Exercising can be taxing

Exercising can be taxing
Accounting fun     •     December 18, 2020, 8:30 am
A little known fact about the Queen of England. She is a keep fit enthusiast and insists on all of her gym equipment being laid out in exactly the same way ahead of each training session. When she…
16 Financial Planning Questions to Answer in 2021
AccountingWEB     •     January 11, 2021, 9:41 am
Clients
Webinar: Top tips for Self Assessment Success
AccountingWEB     •     January 12, 2021, 6:06 pm
Personal tax Tags Self assessment TaxCalc
ABP #277 - Governmental Accounting, Part 4
Accounting Best Practices with Steve Bragg     •     September 13, 2019, 5:47 pm
The Comprehensive Annual Financial Report
Check out https://www.johannakimball.com

Comments

Post a Comment

Popular posts from this blog

Make It Official: How and When to Convert Your Sole Proprietorship to an LLC

Image
Let’s set the stage: You’ve been self-employed for a while, and you’re a pro at doing your small business taxes by now. You hustled and worked hard last year — business has been booming. As you fill out your tax return for the year, you start to realize that Schedule C is looking a bit more crowded than you’re used to. Is it time for a change? Eventually, self-employed taxpayers might find themselves outgrowing their roles as small-scale sole proprietors and decide they’re ready to graduate to something a little more official, like a limited liability company (LLC). But how do you know you’re ready to make the switch? Here are some signs you might be ready to create an LLC and what steps you should take once you’ve decided to make the leap. When to switch from sole proprietor to LLC When thinking about turning your business into an LLC, ask yourself one simple question: Are things getting serious? And by “serious,” we mean: Is your business growing? Are you earning, or do yo...
Read more

Just Married: How to Fill Out Your W-4

Image
Big life events often trigger tax changes, and getting married is one of them. Though often overlooked, one of the most important steps you should take after getting married is updating your Form W-4 with your employer. Should I fill out a new W-4 when married? Yes! Your W-4 tells your employer how much tax to withhold from your paychecks. If you continue to list “single” on your W-4, your employer will likely withhold more tax from your paychecks than they would if you checked “married.” Updating Form W-4 will ensure you and your spouse have the right amount of taxes withheld, potentially giving you more money in your pocket throughout the year. How do I fill out a W-4 when married? When you get married, your financial situation may change, and you’ll need to account for this on your W-4. Here’s what you need to keep in mind. 1. Update personal information The name on your tax return must match your name on file with the Social Security Administration (SSA). If you plan on c...
Read more

Guide to Reporting Your Unemployment Income

Image
With COVID-19 still wreaking havoc across the globe, the U.S. economy has been shaken. In the United States a record number of people are or were once unemployed due to COVID-related shutdowns. Fortunately, many of those individuals qualified for standard state unemployment benefits, plus the additional federal funds offered as a result of the CARES Act. If you received unemployment benefits due to job loss this year, it’s critical to understand how that money impacts your taxes. And obviously, if you are still unemployed, finding out you owe a large tax bill may be even more burdensome. Here is what you need to know about reporting your unemployment income on your tax return. Why is unemployment income taxable? Unemployment income is still income. Therefore, by law, it is taxable. According to the IRS, any unemployment income, including the additional unemployment compensation authorized under the CARES Act, must be reported on your 2020 tax return . That might seem counterintui...
Read more