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The distinction has significant implications for both the employer and the employee. Employers like to treat individuals as independent contractors because they avoid having to match the employees’ payroll tax, pay benefits, pay unemployment ...
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Most small businesses have receivables that cannot be collected. These receivables can be from the sale of products, providing services to customers, or a combination of the two. Whether a bad debt deduction will apply generally depends upon which acco...
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If the IRS kept all or a portion of your federal refund, it may be because you owe money for certain delinquent debts. If you are in arrears for one or more of these obligations, the IRS or the Department of Treasury's Financial Management Service (FMS...
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Some employees may incur certain work-related expenses. If their employers reimburse them for the expenses, then the employees are not out-of–pocket for the expenses and cannot deduct them on their tax returns. If the employers do not reimbur...
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If you already filed your federal tax return and are due a refund, you can check the status of your refund online. Where’s My Refund? is an interactive tool on the IRS website. Whether you split your refund among several accounts, opted for d...
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The vast majority of Americans get a tax refund from the IRS each spring, but what if you are one of those who end up owing? The IRS encourages you to pay the full amount of your tax liability on time by imposing significant penalties and interest on l...
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Our tax system is a pay-as-you-go system, and if your pre-paid amount is not enough, you become liable for non-deductible interest penalties. To facilitate that concept, the government has provided several means of assisting taxpa...
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