The IRS doesn’t keep track of how many millennials incur tax debt, but a survey by personal finance adviser NerdWallet found they are more afraid of filing their taxes than any other generation. Eighty percent of millennials, defined by the survey as 18 to 34 years old, fear they will make a mistake, underpaying or overpaying.
If you are self-employed (a sole proprietor or a working partner in a partnership or limited liability company), you must use a special rule to calculate retirement plan contributions for yourself.
Retirement plan contributions are often calculated based on participant compensation. For example, you might decide to contribute 10% of each participant's compensation to your SEP plan. This formula works to determine employees' allocations, but your own contributions are more complicated. You can't simply multiply your net profit on Schedule C by 10%.
Understanding the American election process is not simple, but it’s what we’ve got to work with so lets break it down.
For 2016 we started with several candidates representing both parties and the occasional runner from a smaller-known party such as the Green or Tea Parties. These runners are competing against those in the same party to be the final presidential candidate. Making it to the end is not easy, is not cheap and is not always clear cut.
Do you own a small business or run a tax-exempt organization with fewer than 25 full-time equivalent employees?
If you do, the Small Business Health Care Tax Credit can help you provide insurance to your employees. You may be able to save on your taxes if you paid for at least half of their health insurance premiums.
Following are seven tax tips about this credit: