Posts Tagged“tax”

Tax-Exempt Investments

Investments That You Do Not Have to Claim on Your Taxes There are several types of investments that are actually tax-exempt. This means you do not have to pay taxes on these investments. These types of tax-exempt investments are very useful and are often also quite lucrative. We will discuss some of these types of tax exempt investments in detail below. 529 Education Fund This type of fund is designed to encourage savings for future educational endeavors. They are also known as qualified tuition plans. They are sponsored by state agencies, states, or educational institutions. There are two different types…

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OPTIMA TAX RELIEF REVIEWS EMPLOYEE RETENTION CREDITS FOR BUSINESSES COPING WITH COVID-19 CRISIS

Employee retention tax credits are a refundable tax credit (equal up to 50% of qualified wages) designed to help businesses retain employees during the social distancing mandate. For each employee, wages up to $10,000 can be counted to determine the amount of the 50% credit In the following article, Optima Tax Relief reviews the guidelines for employee retention credit eligibility. In an effort to help businesses that have either closed or have significantly reduced their day-to-day staff and operations in response to the COVID-19 outbreak, the Treasury Department and the Internal Revenue Service deployed the Employee Retention Tax Credit. This…

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Does IRS-EIN-Tax-ID Offer A Refund Policy? If So, What Is It?

Most businesses must have an EIN, or employer identification number. The IRS issues this number, which businesses use for tax purposes, banking and other transactions. The IRS provides the option of an online or paper application, but the process confuses many new business owners. It can take an hour or more to finish, and then there is the risk of errors in the application. That is why many business owners rely on professional filing services, such as IRS-EIN-Tax-ID Filing Service, to complete the paperwork and file the application. Before choosing to use one of these services, it is important to…

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Reasons A Church Controlled Organization Needs A Tax ID

If a business were about to hire you, you would do a Tax ID lookup to check EIN status.  What if you were about to start a new job working for a church, though?  Church controlled organizations have a lot in common with secular businesses when it comes to tax laws.  Even church organizations that operate on a volunteer basis instead of hiring paid employees still need a Tax ID number. What Is an EIN, and Why Do Churches Need Them? An EIN is an employer identification number.  It is what the IRS uses to identify taxpayers that are not…

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