Taxation · 07/21/2025

The tax management of self-employment income is crucial for individual entrepreneurs. If a business's net profit exceeds the legal threshold, the corresponding self-employment tax must be paid. When calculating net profit, business expenses should be deducted. Social security tax is payable regardless of profit status. Relevant forms provide information on exemption policies and specific requirements.

Taxation · 07/23/2025

Employers in the restaurant industry can alleviate their tax burden through the FICA Tip Tax Credit, which reduces Social Security and Medicare taxes associated with employee tip payments. This non-refundable credit applies to employees who receive tips, with detailed calculations and application steps thoroughly explained.

Taxation · 08/12/2025

The IRS has partnered with state tax agencies and the tax industry to launch the "Tax, Security, Together" campaign, aiming to raise public awareness about identity theft and protect taxpayer data security. The initiative calls for collective efforts from all sectors of society to implement effective measures and enhance awareness of data security protection.

Taxation · 07/25/2025

The IRS W-7 form is a key tool for applying for an Individual Taxpayer Identification Number (ITIN), helping those who are ineligible for a Social Security Number (SSN) address U.S. tax issues. Whether for a new application or renewal, using the W-7 form ensures a smooth process for your tax filings.

Finance · 09/22/2023

The latest audit report reveals that overpayment of Social Security benefits in the U.S. during 2022 has led to millions of residents receiving refund notifications. The Social Security Administration is seeking to recover over $26.3 billion in overpayments. Many recipients are struggling to repay these amounts due to financial difficulties, raising widespread concern.

Finance · 08/05/2025

The U.S. Department of Treasury has announced that starting September 30, 2025, paper Social Security checks will be completely discontinued, and all federal payments will transition to electronic transfers. Individuals involved must complete their payment setups before the deadline to avoid disruption in welfare distribution.

Taxation · 07/23/2025

The U.S. Department of Treasury and IRS have issued new regulations stating that tribally-owned enterprises will no longer be treated as independent federal tax entities and will be exempt from federal income tax. Additionally, the new rules will allow tribal legal entities to qualify for energy credits, supporting economic independence and social welfare.

Taxation · 07/23/2025

This article provides a detailed guide on how to apply for an Individual Taxpayer Identification Number (ITIN) using Form W-7. It covers the steps for both applying and renewing the ITIN, emphasizing the importance of tax compliance. The aim is to assist individuals without a Social Security Number in successfully completing their tax filings in the United States.

Taxation · 07/25/2025

This article explores the IRS's latest tax policies and customer protection measures, including tax relief for disaster-affected taxpayers, the summer customer protection initiative, and how to ensure the security of taxpayer information. It aims to equip readers with the confidence to navigate tax challenges.

Taxation · 08/13/2025

This article discusses the efforts of U.S. tax authorities and the private sector to protect taxpayer information, advocating for the joint participation of taxpayers, tax professionals, and businesses in security measures. It provides specific actions to help all parties enhance their personal information protection capabilities, aiming to create a secure tax environment.

Finance · 01/22/2025

This article provides a detailed explanation of how Social Security retirement benefits are calculated in the United States, covering contribution methods, the point system, eligibility standards, and its relationship to financial planning. It offers practical information for professionals and immigrants.

Taxation · 07/23/2025

This article provides a detailed analysis of the significance of the W-2 form and its role in employee taxation. It emphasizes that all employers must submit this form for their employees and highlights its critical role in tax reporting, Social Security, and Medicare. Understanding the details of the W-2 form helps employees protect their rights and ensure the accuracy of their tax filings.

Taxation · 07/23/2025

This article discusses common mistakes in the process of filing for income tax credits, emphasizing that taxpayers need to pay attention to eligibility requirements, child relationships, consistency of Social Security numbers, marital status, and accuracy of income reporting to ensure a smooth EITC filing.

Taxation · 07/29/2025

The IRS urges tax professionals to develop a Written Information Security Plan (WISP) to prevent identity theft and data breaches. Implementing a WISP not only meets legal requirements but is also a crucial step in protecting both client and personal interests. The National Tax Forum will discuss effective strategies to construct this security plan.

Finance · 07/21/2025

This article outlines the basic eligibility requirements for applying for Social Security Living Assistance in the United States, including aspects such as age, disability, income limits, and residency requirements. It also reminds applicants to pay attention to the document submission and economic status investigation processes to ensure a smooth acquisition of necessary living assistance, aimed at improving quality of life.