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Age Rules. Taxpayers must be under age 70½ at the end of the tax year to contribute to a traditional IRA. There is no age limit to contribute to a Roth IRA. Compensation Rules. A taxpayer must have taxable compensation … Continue reading
Unemployment is Taxable. It includes all unemployment compensation as income for the year. Taxpayers should have received a Form 1099-G, Certain Government Payments, by Jan. 31. This form shows the amount received and the amount of any federal income tax … Continue reading
If you’re self-employed, you need to AVOID being audited, paying unnecessary fines or losing out on valuable deductions!
Here are important things to remember: 1. Self-employed taxpayers generally need to make quarterly estimated tax payments. 2. Self-employed taxpayers must file a Schedule C, Profit or Loss from Business, or Schedule C-EZ, with their Form 1040. 3. For those … Continue reading
In filing your tax returns, you need to have your drivers license available. Your drivers license number needs to be imputed on my computer to e-file your return, this is required to help prevent identity theft. State of Michigan : … Continue reading
The 2016 Standard Mileage Rate for Businesses is 54 cents per mile. Charity Mileage Rate is 19 cents per mile. If you have any questions please call me at 734-332-9949
Self-employment tax is a tax consisting of Social Security and Medicare taxes primarily for individuals who work for themselves. It is similar to the Social Security and Medicare taxes withheld from the pay of most wage earners. You figure self-employment … Continue reading