Federal and state income taxes surprise people every year. Even though Austin residents hear of tax credits, cuts, breaks and refunds, not all of them apply to everyone and many people end up owing a significant amount of money to the Internal Revenue Service. It is important to know that many people are not alone in this situation and there are options available to people to ensure they can pay their taxes without either accumulating a penalty.
Employers have a number of duties that need to be fulfilled in order to run a legal and successful business in Austin. One of these responsibilities is that of collecting, reporting and paying payroll taxes, as required by both federal and state law. Additionally, if the employer is the IRS defined responsible party, the employer might be personally liable for taxes that have not been reported. Even if a payroll service is being used, a person is not relieved of their responsibility to complete their duty in a timely manner correctly.
How common are tax misconceptions in the U.S.? Pretty common, the results of a recent GOBankingRates survey suggest.
The tax reform bill passed by Congress in 2017 has resulted in a number of changes that are important to keep in mind as you begin preparing your 2018 tax return (that's right; tax day is just around the corner now that the calendar has turned to 2019).
April 15. "Tax day". A day that is synonymous with the idea of filing your income taxes with the IRS.