Small Business Taxes
November 12, 2015
An Employer Identification Number (EIN) is a 9-digit number issued by the IRS for the purposes of identifying a particular business’ tax account. The EIN format is XX-XXXXXXX.
EINs are used by employers, sole proprietors, corporations,...
October 28, 2015
The ability to work for yourself and be your own boss is an exciting prospect. Becoming self-employed in your field of expertise can give you the freedom to find a work-life balance that is hard to achieve when you are employed by a someone else...
October 2, 2015
The Additional Medicare Tax was implemented in late 2013 as part of the Affordable Care Act (ACA). Starting in tax year 2013, you may be required to pay an Additional Medicare Tax (on top...
August 31, 2015
If you receive tips as part of your job, it’s important to realize that all tips are considered income and are subject to Federal income tax.
April 9, 2015
Nearly everyone knows that April 15 is the deadline for submitting tax returns in the United States. Although some entities may need to file before that date – including businesses, which must generally file by March 15 – most individuals need to...
March 23, 2015
Form 1099-MISC is an information return used to report certain miscellaneous income/payments to the IRS. If you are an independent contractor, or you hire an independent contractor, you...
March 16, 2015
The IRS allows both individuals and businesses to file for a tax extension, which gives you more time to file your income tax return. However, the rules and due dates for business tax...
March 10, 2015
In general, all businesses operating in the U.S. are required to report their activities to the IRS by filing annual tax returns. The due date and type of tax return that is filed depends on the type of business entity.
February 26, 2015
Beyond normal day-to-day business expenses, there are many other tax deductions that can help business owners reduce their tax liability. Not using all the deductions available on your tax return is...
February 10, 2015
For Federal income tax purposes, it is important to know whether you are an employee or an independent contractor.Employee vs. Independent Contractor
The IRS defines independent contractors as follows:
“People such as...