Monday, March 2 Large food or beverage establishments: file Form 8027, Employer's Annual Information Return of Tip Income and Allocated Tips. File Form 2290, Heavy Highway Vehicle Use Tax Return and pay the tax for vehicles first used in January. Farmers and fishermen: File Form 1040, Individual Income Tax Return and pay any tax due. However, you have until April 15…
Are you hiring an employee or an independent contractor? Your answer to this question will make a big different on your business taxes. You need to know the different types of business relationships and what they mean for you as a small-business owner. The Fast Answer In terms of taxes, the difference between an employee and a contractor is simple.…
Whether it's for the independence, flexible schedules, or the opportunity to do what you love, many of us have gone out on our own as part of the new "gig economy." We often think of freelancers as people who are writers, graphic designers, or software coders who work from the local coffee shop. But in our increasingly connected world, the…
Late in December, the IRS issued a new Form W-4, which can be found on the IRS website by clicking here. You're probably already familiar with the W-4 as the form your new hires complete to designate the amount of federal tax withholding that shows up on their paychecks. The new Form W-4 is intended to be simpler and more…
It's Tax Identity Theft Awareness Week. Do you know how to protect yourself? Imagine these scenarios: You've finally finished your tax return and your e-file doesn't go through because your return has already been filed. Huh? How did that happen? You get a letter from the IRS about a return that you didn't file. You get an IRS notice that…
All US employers must have new hires complete Form I-9 to authorize their eligibility to work in the US. The newest version of the I-9 was revised on October 21, 2019, and all employers should now be using the current form. For more information, visit the US Citizenship and Immigration Services I-9 page by clicking here.
Yep, it's that time again. The IRS officially began accepting and processing 2019 tax returns on Monday, January 27, 2020. Since you should always start with the end in mind, the deadline for filing your 2019 tax return and paying any taxes you owe is Wednesday, April 15, 2020. That's great, but when will I get my refund? The IRS…
If your small business is considering starting a new retirement plan in 2020, the recently-passed SECURE Act has good news for you! Startup Tax Credit Leaps from $500 to $5,000 Effective for tax years beginning after December 31, 2019, small businesses that adopt a new qualified retirement plan, SIMPLE IRA plan, or SEP can now obtain an increased tax credit to offset…
Each year, the IRS updates numbers based on inflation that affect payroll, retirement plans, and employee benefits. Here are some key figures for 2020: Payroll Social Security Taxable Wage Base - $137,700 Social Security Withholding Percentage - 6.2% Medicare Taxable Wage Base - unlimited Medicare Withholding Percentage up to earnings of $200,000 - 1.45% Medicare Withholding Percentage for earnings above…