The tax law is pretty firm on the matter: You must pay taxes as you earn or receive income during the year. You can pay these taxes either through withholding or through quarterly estimated tax payments. You may have to make estimated tax payments if you receive income in the form of interest, dividends, alimony, […]
Individual Tax
Is It a Hobby or a Business?
You may have dreams of turning your hobby into a profitable business, one that might eventually grow into a successful, full-time business. If you’ve yet to earn a profit, you may wonder if you can still deduct your expenses on your federal income tax return. That depends on whether the IRS views your activity as […]
Does Your Estate Plan Consider Income Taxes?
Like most people, you may have very clear ideas about the legacy you intend to leave to your loved ones. And your plans may include dividing your financial assets equally among your children, which seems to be the fairest approach. If you have four children, for example, you could leave each one of them a […]