An employer would typically be penalized for failing to deposit federal employment tax. Examples include deposits of withheld income taxes and FICA taxes.
Many professions require extensive travel and time in paid lodging.Traditionally, taxpayers claim these as travel deductions. However, new rules are coming.
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What do you do if you end up owing money on your taxes? The IRS encourages you to pay the full amount by imposin penalties and interest on late payments.
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A tax credit is a tax benefit that offsets your actual tax liability. Check out Fiducial's list of tax credits available to individual taxpayers for 2020.
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Employers use cafeteria plans to offer employees a menu of benefits. Among the most popular are enrollment in dependent care assistance programs (DCAPs).