Few taxpayers know much about the gift tax, but it can be an important part of your charitable efforts. What is it, and what should you know to prepare for it? Here's a short gift tax guide to help you avoid paying too much.
What is the Gift Tax?
The gift tax is a tax assessed by the IRS when you give money (or assets that are worth money) to anyone.
It is easy to hire estate sale organizers when you are planning to get rid of your own possessions. At an estate sale you are not only making some money, you are also putting good things to use. It is important to give these things you are auctioning real value and not get ripped off. After all, you have spent money on those things, and it doesn't matter if they are used or not.
Small business owners will be some of the taxpayers most affected by the tax law changes enacted for 2018. How will these new rules affect your business? Here are 5 key ways.
Business Tax Rates. Whether your business is a pass-through entity (generally a sole proprietorship, partnership or many LLCs) or a corporation, you will likely see lower tax rates. Individual tax rates have been adjusted to new tax brackets that should result in many people experiencing a lower overall tax burden.
Whether you plan to hire a tax preparation specialist or you are going to attempt to do your own taxes, you will want to make sure that you are as prepared as possible. The last thing you want to do is to wait until you are sitting down ready to fill out your income tax forms to realize that you are nowhere near ready to get the job done. Check out some of the following things you might want to consider doing so you don't run into many problems:
When it comes to running a successful business, having the ability to pay your employees is critical. Since many small business owners don't come from an accounting background, preparing employee payroll can be a challenge.
Here are three tips that you can use to help streamline your small company's payroll preparation in the future.
1. Consider switching your employees to a salary.
If you want to eliminate a lot of the mistakes that can be made when preparing payroll for your employees, you should consider switching your workers from an hourly rate to a salary.