If you owe money to the IRS, you are not alone! It is estimated that 19% of taxpayers are in debt to our government. The one thing that is certain about tax debt is that it never goes away. If left unattended and unpaid, tax debt will consume your life. As a result of your debt you may be declined for a loan, lose your job or worse — you could be fined or even arrested!
Continue reading Are you in debt to the IRS?
Over the past couple of years I have noticed a trend where I see employees who think that they are independent contractors and vice versa. In order to [hopefully] prevent further confusion I have compiled the 20 guidelines that the IRS uses to distinguish between an employee and an independent contractor. Regardless of the agreement — written or not — you have worked out with your employer or client these guidelines will determine whether you are classified as an employee or contractor.
Continue reading Are You an Independent Contractor or Employee?
If you have thought about starting to save for your retirement then this is little incentive may give you an even better reason. If you contribute to a retirement account and meet certain restrictions, then the saver’s tax credit may allow you to reduce the amount of taxes that you owe by up to $1000!!
Depending on certain restrictions such as age and income, the saver’s tax credit could save you 10% to 50% of the eligble contributions that you make to your retirement plan.
Continue reading Saver’s Tax Credit
