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The United Kingdom’s vote to leave the European Union (EU) is going to have a lot of impact on international trade, not to mention the American economy and tax policy. Americans with UK-sourced income and businesses looking to enter the UK market should take heed of the impending changes and how they will affect their tax liabilities. Here’s an overview…
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If you are about to switch jobs or experience some sort of unemployment, there are certain tax implications you may need to consider. Accrued money When switching jobs, you may have a sizeable amount of money accrued coming to you from vacation or sick pay. Any form of severance pay you receive is taxable in the year you receive it,…
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April 15th is in most taxpayers’ rearview mirrors–except for those with an outstanding tax debt. There are provisions for extending the deadline date for filing, but the extension must be accompanied by a payment, or the clock starts ticking for accruing of interest and penalties and setting in motion a levy or a lien. Settle up or face the…
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Tax season is over and you might think that you can rest easy now that your return has been filed but that’s not always the case. Sometimes you need to file an amended tax return, whether you realize it or not. Here are some of the common reasons for filing an amendment.
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As a young person, considering anything finance-related can seem light years away. In reality, knowing how to manage your finances and plan for the future should occur in your early years. This will help in learning responsibility at a young age, giving you a clearer perspective on money management. Learning how to appreciate money and use it wisely at a…
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The rise of the sharing economy brings about a great deal of tax concerns, whether you rent out your home on Airbnb or pick up groceries on Instacart. Rideshare services like Uber and Lyft are a fact of life today. Whether you drive for these apps full-time or as a side hustle, you’ll get a 1099 so the IRS gets…
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Because of changes initiated by the Affordable Care Act, your healthcare costs during the year now affect your taxes more than they ever did before. Below are some of the most frequently asked questions with regard to healthcare and income taxes to help you prepare your 2015 return. 1. Am I required to have health insurance? Under the ACA, most…
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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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