Employers are required to withhold federal income tax, Social Security tax, and Medicare tax from employees’ earnings. The amount of money an employer mus...

Instead, a guaranteed payment is a tax-deductible expense by the LLC that reduces the business’s net profit and is reported on U.S. Return of Partnership ...

In order to qualify for the CEBA program, applicants must be an active operating business with a CRA Business Number both effective as of March 1, 2020 in...

Options for Dealing With Prizes Keep the prize and pay the tax. This is the best option if you can afford the tax bill and can use the prize. Sell the pri...

Therefore, only one spouse can file a restricted application, since the other spouse must have filed. In order for both spouses to delay their own benefit...

A qualified disaster is defined in section 139 as a disaster that: Payments by a federal, state, or local government, or their agencies or instrumentaliti...

If you don’t itemize your deductions on your tax return, you won’t be able to deduct the property tax and interest expenses you incur from owning vacant l...

The same applies to serious illnesses, particularly those contracted by the taxpayer themselves. If you have a documented medical reason for being unable ...

Commemorating the one year anniversary of a loved one’s death with a memorial service can be very comforting. You can invite just close family, or open it...

The short answer is “yes,” you can do your return yourself. There is no legal or IRS requirement that business owners hire a tax professional to prepare t...