Archives
The IRS recently released a new list of Frivolous Tax Arguments. This list shows all the ways people try to avoid paying their tax bills. The problem is that most have been disproved in court many times. In 2006, the U.S. Congress increased the penalty for filing a tax return with one of these or [...]
Q. I borrowed $15,000 from my 401(k) in Feb, 09. In May, 09, I was laid off from my job. My only options for the loan were to pay it in full (not going to happen) or default. They would NOT allow me to continue making payments and would not transfer the loan to my [...]
Q. I just started a new job and my employer wants me to do the payroll too. How do I learn some more about it so I don’t mess it up?
A. Thank you for looking for more education. So many people think that payroll is nothing more than taking out taxes. The payroll process has [...]
Q. I followed your advice and had my payroll department withhold based on W4 stuff instead of a flat percent. How do I know if I’m on track?
A. That’s a rather amusing question actually. Publication 15 and the W-4 both require that you use only marital status and number of allowances on the form. If [...]
No questions about this one, but the weather guys are starting to talk about tropical storms forming. When I think of hurricanes or tropical storms, I think of lots of destruction and lots of tax documentation flying away from those who need it. While other bloggers and reporters may talk about preparing food, shelter and [...]
Q. I know you get a lot of questions about this, but I think I may have not been allowing myself the number of allowances that I am qualified to receive. I am 33, single, have 2 homes in a separate state, both are rented. Should I be able to claim an allowance of 3, [...]
Happy National Small Business Week! This happens to be the illustrious week designated for increased awareness of issues surrounding the small business community. In honor of this week, I wanted to highlight three very big issues facing small employers.
1. Health Care Costs – The Obama administration is looking to find a way to cover everyone [...]
Q. My paycheck increased this week for some reason. My payroll department says it is because of the Stimulus package that was just passed. They can’t find any details. What changed?
A. This was supposed to be so easy. Congress passed legislation giving single individuals a $400 credit for the year and married folks $800 per [...]
The IRS just released it’s taxpayer statistics for the 2006 tax year. With all the press dedicated to analyzing the new administration’s tax proposals, I thought it would be good to look at just who is paying taxes these days.
First, the average tax rate paid on all returns was 13.8%, which is slightly higher than [...]
I thought this news warranted a special release. The new withholding tables related to the recently signed Stimulus package, called the “American Recovery and Reinvestment Act of 2009″ have been released. You can download a copy here. These will ultimately be incorporated in Publication 15-T when that is released to the IRS website. The [...]
