The IRS assesses penalties and interest on the employer's account when they fail to collect, report, and remit payroll taxes. You may be personally liable for failure to withhold...
It's tax season! Tax return companies and DIY software vendors work hard to convince individual taxpayers that their services and products are the way to maximize tax refunds or...
The advantages of being a self-employed or independent contractor are numerous. You have the freedom and flexibility to do your job, and it's also a great way to start your own...
One might desire to purchase a new house, and with money available, paying in cash might seem like the best option. While this appears promising, it is not always easy to decide the...
One of the primary reasons people buy annuities is the favorable tax treatment. However, even if annuity comes with tax benefits, it does not rule out the drawbacks. As a result, one...
The payment of income tax is a reality. And when Uncle Sam says income, he is talking about all the money you make, whether it's from your job or your investment. This includes...
If you have hired a gardener, nanny, cleaner, or other types of worker for household work, the law requires you to pay state and federal payroll taxes. This article sheds light on...
As we ring in a New Year every year, the excitement eventually paves the way for certain realities such as paying taxes! Yes, taxes must be filed yearly, and 2020 is no different as...
Posted by Stevenson Tax and Accounting, Inc. on 02/23/2021
What is barter?Barter is an act of exchanging goods or services between two or more parties, sometimes more without using a monetary medium, such as physical cash or credit card. Essentially,...