The One Big Beautiful Bill Act creates new limited deductions for tips and overtime income through 2028. Find out if you qualify.
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Your Weekly Read
Understanding the tax consequences of gig workers
The gig economy offers many benefits. It also comes with tax responsibilities that gig workers need to manage proactively to avoid penalties.
Questions about taxes and tips? Here are some answers for employers
You may have heard about proposals to end taxes on tips. If you’re a business with employees who receive tips, how should you proceed?
You may qualify for a tax credit for employees who receive tips
If you’re a restaurant owner with employees receiving tips, you may qualify for a lucrative tax break.
What are the tax implications of winning money or valuable prizes?
There are tax implications if you hit a sizable jackpot in the lottery or while gambling. Here are the basic rules.
You may be eligible to use more than one filing status
When it comes to taxes, December 31 is more than just New Year’s Eve. That date will affect the filing status box that will be checked on your 2020 tax return. When filing a return, you do so with one of five tax filing statuses. In part, they depend on whether you’re...
Tax implications of working from home and collecting unemployment
COVID-19 has changed our lives in many ways, and some of the changes have tax implications. Here is basic information about two common situations. Working from home Many employees have been told not to come into their workplaces due to the pandemic. If you’re an...
More parents may owe “nanny tax” this year, due to COVID-19
In the COVID-19 era, many parents are hiring nannies and babysitters because their daycare centers and summer camps have closed. This may result in federal “nanny tax” obligations. Keep in mind that the nanny tax may apply to all household workers, including...
Discussing the President’s executive action to defer payroll taxes
On August 8, President Trump signed four executive actions, including a Presidential Memorandum to defer the employee’s portion of Social Security taxes for some people. These actions were taken in an effort to offer more relief due to the COVID-19 pandemic....
Conduct a mid-year paycheck checkup for adequate withholding
Did you recently file your federal tax return and were surprised to find you owed money? You might want to change your withholding so that this doesn’t happen next year. You might even want to do that if you got a big refund. Receiving a tax refund essentially means...
What filing status are you eligible to use on your income tax return?
For tax purposes, December 31 means more than New Year’s Eve celebrations. It affects the filing status box that will be checked on your tax return for the year. When you file your return, you do so with one of five filing statuses, which depend in part on whether...
How should you handle worker classification?
Many employers prefer to classify workers as independent contractors to lower costs, even if it means having less control over a worker’s day-to-day activities. But the government is on the lookout for businesses that classify workers as independent contractors simply...
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