Hourly’s Post

April 15 is Tax Day—is the IRS ready for it? Our new WatchBlog post looks at how the IRS is improving its customer service, challenges it faces this tax season, and how it interacts with two unique kinds of tax filers—those with very high incomes & gig workers. Read it now: https://lnkd.in/dWWe8_Sf

Attention all business owners and taxpayers! Filing season is officially underway, and we're here to help you navigate through it smoothly! The IRS has announced that the employer wage statement deadline is approaching, so it's time to get your financial documents in order. We want to ensure a seamless tax filing process for you. Remember to provide all necessary wage statements to your employees by the deadline to avoid any complications. If you have any questions or need assistance with tax preparation, don't hesitate to reach out. Let's make this tax season stress-free and financially sound! https://lnkd.in/eTqxiUyy #TaxSeason #TaxPreparation

Have you had the “talk”? No, not that “talk”. The talk about taxes. By the time almost everyone graduates from high school, they have had a first job. And with the first job becomes the necessity to understand income tax. While you may not make much from delivering pizza or being a barista on the weekend, you will soon, and you will be responsible for paying taxes. Beginning in 2023, the federal government requires individuals to file a tax return if their gross income exceeds $13,850. The age and living arrangements of the person doesn’t matter to the IRS. Someone who lives with their parents, in a dorm or in an apartment, still needs to pay taxes if their income exceeds the specified amount. It doesn't matter if you are new to the workforce or a parent of someone who is, our experts have a few tips that will help you this tax season. See the link for more information. https://bit.ly/4cm95N2 #taxtime #youngadult #taxes #incometax #newworker #IRS #taxpayer #personalfinance #financialliteracy

A few helpful #taxtips for employees with side hustles: 1️⃣ The rate at which taxes are withheld from your paycheck is not the same amount you should be withholding from your income ❗ 👉 Self employment income is taxed differently than W-2 income 👉 Your employer is withholding at an average rate, this income was not calculated in their equation 2️⃣ Depending on the size your income, you might wind up having to pay quarterly tax bills in addition to what is withheld from your paycheck. 👉 The quarters aren't a quarter apart. You are going to want to become familiar with quarterly estimates/safe harbor amounts. 3️⃣ Consider saving separately the tax funds that will be owed 👉 It may not make a huge difference when side-hustle income is small, but as it grows, it can jumble your finances. No one likes a surprise at the end of year/quarter! What did I miss ❓

Let's talk about an essential task for employers — filing Form 941✨ If you're withholding federal income tax from your employees, the IRS requires you to file Form 941 quarterly ✅ Here's the deal: Once you file your first Form 941, you have to keep at it every quarter until you file a final return. This holds true even if you didn't pay any wages in a particular quarter, unless you meet specific exceptions. Try our instant pay stub generation tool: https://lnkd.in/eSv5QSKr

"Squeeze more to get more juice. !!!" As a reward for being the most compliant taxpayers, please pay more taxes. Just like every year, the government has prepared to place the major burden on the salaried and middle class. Tax rates for salaried individuals are set to increase, although the maximum rate remains at 35%. Why target salaried individuals? Answer: Because it's an "easy revenue" as your tax is deducted at the source by your employers with no allowable deductions. AND you are the fourth-largest income tax contributors during the first half of this fiscal year. The salaried group contributed around Rs330 billion in 11 months. This amount is projected to reach Rs.360 billion for the entire fiscal year, a phenomenal 36% increase during a year. Keep up the good work, salaried heroes! #budget2024 #salary #Taxes

Happy #TaxDay, everyone! We understand that tax season can be a stressful time, but it's also an opportunity to reflect on the past year's goals and prepare for the year ahead. Remember, the choices you make today can have a big impact on your future. Let's make them count! #TaxSeason #Preparation #SmartMoneyChoices

Tax cuts must mean good news for us, right? While they may sound like it, Acts like the The Tax Cuts and Jobs Act are more than meets the eye. Learn more in this week's article, and subscribe to Fakchex to Deal with What's Real. https://lnkd.in/gZHx9SeY

As tax season looms, the only math that truly matters is the daily countdown to its conclusion. The complex calculations of deductions and credits become secondary to the ticking clock. Each day brings a step closer to the finish line, a moment when the paperwork, receipts, and financial stress will finally be laid to rest. In this numerical race, the anticipation of freedom from tax-related intricacies takes precedence over any arithmetic on the forms. The countdown becomes a beacon of relief, a reminder that soon, the only numbers occupying thoughts will be the days passed since tax season became a thing of the past. At Upscale Tax Professionals, we give importance to the number of days during tax season. #taxes #tax #filing #taxfiling

Take a look at our latest Tax Tips newsletter: https://lnkd.in/eYKgFPfv / Changes to National Living Wage / Should you use cash accounting / Changes to the basis of assessment / Updates to MTD for income #tax / More R&D changes coming! #byyourside #taxplanning