May 10 - Social Security, Medicare and Withheld Income Tax File Form 941 for the first quarter of 2012. This due date applies only if you deposited the tax for the quarter in full and on time. May 15 - Employer’s Monthly Deposit Due If you are an employer and the monthly deposit rules apply, May 15 is the due date for you to make your deposit of Social Security, Medicare and … [Read more...] about May 2012 Business Due Date Reminders
May 2012 Individual Due Date Reminders
May 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during April, you are required to report them to your employer on IRS Form 4070 no later than May 10. Your employer is required to withhold FICA taxes and income tax withholding for these tips from your regular wages. If your regular wages are insufficient to cover the … [Read more...] about May 2012 Individual Due Date Reminders
Cutting Expenses Key To Profitability, But How? Some Tips
It may seem like a no-brainer – cut expenses to make more money – but many small changes can result in significant savings. It looks like the economy may finally be looking up. Still, this is no time to loosen the purse strings in terms of your business expenses. Rather, why not re-double your efforts to cut costs and boost your profitability? Excessive expenses cause debt, … [Read more...] about Cutting Expenses Key To Profitability, But How? Some Tips
How Business Website Expenses Are Deducted
With the explosion of online businesses, one would think that there would be a standard method of deducting the cost of your business website. But some questions still exist as to what part of a website is considered software, and to date, the IRS has not fully clarified that issue for tax purposes. Purchased Websites – If the website is purchased from a contractor who is at … [Read more...] about How Business Website Expenses Are Deducted
Is Your Hobby a For-Profit Endeavor?
The tax treatment for a hobby is substantially different than it is for a business, which sometimes makes it difficult to distinguish one from the other. The IRS provides appropriate guidelines when determining whether an activity is engaged in for profit, such as a business or investment activity, or is engaged in as a hobby. Internal Revenue Code Section 183 (Activities Not … [Read more...] about Is Your Hobby a For-Profit Endeavor?