Here Are the 2024 Tax Brackets and Federal Income Tax Rates
In the U.S., your tax bill rises with your income. There are currently seven tax brackets that you might fall into: 10%, 12%, 22%, 24%, 32%, 35% and 37%. Each bracket applies to a different taxable income threshold, and the corresponding percentages represent the tax rate you’ll pay on that portion of your income. Here’s […]
Taxpayer Relief: IRS Waives Penalties on 2020 and 2021 Tax Returns
If you didn’t pay taxes on time in 2020 and 2021, the IRS has good news. You don’t have to pay normal penalties. Why? Because the pandemic disrupted so many routines. Here’s what you need to know. Background Millions of businesses, including the IRS, ceased or limited their operations during the COVID-19 pandemic. While lockdowns […]
6 Tax Deductions for Sole Proprietors
Sole proprietorships represent 81% of small businesses in the U.S. If you belong to the club, you know working for yourself comes with advantages like flexibility and greater control of your future. However, not having a boss also means a bigger bill on tax day. Luckily, numerous tax deductions can help save you money. Here […]
What Happens If You Misclassify Employees as Independent Contractors?
Let’s say you hire a freelance graphic designer to create your logo. Their work is fantastic, and you give them so many additional projects they eventually decide to work exclusively for your company. Is this graphic designer still a contractor? The answer might be no. If you control the workday, the designer has now become […]
How Will the 2024 Independent Contractor Final Rule Affect Your Business
Whether you make a deal with a landscaper or work with an independent graphic designer, hiring freelancers is extremely common. However, in 2024, the Department of Labor (DOL) implemented a final rule that may change how your business interacts with these contractors. In this post, we’ll explain the DOL’s new final rule and discuss its […]
Should You Form an LLC?
If you’re self-employed, it’s common to structure your business as an LLC. However, it’s not necessary for every entrepreneur. According to the IRS, LLCs represented just 10% of non-farm sole proprietorships in 2020. So, how do you decide if an LLC is right for you? What is an LLC? LLC stands for Limited Liability Company. […]
Make a Mistake on Your Taxes? How to File An Amended Tax Return
Did you see a mistake on your tax return? You may have forgotten about a little-known deduction or an odd job that didn’t pay much. Unless you’re an expert CPA, these errors can be hard to avoid. That’s why the IRS allows taxpayers to file an amended tax return to correct any errors or omissions. […]
You Forgot to Pay Your 2023 Taxes. What Happens Next?
With work, family, and personal commitments demanding your time, tax season might go by in a blur. Did you file your 2023 taxes or request an extension by April 15, 2024? If the answer is no, you’re not alone. Forgetting to file your taxes can be stressful, especially if you have a big tax bill […]
What You Need to Know Before Filing Your 2023 Taxes
Tax season is officially here, and with it comes fresh regulations and adjustments you need to know about. These changes might have a significant effect on your tax return. Whether you’re filing your own taxes or getting help from professionals like Kondler & Associates, CPAs, read this guide to make sure you’re prepared. What’s the […]
Taxes on 2023 Gambling Wins: What You Need to Know
Gamblers know that your finances can change with one lucky bet. Whether you pump money into a slot machine or wager that your favorite team will win, success could mean a windfall. However, be prepared for Uncle Sam to take a cut. The IRS has very specific rules about taxing gamblers, and if you’ve hit […]
