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One of the more onerous tax issues facing business owners is determining what type of employee compensation is taxable. This may be especially true for small business owners who often wear many administrative hats and may not have the luxury of an in-house accountant to answer complex tax reporting questions. Generally, an employee’s wages are considered taxable compensation. However, the term “wages” can be somewhat misleading. In addition to actual earned compensation, federal and many

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Caught up in the emotional turmoil that usually accompanies divorce, it is easy to for estranged couples to overlook the serious financial issues that arise as they seek to divide up their assets and establish independent lives. But even in the midst of fraught divorce proceedings, it is important to consider the tax implications of property division, custody arrangements, and child and spousal support agreements. To steer clear of potential tax-planning pitfalls, consider the following

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Free Tax Preparation Did you know that a free, Federal income tax preparation and electronic filing program called Free File is available to U. S. taxpayers with adjusted gross incomes (AGIs) of $58,000 or less? Free File was developed through a partnership between the Internal Revenue Service (IRS) and the Free File Alliance (FFA), a group of private sector tax software companies. The Free File program allows taxpayers to do their own Federal income tax

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