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Two important tax deadlines are coming up — and they don’t involve filing your 2022 tax return

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March 21, 2023 , ,

RMD Distribution

April 18 is the deadline for filing your 2022 tax return. But a couple of other tax deadlines are coming up in April and they’re important for certain taxpayers:

  1. Saturday, April 1 is the last day to begin receiving required minimum distributions (RMDs) from IRAs, 401(k)s and similar workplace plans for taxpayers who turned 72 during 2022.
  2. Tuesday, April 18 is the deadline for making the first quarterly estimated tax payment for 2023, if you’re required to make one.

Continue Reading: Two important tax deadlines are coming up — and they don’t involve filing your 2022 tax return

You may be liable for “nanny tax” for all types of domestic workers

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October 25, 2022 , , , ,

nanny tax

You’ve probably heard of the “nanny tax.” But 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 tax obligations.

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Home sweet home: Do you qualify for office deductions?

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August 23, 2022 ,

home office deduction

If you’re a business owner working from home or an entrepreneur with a home-based side gig, you may qualify for valuable home office deductions.

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Estimated tax payments: Who owes them and when is the next one due?

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August 9, 2022 , ,

estimated tax

If you don’t have enough federal tax withheld from your paychecks and other payments, you may have to make estimated tax payments. This is the case if you receive interest, dividends, self-employment income, capital gains or other income. Here are the applicable rules for paying estimated tax without triggering the penalty for underpayment.

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Vehicle expenses: Can individual taxpayers deduct them?

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June 28, 2022

vehicle expenses

It’s not just businesses that can deduct vehicle-related expenses on their tax returns. Individuals also can deduct them in certain circumstances. Unfortunately, under current law, you may not be able to deduct as much as you could years ago.

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A Compensation Plan that Rewards Top Talent – NQDC

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May 21, 2022

NQDC

Want to turn a hobby into a business? Watch out for the tax rules

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April 26, 2022 ,

hobby business

Like many people, you may have dreamed of turning a hobby into a regular business. You won’t have any tax headaches if your new business is profitable. But what if the new enterprise consistently generates losses (your deductions exceed income) and you claim them on your tax return? You can generally deduct losses for expenses incurred in a bona fide business. However, the IRS may step in and say the venture is a hobby — an activity not engaged in for profit — rather than a business. Then you’ll be unable to deduct losses.

Continue Reading: Want to turn a hobby into a business? Watch out for the tax rules

Thinking about converting your home into a rental property?

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April 19, 2022 , ,

rental property

In some cases, homeowners decide to move to new residences, but keep their present homes and rent them out. If you’re thinking of doing this, you’re probably aware of the financial risks and rewards. However, you also should know that renting out your home carries potential tax benefits and pitfalls.

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Commission fraud: When salespeople get paid more than they’ve earned

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January 3, 2022 ,

commission fraud

Many employees — from retail workers to sales staffers involved in complex business-to-business transactions — receive part of their compensation from sales-related commissions. To attract and retain top talent, some companies even allow employees to earn unlimited commissions.

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Gig workers should understand their tax obligations

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December 28, 2021 , , ,

gig worker

The number of people engaged in the “gig” or sharing economy has grown in recent years. In an August 2021 survey, the Pew Research Center found that 16% of Americans have earned money at some time through online gig platforms. This includes providing car rides, shopping for groceries, walking dogs, performing household tasks, running errands and making deliveries from a restaurant or store.

Continue Reading: Gig workers should understand their tax obligations