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 S-Corporation
WASHINGTON ― The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning Jan. 1, 2013. The rates will be: three (3) percent for overpayments [two (2) percent in the case of a corporation]; three (3) percent for underpayments; five (5) percent for large corporate underpayments; and one-half [...]
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 [...]
Mark Your Calendar…
Feb 8
FEBRUARY 28 – Payers must file information returns (such as 1099s) with the IRS.* 29 – Employers must send W-2 copies to the Social Security Administration.* MARCH 1 – Farmers and fishermen who did not make 2011 estimated tax payments must file 2011 tax returns and pay taxes in full. 15 – Deadline for [...]
When it comes to tax planning the 5 P’s is always something to keep in mind: Proper Planning Prevents Poor Performance. Listed below are the tax provisions that are expiring at the end of 2011 and if you are depending on any of these for 2012, now is the time to talk to your tax [...]
Mark Your Calendar…
Dec 20
JANUARY 17 – Due date for the fourth installment of 2011 individual estimated tax. 31 – Employers must furnish W-2 statements to employees. 1099 information statements must be provided to payees. (1099B and consolidated statements must be provided by February 15.) 31– Employers must file 2011 federal unemployment tax returns and pay any tax due. [...]
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 [...]
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 [...]
Here is some information from the IRS about a special tax deduction for the self-employed. You may be able to deduct premiums paid for medical and dental insurance and qualified long-term care insurance for you, your spouse, and your dependents if you are one of the following: A self-employed individual with a net profit reported [...]
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 [...]
