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S-corporation owners can choose to receive both a salary and dividend payments from the corporation (i.e., distributions from earnings and profits that pass through the corporation to you as an owner, not as an employee in compensation for your services). Dividends are taxed at a lower rate than self-employment income, which lowers taxable income. S-corp owners also save on Social Security and Medicare taxes because...

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If you are receiving unemployment compensation, it’s important to understand how it can affect your taxes. You may still be required to file a tax return even if you are not earning income, and you may qualify for certain tax breaks as well. With a record number of taxpayers receiving unemployment compensation due to COVID-19, we want to address these frequently asked unemployment tax questions. Do...

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The deadline to file your federal taxes was extended to July 15. It's past time to think about gathering up all your tax documents and calculating your numbers. If you've ever filed a tax return, you know it can be a challenge to understand the IRS language on its forms and schedules. Turning to the written instructions sometimes doesn't help much. They're quite comprehensive—so comprehensive, in...

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Over 36.5 million Americans have filed for unemployment over the past eight weeks as the coronavirus pandemic hit the U.S. and prompted many businesses to hit pause. But thanks to federal lawmakers, more out-of-work Americans can apply for unemployment benefits and also get more in their pocket under new, temporary rules put in place. If you received unemployment benefits this year, you can expect to receive a Form 1099-G...

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The normal April 15 tax deadline has come and gone. Instead of a flurry of activity, taxpayers and tax preparers have more time to file, pay, and extend their returns this year, thanks to the Treasury Department’s decision to extend the federal tax deadline. The Treasury Department and the Internal Revenue Service are providing special tax filing and payment relief to individuals and businesses in response...

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