Watch Your Wallet, May 2009, Volume 2009, No. 5
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Tax Tips
Most of you have heard that under the Obama Administration's American Recovery and Reinvestment Act you will be receiving a "Making Work Pay" tax credit. But what does this actually mean to you? When can you expect to receive the money?
If you incorrectly classify an employee as an independent contractor, you can be held liable for employment taxes for that worker, plus a penalty.
While many people disregard the need to pay taxes on household employees, they do so at the risk of stiff tax penalties.
Education tax credits were significantly enhanced under the American Recovery and Reinvestment Act of 2009.
That fee you pay is also a deduction.
Misc
The economic recovery payment is a one-time payment of $250 that will be made in 2009 to some people. Will it be you?
