Tax Tips

RUSSO CPA Tax Tips

What Teen Entrepreneurs Should Know About Taxes

Teens and young adults often go into business for themselves over the summer or after school. This work can include babysitting, lawn mowing, dog walking, or other part-time or temporary work. When a teen or young adult is an employee of a business, their employer withholds taxes from their paycheck. However, when they are classified as an independent contractor or are self-employed, they’re responsible for paying taxes themselves.

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Do You Need to File an Amended Return?

If you discover a mistake on your tax return after you’ve already filed it, don’t panic. In most cases, all you have to do is file an amended tax return. Here’s what you need to know:

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Choosing a Payroll Service Provider

When choosing a payroll service provider to handle payroll and payroll tax, employers need to make sure they choose a trusted payroll service that can help them avoid missed deposits for employment taxes and other unpaid bills. Typically, these clients remain legally responsible for paying the taxes due, even if the employer sent funds to the payroll service provider for required deposits or payments.

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Tax Tips for Students with a Summer Job

With teen employment expected to be plentiful this summer, with better pay and more opportunities, chances are good that your high school or college student will have a job this summer. Here’s what they should know about summer jobs and taxes:

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Preparing for Hurricanes and Other Natural Disasters

The Atlantic hurricane season officially begins on June 1, and now is a good time for individuals, organizations, and businesses to make or update their emergency plans. Here are five steps taxpayers can take to safeguard their tax records before disaster strikes:

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Tax Withholding for Seasonal and Part-Time Employees

Many businesses hire part-time or full-time workers, especially in the summer. The IRS classifies these employees as seasonal workers, defined as an employee who performs labor or services on a seasonal basis (i.e., six months or less). Examples of this seasonal work include retail workers employed exclusively during the holidays, sports events, or during the harvest or commercial fishing season. Part-time and seasonal employees are subject to the same tax withholding rules that apply to other employees.

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June 15 Deadline for Taxpayers Living Abroad

If you live or work outside the United States, you generally must file and pay your tax the same way as people living in the U.S. This includes people with dual citizenship. People who live and work abroad have until June 15, 2022, to file their 2021 federal income tax return and pay any tax due. An automatic two-month deadline extension is normally granted for those overseas. If you’re a taxpayer with foreign income, here’s what you should know about reporting foreign income:

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RUSSO CPA Blog tax tips

How To Check the Status of a Tax Refund

Tracking the status of a tax refund is easy with the Where’s My Refund? tool. It’s available anytime on IRS.gov or through the IRS2Go App. Where’s My Refund provides a personalized date after the return is processed and a refund is approved. While most tax refunds are issued within 21 days, some may take longer if the return requires additional review.

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Is Your College Student’s Scholarship Taxable?

May 1st is the traditional deadline for undergraduate students to commit to their college of choice, which means tuition payments are not far behind. If you’re wondering if your child’s scholarships are taxable, here’s what you should know.

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