While many taxpayers have an overpayment after filing their taxes, many also find they unexpectedly owe taxes. This can be due to a life or job change for which they did not make the necessary tax adjustment during the year. Those who should be especially careful are: • Gig economy[…]
Read More »You can be subject to penalties if you don’t pay enough tax during the year through estimated tax payments and withholding. Here are some strategies to help avoid underpayment penalties: Know the minimum payment rules. For you to avoid penalties, your estimated payments and withholding must equal at least 90%[…]
Read More »Payments for the services of a child under age 18 aren’t subject to Social Security and Medicare taxes, if the business is a sole proprietorship or a partnership in which each parent is a parent of the child. Payments to a child under age 21 aren’t subject to FUTA. Payments[…]
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