Three Extra Days!

download (13)You get three extra days to gather your paperwork and file your federal tax return in 2016. The tax deadline is April 18. You can thank Washington, D.C., for the gift. Washington will celebrate Emancipation Day on April 15.

Emancipation Day typically is celebrated on April 16. It’s the day President Abraham Lincoln signed into law a bill ending slavery in Washington, D.C. April 16 falls on a Saturday in 2016, so Emancipation Day will be celebrated on April 15. And Tax Day will be pushed back to April 18.

The Self Employment Tax 101:

download (7)Most individuals that are in business for themselves, such as SOLE PROPRIETORS, PARTNERS or independent contractor, are subject to self employment taxes. The taxes provide coverage for the self-employed individual for social security (OASDI) and Medicare benefits (HI) similar to the taxes withheld by employers from wages it pays the employees.

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