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Employers are required by law to withhold taxes from their employee's paychecks, keep the funds secure and then report and deposit them with the IRS at the appropriate time. This helps the IRS by gathering the taxes of many individuals into a single purse for which a...
Tax withholding is an obligation for employers to collect taxes from an employee's paycheck before the money is paid out to the IRS. Therefore, it is an essential aspect for any business owner to understand the tax withholding process. Why is tax withholding...
Business operations and taxes are inextricably intertwined. Regardless of how your business generates its income, taxes will need to be paid unless you can find enough exemptions and credits to shield you from that liability. Even seemingly minor mistakes can be...
You and your spouse may have owned a successful business together, leaving you very well off. However, as is the case with many family-owned businesses in the Washington D.C. metro area, one spouse would be responsible for some tasks such as paying self-employment...
The simplest mistakes pertaining to your business taxes can have severe implications that can leave you hit with enormous fines. These penalties can threaten you and your business with financial ruin. As stressful as that may sound, you shouldn’t let your fear...
More and more Americans are earning a significant portion of their income in foreign countries. Individuals who earn foreign income in 5- and 6-figure (or more) amounts are often concerned about whether this income is taxable in the United States. Citizens of foreign...
Cryptocurrency has become an extremely popular way to buy and sell goods and services. It has also become an enticing investment opportunity for many new investors. However, as the world becomes more and more interconnected, cryptocurrency has taken center stage. Many...
Federal taxes are a regular and unenjoyable occurrence that Americans deal with every year. As spring approaches, individuals who live in the DC metro area pull together their income documents to file their taxes, receive their refunds, or pay their tax bills. For...
Tax season is stressful for many Washington D.C. residents, but can be even more stressful for couples going through a divorce. Couples whose divorces are not finalized on or before December 31 of the previous year may choose to file a joint tax return. There are many...
Getting a letter from the IRS can shake the toughest entrepreneur or financial professional. No one wants to hear the government's most powerful collections agency is reaching out to them. At those times, you should find a lawyer knowledgeable in tax law. They're...
