Are you ready to prepare your small business taxes? Have you paid workers’ compensation to an employee? Do you pay workers’ compensation premiums monthly? Are you taxed on workers’ compensation? What do you need to know about workers’ compensation and taxes? As tax specialists, we get a lot of questions on how workers’ compensation affects …
Workers Compensation and Taxes | What You Need to Know Read More »
Are you looking to turn a hobby into a business? Do you want to grow your hobby into something more? Have you already succeeded in doing so? When it comes to personalized tax or business tax, you need to know what you must pay and how to file your taxes the right way. At Borshoff …
3 Tax Implications of Turning a Hobby into a Business Read More »
As you may or may not know, you probably will have to pay taxes on your Social Security income. What you may not know is that this amount is determined by many factors. If you are worried about paying taxes on Social Security income, look no further; we will discuss in detail the specifications that …
Paying Taxes on Social Security Income | What to Know Read More »
Although retirement may be a period of carefree relaxation, that doesn’t stop the IRS from mandating that you pay the taxes you owe. With annuities, you pay a premium during your working years in exchange for payouts during retirement, allowing you to have an extra income stream you can rely on when you are no …
Annuity Distributions | The Taxes You Need to Know Read More »
If you receive a pension as part of your yearly income, it is essential to know how to report those earnings to the IRS and pay taxes on them. If you forget or neglect to do this, you could land in some trouble with the IRS, leading to fines and other possible penalties. These types …
Pension Income and Taxes | How to Correctly Report It Read More »
A payroll tax is a tax an employer deducts from the paychecks of his or her employees to pay to the IRS on the employee’s behalf. This tax is generally applied to wages, salaries, and tips received by the worker. Once deducted, the taxes are paid directly to the Internal Revenue Service (IRS) via the …
The concept of trusts and estate taxes can be an uncomfortable and often complicated topic that most would rather avoid. It is, however, sometimes necessary to discuss these things for the betterment of our estate, reductions in taxes, and to ensure you have the utmost control over your accumulated wealth. While a complicated topic, this …
Have you just started a new business and don’t know what small business taxes you will need to pay? You probably have a million decisions you have to make right now as a new small business owner; hopefully, in this article, you will learn something new that will help you as you deal with the …
As you consider how to file your taxes for the first time, you may want to consult with a tax professional who can make sure you get the best tax breaks, someone who knows tax laws and can help maximize your tax refund or reduce your tax bill. When you file your taxes for the …
How to File Your Taxes for the First Time (A Complete Guide) Read More »
There are many ways you can save money come tax season. You can take many different tax deductions and/or tax credits that may help you reduce the amount of taxes you owe to the IRS. The government understands the cost of education is high; that’s why it offers many student tax breaks related to the …
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