An individual retirement account is an effective vehicle to save for the future while also deferring income tax. The two most widely known types of IRAs are the traditional IRA and the Roth IRA. An individual planning to fund an IRA and defer income tax can benefit from contrasting the differences between a traditional IRA and a Roth IRA.
There are a few similarities between the two account types. You must have earned income to fund either type of account.
Wage garnishment occurs when a creditor attends a court hearing in order to obtain a judgement against you. This judgement also gives them the right to force your employer to withhold a percentage of your salary to pay the debt that you owe. If you have received an order for wage garnishment, then you may be considering filing for bankruptcy to stop it, but is it a good idea? Here are some questions to ask yourself before making a final decision:
If you are an independent home caregiver then you know the importance of filing your own taxes and using the tax credits available through the government. Though there are a few that you may know about it, there are some that you may overlook. Before you decide to handle your taxes the same way as you have before, consider the things that every home caregiver should know about obtaining tax credits and having them processed properly.
When starting up a business it is important to ensure that the payroll services are set up correctly to make sure that there are no accounting issues. One small mistake could lead to someone not getting paid for their work, or lead to a massive accounting error that could cause the government to audit you at a later date. Here is a step-by-step guide on how to set up your payroll services for your small business.
Earning extra money through an online work from home job definitely helps improve finances. Be mindful, however, tax liabilities come with the added income. Domestic employers file a 1099-Misc, a form that reports both to you and the IRS any "miscellaneous" earned income. If the employer is based overseas, however, no 1099 is likely to be filed and you are still required to report and pay taxes. To avoid audits, fines, and penalties, follow a few extra steps to avoid oversights and ensure all income is reported.
