Yes, you have to pay income taxes after you die. However, there is a distinction between income from labor and income from accumulated assets, which we will refer to as “stuff.” Income from labor stops when you pass away, but income from your stuff continues to generate taxable income both during and after your lifetime. […]
Social Security benefits include monthly retirement, survivor, and disability benefits; they do not include Supplemental Security Income (SSI) payments, which are not taxable. Generally, you pay federal income taxes on your Social Security benefits only if you have other substantial income in addition to your benefits. Your income and filing status affect whether you must […]
Tax credits can reduce your tax bill or give you a bigger refund, but not all tax credits are created equal. While most tax credits are refundable, some credits are nonrefundable. Still, before we look at the difference between refundable and nonrefundable tax credits, it’s important to understand the difference between a tax credit and […]
When a family member employs someone, the tax implications depend on the relationship and the type of business. Taxpayers and employers need to understand their tax situation. Here is what to know: Married People in Business Together Generally, a qualified joint venture whose only members are a married couple filing a joint return isn’t treated […]
Are you confused about which credits and deductions you can claim on your 2022 tax return? You’re not alone. With tax law becoming more complicated every year, it’s hard to remember which tax breaks are available in any given year. With that in mind, here are five tax breaks you might not want to overlook. […]
If you’re self-employed and use your car for business, you can deduct certain business-related car expenses. The first thing small business owners need to know is that there are two options for claiming deductions: Actual Expenses. To use the actual expense method, you need to figure out the actual costs of operating the car for business […]
Tax Scams for 2022: The “Dirty Dozen” is a list of common tax scams that target taxpayers. Compiled and issued annually by the IRS, it includes a number of aggressive and evolving schemes that taxpayers should avoid. Let’s take a look at the newest Tax Scams for 2022: 1. Use of Charitable Remainder Annuity Trust […]
This article covers some Important Tax Due Dates 2022. If you have any questions regarding upcoming tax due dates in 2022 please give Rex Crandell Firm a call at 925-934-6320 or click here to request a tax consultation in Walnut Creek, CA. August 1 Employers – Federal unemployment tax. Deposit the tax owed through June if […]
By law, all taxpayers have fundamental rights when interacting with the IRS, and all taxpayers should know and understand their rights. Ten categories of rights are presented in the Taxpayer Bill of Rights. Here’s an overview of your rights as a Taxpayer: 1. The right to be informed. Taxpayers have the right to know what they […]
To be tax-exempt under Section 501(c)(3) of the Internal Revenue Code, an organization must be organized and operated exclusively for any of these purposes: charitable, religious, educational, scientific, literary, testing for public safety, fostering national or international amateur sports competition or preventing cruelty to children or animals. If you’re thinking about starting a nonprofit and […]
