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U.S. Gross Receipt Tax Introduction
Sales tax is paid by the consumer based on the amount purchased. This is not an expense to the business owner because the amount owed to the taxing authority is no more than what the customer has paid. On the other hand, the gross receipts tax is a percentage of revenue received. Although some states do not charge sales tax on services rendered
Are Employee Fringe Benefits Taxable in U.S.
Employers can offer fringe benefits to employees; common fringe benefits include health insurance, retirement plans, and parking passes. Although most employee fringe benefits are nontaxable and may be excluded from an employee’s income, some benefits must be reported on the employee’s Form W-2 and included in your taxable income. This article will discuss some common fringe benefits for your reference.
U.S. Business Reporting Requirements
Form W-2: A business must complete and file Forms W-2, Wage, and Tax Statement, showing the wages paid and taxes withheld for the year for each employee. A copy of the W-2 must be given to each current and former employee who received taxable wages or salaries during the year by no later than January 31 of the following year.
U.S. Child and Dependent Care Credit
How to balance the family and work is a complicated topic for working couples. More and more family choose to send children to day care center to take care of their children during working time. According to IRS publication, you may be able to claim the U.S. child and dependent care credit if you paid expenses for the care of a qualifying individual to enable you to work or actively look for work.
U.S. Individual Tax-Itemized Deduction or Standard Deduction?
The standard deduction amount varies depending on your income, age, whether or not you are blind, and filing status and changes each year. For 2020, the standard deduction for married filing jointly is $24,800. For single taxpayers and married individuals filing separately, the standard deduction is $12,400, and for heads of households, the standard deduction will be $18,650 for tax year 2020.
U.S. New York State Individual Withholding Tax Requirements
If you are an employer as described in federal Publication 15, Circular E, Employer's Tax Guide, and you maintain an office or transact business within New York State, whether or not a paying agency is maintained within the state, you must withhold personal income tax.
U.S. Tax Treatment of Alimony
Some readers may be interested in the tax treatment of alimony. This article will help you better understand how to deal with the alimony on your tax return. The Tax Cuts and Jobs Act of 2017 eliminated both the inclusion of alimony in gross income and the deduction for alimony for any divorce or separation agreement executed after December 31, 2018.
U.S. Forms W-8 and W-9 Introduction
Forms W-8 are used to establish the payee’s foreign status of income tax withholding purpose. Form W-9 is used for requested for Taxpayer Identification Number for reporting an information return the amount paid. This article will discuss details about these two types of forms.
Tax Tips for U.S. New Business Owner
Congratulations! You start a new business in U.S. However, understanding the tax responsibilities that come with starting a business venture is also significant for you as the business owner. This article will give you some tax tips of starting a new business based on IRS resources.
How to Notify U.S. IRS of Your Address Change
If your address has changed (e.g. moving), you need to notify the IRS to ensure you receive any tax refunds or IRS correspondence. You may also write to inform IRS that your address is changing. Mail your signed statement to the address where you filed your last federal tax return and make sure include the following information: your full name; old and new addresses;