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 [...]
IRS Installment Agreements
Posted on 03. Nov, 2010 by Jo Hagan, CPA in Filing Taxes
There seems to be confusion about when and how an installment agreement with the IRS works. The IRS is required to enter into an installment agreement if
The total amount owed is less than $10,000.00 – that is the tax due without considering interest and penalties.
If the person requesting the installment hasn’t failed to file [...]