If you're working in the gig economy, you may not be setting aside enough to pay your taxes. This is especially true if you're used to working as an employee, receiving a W-2 and paying your taxes once a year. As a Lyft driver, a food delivery person or an AirBnB host, you're probably classified as an independent contractor. That means receiving a 1099 and paying estimated taxes on a quarterly basis.
The middle of November is not a very popular time to talk about tax refunds; unless, of course, you closely follow politics and are anticipating substantial change through tax reform. Nevertheless, it is still important to think about your tax return during this time of year in terms of the interest free loans that you may be giving to the federal government because of the withholdings from your regular paycheck.
As businesses hire temporary employees (or agencies) to complete end-of-year work, it is critically important for such workers to be properly classified. Classification mistakes can lead to host of taxes and penalties.
While many of our readers are preparing for office Halloween parties, it may be easy to lose sight of the fact that the end of the year will be coming soon. Indeed, 2018 may still be two months away, but with all the celebrations and time off that comes with the holiday season, the New Year will come sooner than you think.
One of the largest purchases a person will make in life is their home. It also follows that the largest sale a person may make is the sale of their home after it is paid off (or it increases in value). However, some people facing the prospect of a windfall from a real estate sale may be skeptical because of the impending tax liability that comes with realizing profits.
In today's society, owing money is arguably just as common as borrowing it. But when it comes to owing the IRS, one cannot be too careful in making sure that Uncle Sam gets paid. For those who have W-2 jobs, having proper withholding may be easier than those who are paid on a contract basis or through commissions.
In today’s economy, part time jobs (affectionately called side hustles) are just as common as Twitter followers for pop stars. Whether it is to save up for a trip of a lifetime or to pay off credit card debt, more Americans, particularly millenials, are embracing part-time jobs.
If you’re a fan of HGTV’s “Flip or Flop” series, you probably have considered flipping houses as an investment strategy or business. After all, the shows make it seem like renovating houses is a quick and lucrative process to make a great deal of money in a limited amount of time.
Tax savings comes in many forms. While many individuals and businesses focus sound financial practices, others may flock to insurance to limit what is owed to Uncle Sam. According to a recent Bloomberg.com report, the use of insurance dedicated funds is becoming a mainstream method of providing a legal way to avoid paying taxes. These products have become so popular after being introduced in the midst of the last recession that major financial institutions are now offering them.
To most people, June is the beginning of wedding season, especially for those who became engaged during the holidays. Indeed, it is natural for soon-to-be married couples to stress out about the details of their special day, but after the wedding, reality and real life will set in. With that, newly married couples will have to consider how tax laws will affect their new life together.