Finance And Business | What Are State Payroll Taxes And Why Must ...

?Small Business Taxes How to Pay Less Self Employment Tax
If you fall into one of these three categories, this article is for you: 1) you own a sole proprietorship; 2) you are a partner in a partnership; or 3) you are the owner of a limited liability company being taxed like a sole proprietorship or a partnership. What do these three types of business owners have in common? They are all faced with the dreaded self-employment (SE) tax on the profits of their business. If you're new to the world of small business taxes, here's a quick review of...

?What Is the Difference Between a W 2 and a 1099 MISC
If you own a business and are paying people who perform services for you, it is critical that you understand the difference between Form W-2 and Form 1099-MISC. Form W-2 is issued to employees at the end of the year. You must give each employee this form by January 31 of the following year. It contains critical payroll information that each employee needs to file his/her personal income tax return, such as gross wages, salaries and other forms of compensation; federal income tax withholdings;...

?Payroll Tax Forms What Is Form 941 And Why Must You File It
? If you own a small business, you have a small mountain of paperwork to climb every year. You are probably most familiar with income tax returns and their onerous filing requirements. But if you have employees, you have a significantly more complicated tax situation. There are several payroll-related tax forms that must be filed. One of them is Form 941, and the purpose of this article is to introduce you to the purpose of this form and its IRS-mandated filing rules. Form 941 is entitled...

?Small Business Taxes How to Reduce Your Taxes by Being Taxed As an S Corporation
Looking for an effective tax reduction strategy for your small business? This article explains how to reduce your taxes by choosing to be taxed as an S corporation. Question: What do all the following small business owners have in common? 1) C corporation shareholders; 2) sole proprietors; 3) partnership partners; and 4) limited liability company (LLC) owners who are being taxed like a sole proprietorship or a partnership. Answer: Each of these entity types has the potential to pay less tax...

?Schedule C Tax Deductions C is For Contributions Contractors Commissions
Here are three legitimate tax deductions for the self-employed that begin with the letter C. Do you have these expenses in your sole proprietorship? If so, be sure to report them on your tax return. 1. Contributions. By contributions, I'm referring to charitable contributions - donations you make to tax-exempt organizations (known in tax lingo as 501c3 organizations) such as churches, synagogues and other humanitarian or educational institutions that have IRS non-profit status. This is one...

?Why A Partnership Is Twice As Dangerous As A Sole Proprietorship
Meet Tony. Tony is a computer programmer who always wanted to be on his own. One of his co-workers, Kevin, felt the same way. On their lunch breaks they often talked of the day when they'd be calling the shots and making all the money. Before long, they got the guts to tell their employer they were quitting to start their own business. They didn't know much about paperwork, but Tony's brother-in-law, Kyle, who worked for an insurance company, always seemed to know a lot about how things...

?Small Business Tax Tips Are You Ready For The January 31 Deadline
? April 15 is not the only critical tax deadline. If you are a small business owner with employees or independent contractors, January 31 is an important tax deadline you cannot afford to ignore. The end of January is the due date for several payroll-related tax forms and tax payments. Before reviewing them, here's some good news. Whenever a federal tax deadline falls on a Saturday, Sunday or legal holiday, the due date is automatically moved to the next business day. Since January 31, 2009...

?Small Business Taxes Do You Need An Employer Identification Number EIN
If you run a small business or engage in self-employment activities, you may need an Employer Identification Number (EIN) issued by the IRS, whether or not you have employees. An EIN, also known as a Federal Tax Identification Number, is used to identify a business entity for tax purposes. How do you know whether you need an EIN? If you answer Yes to any of the following questions, you must get one: 1. Do you have employees? 2. Do you operate your business as a corporation or a partnership?...

?Schedule C Tax Tips 3 Easy Ways To Reduce The Dreaded Self Employment Tax
Frustrated with the amount of self-employment (SE) tax you pay each year? You should be. The sole proprietor pays twice as much in SE tax (15.3%) as the employee pays in federal payroll taxes (7.65%). What's a Schedule C filer to do? Here are three ways to reduce the dreaded SE tax. 1. Take the home office deduction. Have you been mislead by the never-ending rumor that the home office deduction increases the chances of an audit? Such talk is bogus, and to believe it is to needlessly pay too...

?Schedule C Tax Tips What Payroll Tax Forms Should You File
? If you own a sole proprietorship and have employees, what payroll tax forms are you required to file? This article will answer that question. First things first. Let's check to make sure you really have employees. Take a look at Schedule C, Line 26, Wages. If there's an amount on that line, then you are reporting wages and/or salaries as a business expense, and that usually means your business has employees. Now take a look at Schedule C, Line 11, Contract labor. This is where you report...

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