May 1, 2017 is “May Day,” but did you know that there is another reason to recognize the day? The first of May is also “Law Day” in the United States.
What is Law Day?
60 years ago, in 1957, the then-President of the American Bar Association (ABA) had the idea to honor the legal system […]
Everyone who earns an income in the United States is required to pay federal income taxes. This money is used by the federal government to pay for such necessities as defense, housing, education, science, and interest on the national debt. Each person who pays these taxes is put into tax brackets, something you have probably […]
Throughout the year, you likely give gifts to family and friends for many different reasons. While most of these gifts are simple and require no action on your part as it pertains to the IRS, more expensive gifts may be subject to the federal gift tax. Gifts that are excluded from the federal gift tax […]
The federal estate tax is a tax that is levied on property that is transferred from one person to an heir following their death. This property can include cash, real estate, stock, and other assets. However, the tax is only levied on the wealthiest of estates because the only part of an estate that is […]
One of the issues that every business owner has to address is taxes that are levied on the business. Just like personal taxes, businesses have to pay a certain amount of taxes each year. Failure to pay the appropriate amount of taxes could result in fines that could severely weaken the business. A key to […]
The process of starting a business can require quite a bit of paperwork. While some of this paperwork is relatively simple and can be done on your own, other paperwork that must be filled out is complicated and will require the assistance of an attorney. Even if you are able to fill out the paperwork […]
Whenever you have a job, your employer usually takes a certain amount of money out of your paycheck to pay for taxes such as Social Security, Medicare, and income taxes. But what about if you are self-employed? You still have to pay these taxes but the way in which you do so is a bit […]
Anytime you earn or receive income, that income is taxed through either withholding by your employer or through estimated tax payments. Depending on how much is withheld from your paycheck, your employment status, and what kind of income you receive, you may be required to pay estimated taxes. Knowing what kind of tax you need […]
Creating an estate plan is an important part of protecting the future of your family. It allows you a say in how your assets are to be distributed following your death. A state distribution of your assets, which occurs if you haven’t created an estate plan, doesn’t offer the same tax advantages that you can […]
Just like people, businesses are taxed based on their income. However, the kind of taxes that are owed by a business and the way in which they file their taxes depends on the type of business structure they are considered. Knowing what kind of business structure your company is will help you to understand how […]
