How to Properly Handle a Business Tax Audit

May 25, 2022 by First Federal Bank

Receiving a letter from the Internal Revenue Service informing you your business is being audited is enough to stop you cold. But if you have taken the proper steps to prepare and work with your auditor to the best of your abilities, you shouldn’t have anything to sweat about.

Topics: Small Business, Entrepreneurship, Taxes

How to Receive a Tax Extension

April 08, 2022 by First Federal Bank

The deadline for filing and paying your 2021 income taxes is April 18, 2022. If you’re worried you won’t have enough time to submit your federal tax return before it’s due, you can request an extension from the IRS. Doing so will give you until Oct. 15, 2022 to file a return — an additional six months.

Topics: Financial Education, Taxes

Tax Advice for Planning Your Retirement Income

March 09, 2022 by First Federal Bank

Once you’ve achieved your goal of retirement, making your well-earned income stretch as much as possible becomes a chief priority. Structuring your retirement around how your retirement income is taxed helps keep your finances free and flowing so you’ll never need to worry about making ends meet.

Topics: Retirement, Taxes

Taxes and Your Blog

February 07, 2022 by First Federal Bank

Blogging is a profession that allows for a lot of flexibility and is appealing to those who wish to make their own hours or work from home. One thing some people are still in the dark about is filing yearly taxes. As a self-employed individual, there are certain things you should know about when it comes to taxes and your blog:

Topics: Entrepreneurship, Taxes

What is the Gift Tax?

January 26, 2022 by First Federal Bank

Giving a gift that fulfills some want or need is a great way to show someone you care about them. What if that gift is a high-value item like a car for your teen driver or a cash gift for a friend who’s fallen on hard times? You could wind up stuck paying a gift tax.

Topics: Financial Education, Taxes

Filing Taxes in Multiple States

December 22, 2021 by First Federal Bank

If your business has grown to operating in more than one state, you will need to file taxes for each location. Doing so can be tricky, but knowing some basic information can help you get ready for tax season with ease.

Topics: Small Business, Taxes

Pros and Cons of Filing Taxes Jointly

December 20, 2021 by First Federal Bank

When you get married, the assumption is you and your spouse will need to file your taxes jointly when tax season arrives. However, it is not a requirement, and may not even be the best option for your particular situation.

Topics: Financial Education, Taxes

Closing Out Your Books for the Year

December 13, 2021 by First Federal Bank

Can you believe 2021 is almost over? This year has practically flown by, and it’s time once again to close out your books and tie up all the loose ends from this fiscal year. To help you prepare for 2022, here are some tips for wrapping up the 2021 fiscal year:

Topics: Small Business, Financial Education, Taxes

Do You Need to Make Quarterly Tax Payments?

August 25, 2021 by First Federal Bank

If you have worked as an employee of a company or another person for most of your life, you are probably used to having taxes withheld from your paycheck and filing one yearly tax return. However, if you are self-employed, you likely need to pay estimated taxes, which are due on a quarterly basis.

Topics: Entrepreneurship, Taxes

Tax Breaks You Might Have Overlooked

July 22, 2021 by First Federal Bank

Every year, American citizens perform their civic duty by writing a check for their taxes. While the process of filing taxes can be a challenge, the real stress comes when you find out how much of your hard-earned money needs to be sent to Uncle Sam. Before you finalize your next round of taxes, be sure to keep these easily overlooked tax breaks...

Topics: Taxes

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