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Taxes

How to Avoid Paying Taxes as an Independent Contractor

November 24, 2022 by pandey
How to Avoid Paying Taxes as an Independent Contractor

To be a contractor in Utah is to be treated as if you were running your own company. As such, you must shoulder the financial burden of paying taxes, maintaining insurance, and funding other operational costs for your company. Before beginning work, you will also need to get a contractor license from the state. But … Read more

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What is a trust fund penalty & How to Settle it?

November 3, 2022 by pandey
What is a trust fund penalty & How to Settle it

A tax trust penalty is a sanction from the IRS for not remitting the employee’s fund entrusted to your care. As an employer, the IRS requires you to withhold a part of your employee’s wages to pay income taxes, Social Security, and Medicare taxes. You get penalized by the IRS if you withhold income tax, … Read more

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A Guide – Filing Taxes as Head of Household

November 3, 2022 by pandey
UNIFIED TAX RETURNS

What is the head of household filing status? The head of household filing status permits parents or other adults who pay more than half of the cost of upkeep of a home for a qualified individual to a bigger standard deduction and lower tax rates than single taxpayers or those who are married but filing … Read more

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