer, that company is responsible for withholding the appropriate amount of taxes from your paycheck and sending the money to the IRS. When you are hired, the company should...
View ArticleTaxes on Selling Primary Residence
Taxpayers who sell their principal residences may be exempt from paying federal income taxes on the proceeds. The Internal Revenue Service (IRS) allows taxpayers to claim an exclusion from declaring...
View ArticleWhat Happens if I Choose More Allowances on a Form W-4?
The federal government forces employers to take a piece of your paycheck out and set it aside for the federal income taxes you expect to owe at the end of the year. When you file your income taxes, you...
View ArticleIs New Jersey Unemployment Taxable?
The New Jersey Department of the Treasury is responsible for collecting state income taxes. The department offers several tax credit and rebate programs to help residents reduce their state income tax...
View ArticleDifferences in Claiming Single or Married on a W-4
When you receive your paycheck, a big chunk is missing from the amount you actually earned because of what your employer takes out for income tax withholding. The employer uses information on your Form...
View ArticleCapitalizing vs. Expensing Effect on ROI
Capitalizing and expensing are two different accounting methods companies use to record an expense. With the capitalization method, the expense of the asset is spread over a period of time. In...
View ArticleIncome Tax Treatments for Restricted Stock & Deferred Stock
When companies award employees stock, the gift comes with certain restrictions. Deffered stock and restricted stock are interchangeable terms; employees defer selling the shares during the restriction...
View ArticleHow to Report Wages Being Paid Under the Table in Michigan
When you work for cash or are paid under the table, it is your responsibility to report your income to the Internal Revenue Service and your state's Department of Revenue at the end of each year....
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What Is a Single & Zero Withholding Allowance?
Newly hired employees often find themselves faced with completing a W-4 form from the IRS. The main function of the form is to discover what amount the employee is willing to have withheld from her...
View ArticleWhat Disbursements From the Irrevocable Trust Fund Are Considered Tax-Exempt?
Trusts come in a variety of forms, and all have different tax ramifications. Trusts can be revocable or irrevocable --- irrevocable trusts usually enjoy more tax benefits. Credit shelter trusts,...
View ArticleMaximum Amount of Income Tax That Can Be Owed Without IRS Penalty
IRS tax rules require that a taxpayer pays taxes throughout the year. Failing to do this can result in a tax liability as well as a penalty for underpayment of taxes. Though owing a specific amount of...
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When Do I Need a 1099-R Substitute?
The Internal Revenue Service (IRS) requires an employer or profit-sharing administrator to issue documentation showing wages, additional income and tax withholdings, so a taxpayer can use the document...
View ArticleAre Education Trust Fund Disbursements Taxable?
Education trust funds help parents and other relatives save for a child's education and provide some possible tax benefits. As long as the contributors stay in the gift tax exemption range of under...
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Can You Temporarily File Exempt on W-4?
The federal income tax system is operated on a pay-as-you-go basis. Individuals who are employed typically have taxes withheld from their regular paychecks. Individuals who are self-employed typically...
View ArticleWhat Does an IRS Offset Mean?
Advances in technology have enhanced the ability of government agencies to share information. Gone are the days of one hand not knowing what the other hand was doing. In 21st century governments,...
View ArticleIs a Return of Principal Taxable?
The return of principle is not taxable. It is considered a return of the “cost” on an investment and therefore not recognized as income. When you sell property on an installment sale, the buyer...
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The Definition of a Modified Adjusted Gross Income
Anyone who has ever filed a tax return has likely heard the term "adjusted gross income." Your AGI is the starting point for figuring out your MAGI, or modified adjusted gross income. Your MAGI is an...
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