January 17 - Employer’s Monthly Deposit Due If you are an employer and the monthly deposit rules apply, January 17 is the due date for you to make your deposit of Social Security, Medicare and withheld income tax for December 2011. This is also the due date for the nonpayroll withholding deposit for December 2011 if the monthly deposit rule applies. Generally, this due date is … [Read more...] about January 2012 Business Due Dates
Small Business
Independent Contractor versus Employee Status – A New Focus of the IRS
If you are a small business owner, whether you hire people as independent contractors or as employees will impact the amount of taxes you withhold from their paychecks, as well as how much and what types of taxes you pay. Furthermore, it will affect how much additional cost your business must bear, what documents and information must be provided to you, and what tax documents … [Read more...] about Independent Contractor versus Employee Status – A New Focus of the IRS
Tax Breaks for the Self-Employed and Small Business Owners
The following is a compilation of a number of tax breaks available to self-employed individuals and/or small business owners. Some can be implemented before year’s end, providing benefits for your 2011 return, while others will provide planning opportunities for 2012. Little or No Profit This Year — The farm and nonfarm optional methods for computing net earnings from … [Read more...] about Tax Breaks for the Self-Employed and Small Business Owners
December 2011 Business Due Dates
December 15 - Social Security, Medicare and Withheld Income Tax If the monthly deposit rule applies, deposit the tax for payments in November. December 15 - Nonpayroll Withholding If the monthly deposit rule applies, deposit the tax for payments in November. December 15 - Corporations The fourth installment of estimated tax for 2011 calendar year corporations is … [Read more...] about December 2011 Business Due Dates
Misclassifying Workers Can Be Costly!
Hiring independent contractors instead of employees can save a lot of money in employment taxes and employee benefits. And it can be a mine field of tax problems if workers are misclassified as independent contractors when they should have been treated as employees. The three primary characteristics the IRS uses to determine the relationship between businesses and workers are … [Read more...] about Misclassifying Workers Can Be Costly!