The Federal Insurance Compensation Act imposes a tax on employers and employees in equal amounts to provide funding to the federal government in support of the Social Security and Medicare programs in the United States. Self-employed individuals must pay the entire tax themselves.
(Bloomberg) The U.S. Chamber of Commerce challenged an Internal Revenue Service rule change it claims improperly stymies the ability of U.S. companies to shift their headquarters overseas to shelter global profits from American tax collectors.
Deadline Update: Form W-2 is due to the Social Security Administration on January 31, 2017, instead of February 28, whether you file electronically or by paper. (If you file 250 or more forms, you must file electronically.)
(Bloomberg) Facebook Inc.’s future cash flows and results could suffer a major blow if it loses a battle over new U.S. tax liabilities related to the transfer of its global operations to Ireland in 2010.
Your insurance premiums are not tax deductible except under special circumstances. You do receive other tax benefits as a homeowner, but they are not related to homeowners insurance.
If you’re a landlord or a homeowner who uses part of your home for business purposes, you may be able to deduct a portion of your homeowners insurance. A tax advisor is your best resource in determining what you can and cannot deduct on your taxes.
September 15 Tax Deadline Reminder:
- Final deadline to file corporate tax returns for the year 2015 if an extension was requested. (Forms 1120, 1120A, 1120S).
- Final deadline to file trust income tax returns (Form 1041) for the year 2015 if an extension was requested.
- Final deadline to file partnership tax returns (Form 1065) for the year 2015 if an extension was requested.
The vision of returning to the office after vacation and the reality usually have very little in common. While many of us expect to sit down at our desks after time away filled with boundless energy and restored creativity that will fuel new projects, what usually ends up happening is that we spend several scattered hours (or days) trying to process a deluge of emails and falling further behind on tasks that have built up in the interim.