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We pay our federal income taxes through a voluntary pay-as-you-go payroll deduction, or through a system of quarterly estimated payments to report earnings not subject to payroll deductions. The system encourages upfront payments and can add additional tax debt to the taxpayer who underpays. If you have underpaid your taxes, you’ll need to get IRS Form 2210, read the directions,…
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Estimated taxes are commonly paid by those who are self-employed or have unconventional income, such as income from stocks and bonds. Those who are on salary and receive a check from payroll generally pay their estimated taxes through their company; their income tax is withheld from each check and then filed by the business. Those who do not receive salaried…
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It’s tax season again and one of our firm’s favorite things during this time of year is to give a little something special to Boston’s students. For the Month of February, we are running a Student Special for tax preparation! If you are a student and have a qualified basic tax return, Dukhon Tax is offering a student special price…
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Whether you’re selling or purchasing a business, conscientious tax planning is essential. Whenever a business is transferred, there are tax ramifications for both buyer and seller. These tax ramifications could greatly affect the value of the business sale for both parties — and it can be even more complicated when partnerships or more complex entities are involved. The Tax Implications…
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There are a number of tax issues surrounding healthcare that have recently taken center stage. The state of Colorado has proposed, and decided to vote on a single payer healthcare system, which would make it the first state to provide free healthcare for residents. This would be a huge move for the state, which under these provisions would allow residents…
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This guide is generally oriented towards the time-honored approach of deferring income and accelerating deductions to minimize 2015 taxes. For individuals, deferring income also may help minimize or avoid AGI-based phaseouts of various tax breaks. Year-end tax planning for 2015 must take account of the many important “temporary” tax provisions that have expired and may not be retroactively reinstated and…
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The breadth of our life experiences and changes that occur as we mature always have wider tax implications. The major milestones of our lives bring both tax benefits and liabilities. Almost every milestone we reach, whether it includes the excitement of change or the sadness of loss, directly or indirectly affects our status as a taxpayer. For example: Getting married…
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If you can afford health insurance but you don’t wish to buy it expect a higher federal income tax bill for 2015. Under the Affordable Care Act, unless you have a health coverage exemption, the IRS will assess an additional penalty, using the higher result of the following two criteria: 2% of your yearly earnings: The amount of income above…
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“Identity theft is one of the fastest growing crimes nationwide, and refund fraud caused by identity theft is one of the biggest challenges facing the IRS.”…IRS Tips for Taxpayers, FS-2014-2, January 2014 According to an IRS report, Mauricio Warner, a Georgia resident, had a $10 million tax fraud and identity theft operation underway before he was caught and convicted. Warner…
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The majority of taxpayers pay their taxes due annually when filing their tax return for the year. In some circumstances, however, taxes must be paid to the IRS on a quarterly basis. These tax payments are called estimated taxes because they are based on the amount of income that an individual or business expects to make for the year.
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