If you are self-employed, the IRS wants you to know about a tax deduction generally available to people who are self-employed. The deduction is for medical, dental or long-term care insurance premiums that self-employed people often pay for themselves, their spouse and their dependents. The insurance can also cover your child who was under age [...]
Archive for category Partnership
Here are some things to consider when starting a business: Type of Business One of the first decisions you need to make is what type of business you are going to establish. The most common types of businesses are sole proprietorship, partnership, corporation, S corporation, and Limited Liability Company. The type of business you establish determines [...]
You may need to pay estimated taxes to the IRS during the year if you have income that is not subject to withholding. This depends on what you do for a living and the types of income you receive. These six tips explain estimated taxes and how to pay them: 1. If you have income [...]
Mark Your Calendar…
Mar 9
MARCH 15 – Deadline for calendar-year corporations to elect S corporation status for 2012. 15 – Deadline for filing 2011 tax returns for calendar-year corporations. APRIL 2 – Deadline for payers who file electronically to file 2011 information returns (such as 1099s) with the IRS. 2 – Deadline for employers who file electronically to send [...]
WASHINGTON — The IRS today issued guidance that now allows partnerships to provide Schedule K-1, Partner’s Share of Current Year Income, Deductions, Credits, and Other Items electronically to recipients. Certain entities, such as partnerships, are required annually to file K-1s with the IRS and provide a copy to their partners. The new rules can make [...]
WASHINGTON — As the upcoming filing extension tax deadlines approach, the Internal Revenue Service, in partnership with the Department of Health and Human Services, is announcing a new round of outreach to small employers and the professional service providers they rely on to encourage them to review the new Small Business Health Care Tax Credit [...]
IRS Gives One-Week Filing Extension to Taxpayers Whose Preparers Were Affected by Hurricane Irene
Sep 5
WASHINGTON — The Internal Revenue Service today announced it is granting taxpayers whose preparers were affected by Hurricane Irene until Sept. 22 to file returns normally due Sept. 15. The taxpayer’s preparer must be located in an area that was under an evacuation order or a severe weather warning because of Hurricane Irene, even if [...]
Mark Your Calendar . . .
Aug 25
SEPTEMBER 15 — Due date for individuals to pay third quarter installment of 2011 estimated tax. 15 — Deadline for filing extended 2010 tax returns for calendar-year corporations. 15 — Deadline for filing extended 2010 partnership and limited liability company returns. OCTOBER 3 — Deadline for businesses to adopt a SIMPLE retirement plan for 2011. 17 — Filing deadline for [...]
Mark Your Calendar…
May 18
JUNE 15 — Second quarter 2011 individual estimated tax is due. 15 — Second quarter 2011 estimated tax is due for calendar-year corporations. AUGUST 1 — 2010 retirement and employee benefit plan returns are due for calendar-year plans. SEPTEMBER 15 — Third quarter 2011 individual estimated tax is due. 15 — Third quarter 2011 estimated tax is due [...]
WASHINGTON — The Internal Revenue Service today announced that interest rates for the calendar quarter beginning July 1, 2011, will remain the same as in the previous quarter. The rates will be: four (4) percent for overpayments [three (3) percent in the case of a corporation]; four (4) percent for underpayments; six (6) percent for [...]
Estimated tax is a method used to pay tax on income that is not subject to withholding. You may need to pay estimated taxes during the year depending on what you do for a living and what type of income you receive. These six tips from the IRS will provide you with a quick look [...]
Mark Your Calendar…
Feb 21
MARCH 15 — Deadline for calendar-year corporations to elect S corporation status for 2011. 15 — Deadline for filing 2010 tax returns for calendar-year corporations. 31 — Deadline for payers who file electronically to file 2010 information returns (such as 1099s) with the IRS. 31 — Deadline for employers who file electronically to send copies of 2010 W-2s to the [...]
