When you own a home, property taxes are considered an unavoidable expense. Most of the time, people find it challenging to pay their property tax even when there is no economic crisis or a major health issue at play. However, since COVID-19 entered the scene, many homeowners...
In 2018, about 14 million Americans found themselves owing back taxes to the IRS. There are a number of ways that you can handle tax debt. Should you find yourself in a position where you can’t afford to pay your tax debt, you will need outside help. You could turn to...
The Automatic Exchange Of Information is an agreement among governments around the world to share non-resident financial account information to reduce the possibility and ability of nefarious people to engage in tax evasion. The Automatic Exchange Of Information requires banking officials to send a foreign account...
Taxation laws and requirements vary dramatically by country, and this variation has created the framework for tax havens. A tax haven is a country that provides substantial advantages to taxpayers because of its tax system. A tax haven's system may include a lower tax rate, more lenient...
In the tricky world of tax codes, there are lots of definitions to wrangle and forms to fill out. One of the most common face-offs is between W-2 workers and those on 1099 arrangements. The question, then, is how these distinct categories differ from one another and how this is...
Property taxes, taxes paid on personal property, such as real estate and homes, are another form of taxation. They are also crucial sources of income for states and local governments across the United States of America. Property taxes seem to be one of the most-hated forms of taxation in the...
As a United States citizen, one of your biggest grumbles may be getting taxed every year. You may feel that you are being taxed entirely too highly while others pay too little or even nothing at all. This has certainly been an issue that has caused much...
On May 11, 2018, the Financial Crimes Enforcement Network implemented a rule with the intention of fighting against illegal financial activities committed by many businesses. Some of these crimes include fraud, tax evasion and money laundering. This new rule is known as the beneficial ownership rule, and...
About 40% of all small businesses pay close to $845 in tax penalties and fees for making mistakes on their taxes. Many of these mistakes are avoidable, but small business owners choose to do taxes themselves. If you’re in this boat, it’s time to hire an accountant. They’re experts in...
Payroll accounting is a task that most entrepreneurs wish to shy away from. Most business owners, prefer to outsource their payroll obligations to an expert. This is the ideal scenario, however, you should understand the basics of payroll accounting yourself. Once you learn how to do payroll, you'll know how to...