Increase Tax for Social Security – Expect to pay more
Posted on 13. Jun, 2011 by admin in Filing Taxes, Small Business Taxes
Reports are out that the amount of salary you will pay social security tax on will increase in 2012 by at least $3,500 to $110,300. This will affect small business owners by paying over $500 in additional tax in 2012.
FICA – The Federal Insurance Contributions Act imposes two taxes on employers, employees,and self-employed workers—one for [...]
Small Business Relief From the IRS
Posted on 25. May, 2011 by admin in Filing Taxes, Small Business Taxes
Wait…can it be true? Good news from the IRS? Yes!
If you file less than 250 W-2s for the tax year 2011, the IRS has delayed mandatory reporting of employer-sponsored health coverage information requirements. The amount of coverage is reported on section 14, other information. It is not taxable.
There is a mandatory reporting requirement for employers [...]
Changes for 1099 Reporting – We’re Back To Where We Started
Posted on 09. May, 2011 by admin in Small Business Taxes
On April 5, 2011, the Senate approved the “Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011.” The measure retroactively repeals expanded Form 1099 information reporting rules added by recent legislation. (It passed the House on March 3)
In English: For payments made after Dec. 31, 2011, the Act repeals the requirement [...]