Presented by Paystrubmakr.com      By John Wolf and Tom Cullen CPA Finding a good paystub generator is an essential part of payroll processing. You manage a small business and cant hire a payroll preparing company, and you manually process the company’s payroll.    Taking care of the payroll means understanding your state’s laws. The first step will be […]

Presented by Paystrubmakr.com      By John Wolf and Tom Cullen CPA The story of Jose and his new car and his pay stub It is 2021. Jose Gomez has worked in a Latin restaurant since he immigrated to the US in 2010. After long working hours into the night, he could save some money, and now he is […]

Presented by Paystrubmakr.com      By John Wolf  Pay Stub Generation A pay stub is a record that details the payment received for a specific pay period, as well as any deductions for Social Security, health insurance, state, and federal income tax. You may receive it along with your paycheck or access it online through your employer’s website […]

Presented by Paystrubmakr.com      By John Wolf  If you’re a car dealer or landlord, it’s crucial to weed out lousy credit and fraudulent individuals. As your business relies on good tenants or car buyers, verifying proof of income is essential to avoid unpaid rent or late payments. Start by requesting proof of income and ensuring it’s an […]

Presented by Paystrubmakr.com      By John Wolf and Tom Cullen CPA The COVID-19 pandemic has an impact on people’s many factors of life. One factor is retirement; people changed the way they think about retirement. The study from Age Wave and Edward Jones finds that about 1 out of every 3 Americans planning to retire now say that […]

Presented by Paystrubmakr.com      By John Wolf and Tom Collen CPA Cents-per-Mile Valuation Method §61 Under the cents per mile method, the value of the benefits equals the product determined by multiplying the total number of miles the employer drove the car for personal purposes by the optional standard mileage rate. To use this method, the value of […]

Presented by Paystrubmakr.com      By John Wolf and Tom Collen CPA Repatriation of Deferred Foreign Income A U.S. corporate shareholder of a foreign subsidiary generally is not subject to U.S. tax on the earnings of the foreign subsidiary until the earnings are distributed to the U.S. parent corporation (i.e., deferred foreign income taxation). The foreign subsidiary’s undistributed earnings […]

Presented by Paystrubmakr.com      By John Wolf and Tom Collen CPA Self-Employment Tax & CRP Payments §1402 For those who receive Social Security Retirement or disability benefits, any Conservation Reserve Program (CRP) payments are now exempt from the social security self-employment tax. IRS quote Note: Schedule SE and its instructions and Publication 225, Farmer’s Tax Guide, have the […]

Presented by Paystrubmakr.com      By John Wolf and Tom Collen CPA Qualified Trade Or Business A taxpayer can claim a §199A deduction for most types of businesses, but not for any businesses: (1) that involves the performance of services in accounting, actuarial science, athletics, brokerage services, consulting, financial services, health, law, or the performing arts; or (2) that […]

Presented by Paystrubmakr.com      By John Wolf and Tom Collen CPA Business Interest Limited Business interest generally is allowed as a deduction in the taxable year in which the interest is paid or accrued, subject to a number of limitations. For example, limitations on interest expense exist for certain amounts paid in connection with insurance and annuity contracts, […]

Presented by Paystrubmakr.com      By John Wolf and Tom Collen CPA Personal Solar Property Credit  §25D For property placed in service after 2005 and before 2017, §25D provided a personal tax credit for the purchase of qualified solar electric property, qualified solar water heating property, fuel cell plants (up to $500 for each one-half kilowatt of electric capacity), […]

Presented by Paystrubmakr.com      By John Wolf and Tom Collen CPA Learning credits are essential to you, read about: Hope and Lifetime Learning Credits §25A Lifetime Learning Credit, §25A(a)(1) In 2018, the maximum amount of Lifetime Learning credit you can claim is $2,000 (i.e., 20% of the first $10,000 of qualified education expenses) per taxpayer return (§25A(c)(1)). The […]

Presented by Paystrubmakr.com      By John Wolf and Tom Collen CPA Child Tax Credit §24 Under §24, an individual may claim a tax credit for each qualifying child under the age of 17. A child who is not a citizen, national, or resident of the United States cannot be a qualifying child. The amount of the credit per […]

Presented by Paystrubmakr.com      By John Wolf and Tom Collen CPA Since 2012, the size of the regular income tax rate brackets for a married couple filing a joint return are generally twice the regular income tax rate brackets for an unmarried individual filing a single return. Note: The marriage penalty relief for the standard Deduction, the various […]

Presented by Paystrubmakr.com      By John Wolf and Tom Collen CPA Business is about numbers, says the people that are in the industry for some time. HR professionals know that business is done by humans that make the numbers, What you can do with a warehouse full of goods if you have no excellent team of salespersons? Or […]

Presented by Paystrubmakr.com      By John Wolf and Tom Collen CPA Self-employed people or independent contractors usually do you make a paycheck to themselves but report their income using 1099 they received for the contracted work they had during the tax year. An often doesn’t receive a paycheck. Instead, their tax report all income based on 1099s received […]

Presented by Paystrubmakr.com      By John Wolf and Tom Collen CPA When starting a new business, many costs are incurred before the business begins operating. These costs can generally be classified in one of three categories: Organization Costs   Organization costs are incurred in creating an entity such as a corporation or a partnership. Organization costs include the […]