Internet Killed the Tax Day Party

10272326374_43eb6a9e1c_z(Bloomberg) At the post office in Lawrence, Kansas, filing your taxes used to be an excuse to party.

A crowd would gather every April 15th shortly before the doors were shut at midnight. As procrastinators arrived with their tax forms, the Alferd Packer Memorial String Band, a local group, would start playing in the lobby, which happens to have great acoustics.

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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.

Limited Liability Company (LLC) 101

download (1)[2]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.