Job and Business
Form 1065: Return of Partnership Income
Form 1065 is used by partnerships to report their income, deductions, gains, and losses to the IRS. Although the partnership itself doesn’t pay income tax,…
What Is Form 941 and Why It Matters
If you run a business and have employees on your payroll, then you have definitely heard about Form 941 (or you should, we hope). But…
Tax Benefits of an LLC for Rental Property: What They Are and How to Take Advantage of Them
Rental property is a hot commodity these days, so if you own rental property or are considering investing in real estate, forming a Limited Liability…
Tax Benefits for Small Business Owners: 12 Most Common Types
Owning a small business comes with many responsibilities, but it also offers significant tax advantages. Understanding the tax benefits for small business owners can help…
Backup Withholding: What It Is and Who Has to Pay It
Backup withholding is one of those tax mechanisms that can seem deceptively simple: Normally, it’s used by the IRS to ensure that individuals and businesses…
State Income Tax Rates in the U.S.
State income tax rates vary widely across the U.S., from states with no income tax at all to those with steep progressive rates. This article…
Understanding Back Taxes: What They Are and How to Handle Them
Back taxes are unpaid taxes that were not paid by their due date. They can accumulate over time due to various reasons, such as financial…
Defining the Qualified Business Income Deduction (QBI)
For many, the QBI deduction is a crucial tool in managing tax costs, but it can also be complex to understand. Knowing how the deduction…
