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Thanks to the Family and Medical Leave Act, companies that employ 50 or more people are required to offer up to 12 weeks of unpaid leave per year to all eligible employees.
Are you having the right amount of tax withheld from your paycheck? The IRS's Tax Withholding Estimator helps you calculate federal tax withholding, which affects your take-home pay as well as your tax refund or tax due. To use the estimator, you'll need paystubs from your job(s). Be sure to include your spouse's job and any other income information, such as side jobs, self-employment and investments. It's good to have your latest tax return handy as well.
As an executor, you have a long list of duties and a fiduciary obligation to act in the best interest of the estate and its heirs. You also have anxious beneficiaries who already are dealing with grief. One of your many tasks is to keep beneficiaries informed of the progress in settling the estate's affairs.
Employers generally must withhold income tax from employees' wages. To figure out how much tax to withhold, you need to use the employee's Form W-4, the appropriate method and the appropriate withholding table described in Publication 15-T, Federal Income Tax Withholding Methods. You'll deposit your withholdings based on your business and the amount you withhold.
Property taxes aren't due with your tax return each year. Instead, you pay them to the local government (city, town, etc.) where you live. If you have a mortgage, you don't pay them directly; they are included in your mortgage payment. Every month, a portion of your mortgage payment goes into an escrow account from which the bank pays your property taxes when they are due.
Outsourced chief financial officer firms provide you with an external expert to guide your company's financial strategy, operations and planning on a part-time, contract or project basis. Leveraging this kind of external managed service can improve your company's ability to adapt quickly and scale efficiently.
To be deductible, a business expense must be both ordinary — common and accepted in your industry — and necessary, helpful and appropriate for your trade or business. Generally, you cannot deduct personal, living or family expenses, but if you have an expense for something that is used partly for business and partly for personal purposes, you can divide the total cost between the business and personal parts and then deduct the business part.
A will is an important way to distribute your assets, financial and otherwise. One major limitation of a will is that you have to die before it can become effective; in other words, if you're incapacitated, a will has no legal effect, so any health care proxies or durable powers of attorney you might have will guide any decisions made on your behalf. This could create problems if you need to complete financial transactions with outside parties who have trouble accepting or even refuse to accept a power of attorney.
When you retire, your income will most probably be lower than when you were working, and while your expenses will be lower in some areas — no more commuting — they'll be higher in others — more prescriptions and doctors' visits.
Let's say you decide to onboard a freelancer, also known as an independent contractor. What should your next tax- and finance-related moves be? Let's find out!
Have you found yourself becoming more and more fascinated by all this talk of AI these days? Does the opportunity to drive more strategic growth and gain a competitive edge excite you?
If you make any mistakes on your tax return, you can end up owing even more money. This means you might miss out on the full refund you claimed.
Many employees dash off emails with little attention paid to them. As a manager, you can help focus and train your team on some techniques for effective messaging.
When the IRS looks at your tax forms, the tax agency uses a computer to compare what has been reported to it with what you have reported in terms of income. This is often carried out via 1099 forms — namely the 1099-MISC — which lists nonemployee compensation.
Home renovations and improvements can be costly, running tens of thousands of dollars. Fortunately, you can borrow against your home’s equity to finance the cost of these projects. And you have two main options when deciding how to best do this, both involving home equity.
In legal terms, probate is the general administration of your estate — with or without a will. Your will should contain the name of your executor. If it doesn’t, then an administrator will need to carry out the probate process instead. This might result in your assets being used to pay the liabilities for your estate before anything remaining can be distributed to your and distribute your assets to beneficiaries.
If you get pleasure from rewarding your team's performance with bonuses, you are not alone. But it's important to consider how those bonuses are given, along with the tax implications for both you and the employee.
When you take out a mortgage loan, you’ll have to pay closing costs, the fees that your lender and other third-party companies charge for originating your home loan. These fees can run thousands of dollars, and you’ll typically have the option to pay them upfront as a single payment or roll them into your total mortgage amount and pay them back with your regular payments. Which choice is best? As usual, it depends on your financial situation.
If you own property and assets or have loved ones who depend on you to provide income or care, you should have an estate plan. However, some people hesitate to create one, fearing that taxes will eat up the lion's share of their estate. But even though estate taxes are real and rates are high, topping out at 40%, only people with estates worth many millions of dollars are affected by federal estate taxes. The few estates that pay estate tax generally pay less than one-sixth the value of their estate in tax. Further, only the wealthiest 0.2% of Americans owe any estate tax because of the high exemption amount — $13.61 million per person.
Your business has employees' and may have customers' personal information (names, Social Security numbers, credit card information) stored both physically and electronically. You use this data to meet payroll, fill orders and perform necessary business functions.
Employee classifications are based on job duties and responsibilities. The classifications impact compensation, benefits and work hours; they are also used by employers to maintain compliance with labor laws.
What's involved in financial planning? Your cash flow, savings, debt, investments, insurance and other such elements of your financial life. Financial planning also impacts estate planning. It's an ongoing process.
There’s something known as the Taxpayer Bill of Rights, and it was put into place by the Internal Revenue Service itself. This list of 10 rights pertains to instances where you file your tax return, pay your tax balances, respond to letters or notices, experience being audited or appeal a decision made by the IRS regarding your tax situation.
The child and dependent care credit is a tax benefit designed to help people who both work a job and pay for the care of either children or dependents, if not both. This tax credit aims to cover a portion of the expenses that working individuals have to cover in order to provide care for their children and dependents. It is a means of returning some of what is spent on care, which has the potential to save someone hundreds or thousands of dollars come tax season.
It is difficult — but not impossible — to find funding for a business in volatile economic times: Some investors are always looking for new opportunities. These investors might find a business attractive if it is in a sector that is robust or poised for growth. Investors also consider attractive a solid business plan with achievable goals, a talented leadership team and solid financials. Careful planning and preparation may connect investors to your company.
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