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.
There’s always a massive bout of procrastination across the U.S. in the weeks leading up to Tax Day, which is April 18 this year. This foot-dragging has been called an American tradition, up there with not saving enough for retirement and fantasizing about what we’d do if we won the lottery.
Use of computer analysis and modeling techniques to describe in mathematical terms the relationship between key economic forces such as labor, capital, interest rates, and government policies, the test the effects of changes in economic scenarios.
A Limited Liability Company (LLC) is a business structure allowed by state statute. Each state may use different regulations, and you should check with your state if you are interested in starting a Limited Liability Company. Owners of an LLC are called members. Most states do not restrict ownership, and so members may include individuals, corporations, other LLCs and foreign entities. There is no maximum number of members. Most states also permit “single-member” LLCs, those having only one owner.A few types of businesses generally cannot be LLCs, such as banks and insurance companies. Check your state’s requirements and the federal tax regulations for further information. There are special rules for foreign LLCs.
Relatively few employers are claiming the Small Business Health Care Tax Credit under the Affordable Care Act, according to a new government report.
The Internal Revenue Service’s audits of business tax returns have declined steeply in recent years, thanks to successive rounds of budget cuts, according to a new analysis.
Aggressive and threatening phone calls by criminals impersonating IRS agents remain a major threat to taxpayers, but now the IRS is receiving new reports of scammers calling under the guise of verifying tax return information over the phone.
Tax has emerged as one of the hottest issues on the 2016 campaign trail. While not every candidate has a full-developed tax plan, they all have stated positions on several tax issues. To help you navigate the field, we’ve gathered their current stances on the issues of income taxes, corporate taxes, estate tax, tax credits & deductions, and repatriation below. We will update information as candidates continue to build out their tax plans.
When you walk down the aisle, your vows aren’t likely to include the words “Till death—and taxes—do us part.”
But including that clause may not be such a bad idea, because once you tie the knot, your tax situation has the potential to go from simple to complex fast—not to mention the fact that you’ll have to reconcile any disparate tax strategies.
Deadline for corporate tax returns (Forms 1120, 1120A, and 1120S) for the year 2015, or to request automatic 6-month extension of time to file (Form 7004) for corporations who use the calendar year as their tax year.
Final deadline to file an amended corporate tax return (Form 1120X) for tax year 2012 and still claim a tax refund. (Refunds expire three years from the original due date of the return.)