How Can Small Business Owners Keep Good Records?

Good record keeping should be at the center of any business. In this TaxAssurances YouTube video I offer suggestions on how business owners can keep good financial records for their business.

Also, here’s a helpful IRS website that provides guidance on how business can keep good records: https://www.irs.gov/businesses/small-businesses-self-employed/recordkeeping

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How Couples Can Withhold The Right Amount In Taxes

Married couples want to make sure they take out enough together when it comes to taxes. In this TaxAssurances YouTube video I walk through how couples can coordinate their taxes so that they don’t have any surprises during tax season.

Also, here is a helpful IRS website that helps couples make sure they set aside the right amount in taxes: https://www.irs.gov/forms-pubs/about-form-w-4 

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Dividend Income Is Taxable

Dividend income form an investment is taxable. In this TaxAssurances YouTube video I give advice on how to plan for the tax liability that comes with receiving dividends.

Also, here is a helpful IRS website that goes over dividends and how they are taxable: https://www.irs.gov/taxtopics/tc404 

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Is My IRS Corona Virus Check Taxable?

Millions of American have received checks from the IRS as a result of the corona virus. One of the outstanding questions about this check has been whether or not it’s taxable on the 2020 tax return. In this TaxAssurances’ YouTube video I answer that question.

Also, here is a helpful IRS website that provides more information about the economic impact of the corona virus. https://www.irs.gov/coronavirus/economic-impact-payment-information-center

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How 401k Contributions Help During Tax Season

401k plans are a great way to help reduce a taxpayer’s taxes. In this TaxAssurances YouTube video I give an example of how that works for an individual making $50,000 per year.

Also, here’s a helpful IRS website that provides more information on 401ks and how they help reduce a taxpayer’s tax liability. https://www.irs.gov/retirement-plans/plan-participant-employee/401k-resource-guide-plan-participants-401k-plan-overview 

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Summary of Total U.S. Debt & Interest As of May 2020

Every so often the public collectively wonders how much the United States owes in debt. Well, here it is in this TaxAssurances YouTube video. As of 04/30/2020 the United States owes $24,974,171,868,164.35 to various individuals and organizations. That’s trillion with a T.

Here’s a link to the U.S. DEPARTMENT OF THE TREASURY that provides up to date information about the public national debt. https://www.treasurydirect.gov/NP/debt/current

Also, here’s how that debt has grown since September of 2000 as also provided by the U.S. DEPARTMENT OF THE TREASURY. https://www.treasurydirect.gov/govt/reports/pd/histdebt/histdebt_histo5.htm

It’s worth noting that with this debt their is interest that the United States pays. Last year the United States spent a total of $4.4 trillion for the full fiscal year. Of that spending, roughly 13% or $573 billion was spent on just the interest we have on that $24.9 trillion in debt.

Here is the U.S. DEPARTMENT OF THE TREASURY report that summarizes our total spending by various categories (page 9 of 40). It’s entitled, “Final Monthly Treasury Statement, Receipts and Outlays of the United States Government for Fiscal Year 2019 Through September 30, 2019 and Other Periods.” https://www.fiscal.treasury.gov/files/reports-statements/mts/mts0919.pdf

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Source: U.S. DEPARTMENT OF THE TREASURY.

Is Social Security Income Taxable?

In this TaxAssurances YouTube video I talk about scenarios were social security is taxable and when it is not.

For further information around social security income being taxable, here is a helpful link to the IRS website: https://www.irs.gov/newsroom/are-social-security-benefits-taxable 

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