Earlier this week, we began a discussion about federal taxes that affect businesses and business owners. If you are an entrepreneur who is just starting out, you may not yet be familiar with the various tax requirements associated with your specific business structure.
If you started your business within the last year, you may feel a little lost heading into tax season. The ways in which businesses are taxed at the state and federal level can be confusing, in part, because various kinds of businesses are all taxed differently.
The internet has had a profound effect on the average person's ability to pursue hobbies, to buy hard-to-find products and to sell their own products. Websites like Etsy have even turned arts and crafts hobbies into successful money-making operations for some people.
Imagine walking down the street, minding your own business, when you suddenly see a "wanted" poster with your face on it. Why are you wanted? What crime have you supposedly committed? Perhaps you had some tax trouble with the Internal Revenue Service, but that wouldn't land you on a poster, would it?
Owning a small business is no easy endeavor. In addition to the long hours and worries about making ends meet, business owners often find themselves attending to complex matters that are far outside of their comfort zone.
Many people with offshore assets are tempted to not disclose the assets to the IRS for the chance that the IRS will not discover the assets, resulting in tax breaks. However, this is often a mistake as the IRS comes down hard on people who do this and get caught.
Are you feeling lucky? The Powerball jackpot keeps growing and has reached a massive $1.4 billion. But before you starting making plans to spend and give that much money away, remember that the tax bill would take a chunk of your winnings.
Many discussions about estate planning focus on the bequest of assets. Everyone should get to decide what happens to their property and assets when they pass, and estate planning would be worth it even if that was its only benefit.
With the start of tax season now just a couple weeks away, it is a good time to discuss an issue that anyone could find themselves facing: scams. Con artists and thieves continue to make a fortune each year by posing as IRS representatives on phone calls. They claim that the person owes money to the IRS and will be prosecuted if they don't pay immediately. They then instruct the person where to send these immediate payments (locations which are not affiliated with the real IRS).