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Taxes Archives |

Payroll tax scofflaws

Payroll tax scofflaws continue to be a major area of focus for the IRS. These are firms that withhold Social Security and Medicare taxes from employees’ paychecks, but use the withheld funds for personal expenses or to pay other creditors instead of sending the money...

The Tax System Explained in Beer

I was reading an opinion piece in the WSJ about Warren and her “2 cents” Wealth Tax campaign, and it reminded me of this story. Granted the percentages have changed since this was first printed, but the meaning is still valid. Also, I think this was originally done is...

Property Income

I have known people who get creative in having others cover their mortgage payments. I personally never had the opportunity or the courage to try what they did on my own. The first person bought his parents’ home from them in his freshman year of college.  He then...

Crypto Currency

Did you at any time during 2019, receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?   Yes or no? Big brother wants to know. This is an important question for the 2019 tax filing in early 2020. The IRS has redesigned...

Social Security Limits

The Social Security wage base rises next year to $137,700, this is a $4,800 hike. The Social Security tax rate on employers and employees stays pat at 6.2%. Both will continue to pay the 1.45% Medicare tax on all compensation, with no cap. Individuals also pay the...

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