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What is FBAR and Do I Have to File One?

May 27, 2016  |   Last modified on July 9, 2021

You might be required to file the Report of Foreign Bank and Financial Accounts (FBAR) if you have funds in a foreign financial institution. Any U.S. person (explained below) having a bank account, brokerage account, mutual fund, trust, or any other kind of foreign financial account is required to file an FBAR, if the funds exceed a certain threshold. The FBAR can be filed electronically with the Department of Treasury every year. Do You Need to ...

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quarterly tax payments

Manage Your Quarterly Tax Payments Using These Methods

May 24, 2016

For many, tax season is not the only time to make tax payments. Those making estimated tax payments, such as freelancers and the self-employed, may be required to pay taxes each quarter of the year. The first quarter for 2016 fell on April 18, and the following quarters fall on June 15, September 15, and January 17, 2017. Not making tax payments on time can lead to penalties and interest. To manage your quarterly tax ...

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tax responsibilities for a business

Must Know Tax Responsibilities for Starting a Business

May 13, 2016

Every business is required to fulfill certain tax duties. When starting a business, it is important to have a clear understanding of the taxes you need to pay. It helps to accurately estimate your expenses and determine the tax responsibilities for a business. Here are essential tax responsibilities that businesses need to consider. Filing an Income Tax Return Every type of business, except partnerships, must file a federal income tax return every year. Partnerships file an information ...

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Household Employees

Household Employees and Employment Taxes

May 06, 2016  |   Last modified on May 14, 2021

Household workers can either be employees or self-employed. If they are considered employees, their employers must pay employment taxes. Examples of household employees include cooks, housekeepers, nannies, private nurses, and chauffeurs. If you have workers providing their services at your home, you need to determine if they are technically your employees and what taxes you are responsible for paying. Is Your Worker an Employee? For tax purposes, a household worker is an employee if you control what ...

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ein number

Do I Need an EIN?

April 29, 2016

Most businesses are required to have an Employer Identification Number (EIN). It is a nine-digit number that is used by the IRS to identify a business. The EIN is used by the business when filing its tax returns. When You Need an EIN Businesses need an EIN if any of these conditions are met: Your business has employees If you operate your business as a corporation or a partnership If you file any of these returns: employment, ...

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2016 average taxes

How Much Does an Average American Pay in Taxes

April 26, 2016

The 2016 tax filing season is over, and most taxpayers are finished with their annual tax duty. Those that have obtained an extension to file have until October 17, 2016, to file their returns and pay any balance due. The Motley Fool shares how much an average American family pays in federal taxes, including income tax, payroll tax, and excise taxes on goods like gasoline and cigarettes: The average rate was ...

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