Articles, tagged with "self employment tax"

Who must pay self-employment tax? If you are self-employed, you will be responsible for self-employment tax. For the purpose of determining self-employment tax, you are self-employed if you are a sole proprietor, an independent contractor, a member of a p... Read >
Author: mastan.sagaciti

Many people pursue hobbies that can easily become small businesses. Since they do it for love, they tend to not realize they have a business when they start selling the fruits of their labor. This can lead to problems when the IRS makes a determination yo... Read >
Author: Thomas Ajava

IRS Summertime Tax Tip 2009-02 Anyone starting a new business this summer should be aware of their federal tax responsibilities. Here are the top seven things the IRS wants you to know if you plan on opening a new business this year. 1. First, you m... Read >
Author: kinal

Corporate tax planning and management has always been a complicated task for most of us. Moreover, in the present scenario, where most of the businesses are competing with economic insecurity and ever-growing regulatory oversight, the entire job of filing... Read >
Author: Article Publisher

If you want to form a Limited Liability Company that will be taxed as an S Corporation, you’ll want to know some basic information before you start a business. Many people choose to form their companies as an LLC but with the S Corporation taxation elec... Read >
Author: DirectTM

The form of ownership that you choose to operate your business under will determine the method in which you pay yourself a salary. Making this decision in the start up phase requires much research and should be handled with care. We choose our form of o... Read >
Author: Jacqueline Williams

It is easy to see why a self-employed individual would see the self-employment (SE) tax as unfair. While in an organization, that same employee would have to pay taxes amounting to roughly 7.65 percent. However, as a self-employed individual, those same f... Read >
Author: Ron Finkelstein

Have you ever had to lean down to clear a doorway or strained to reach a book off the top shelf? Then you'll understand how uncomfortable it can be to be the wrong size. This holds true with taxes as well - a good number of tax benefits are available only... Read >
Author: Ron Finkelstein

All the self-employed people are annoyed with the high self-employment (SE) Tax. There is a valid reason to be frustrated; SE Tax is twice as the federal payroll tax. Where a employee pays 7.65% federal tax, a self employer has to pay 15.3% of SE tax. The... Read >
Author: Ron Finkelstein

This article is for small business owners who currently run their business as a C corporation or limited liability company (LLC). If you fall into either of those categories, read on to find out why filing Form 2553 by March 15 could be the best thing you... Read >
Author: Wayne M. Davies

If you’re a business owner with a sole proprietorship, you might be wondering whether it’s time to incorporate your business. Lots of sole proprietors crave adding the coveted title of ‘corporation’ to their business, but few understand the advant... Read >
Author: mgordon

People who are operate a business of their own or carry on a trade where they are the sole proprietor, or act as independent contractors are not exempt from filing their tax returns. They are categorized as self-employed and are required to pay self empl... Read >
Author: ajcones

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 partnershi... Read >
Author: Wayne M. Davies

With so many choices for establishing a legal entity for your business, it can be a tough decision to make. Every business is different and requires a different approach. But unless you’re an attorney or other legal professional, the investigation proce... Read >
Author: mgordon

For the most part, being self-employed is pretty much the good life. You don't have to report to anyone but yourself, so you could (for the most part) manage your own schedule in a way that would be convenient for you. You get to have financial control ... Read >
Author: arcel

Posted February 3rd, 2009 by admin There are 4 general types of small business taxes: income tax, self-employment tax, employment taxes and excise tax. All small businesses are required to file annual income tax returns, with the exception of partnership... Read >
Author: Initial Underwriting Group

If you’re a business owner with a sole proprietorship, you might be wondering whether it’s time to incorporate your business. Lots of sole proprietors crave adding the coveted title of ‘corporation’ to their business, but few understand the advant... Read >
Author: mgordon

Even if you are still a student you may have to file a tax return in 2008. For example, if you were self-employed for a part of the tax year and earned more than $400.00 during that self-employment, you will be required to file a federal tax return and... Read >
Author: arstringfellow

Trying to get a handle on the complex world of small business taxes? There are plenty of good resources available, both online and offline, for free and not-so-free. I'm assuming you want to postpone spending any money on a topic you may prefer not to ... Read >
Author: Wayne M. Davies

LLC (Limited liability Company) is a legal form of business company offering liability to its owners. LLC is suitable for smaller companies with a limited number of owners. An LLC can choose to be either member managed or manager managed. LLC is very f... Read >
Author: Mark Thompson

A limited liability company (which is commonly abbreviated as LLC) offers limited liability to its owners as a legal form of business company in the United States. Many small business owners are drawn to this type of business formation because it offers l... Read >
Author: Thomas

As an independent consultant, you’re in business for yourself, and therefore have all the increased tax burdens that come with being a business owner. Fortunately, there are strategies that can help reduce your tax liability. The biggest tax burde... Read >
Author: arstringfellow

Some CPAs and attorneys say there's an eleventh commandment, "Thou shalt not invest in real estate inside a corporation." And, usually, this proclamation holds true. Investing in real estate within a corporation means you lose many of real estate's tax be... Read >
Author: Stephen L. Nelson

Networking to increase the exposure of the bookkeeper and build the home bookkeeping services is the essential element to building a clientele of quality bookkeeping clients. Of particular relevance is meeting the owners of new start uop businesses who ar... Read >
Author: Terry Cartwright

Introduction - s vs c corp Self-Employment Taxes - C corporation vs S corporation One of the main reasons people set up an S corporation or make the S corp tax election for their LLC is to save self-employment taxes. The tax rate is 15.3% up to $... Read >
Author: Nick Braun EA PhD

Retirement, other than death, is one of the most feared aspects in the life of an individual. Nevertheless, for others, it is one of the most awaited moments of ones life. It is the time for you to enjoy and explore other things. Yet, before planning what... Read >
Author: Mesriani Law Group

Many businesses start life as an s-corp and when profitable become c corps to benefit from income splitting and fringe benefits. Alternatively they form an LLC which is simpler to form and operate but offers the same personal liability protection. S co... Read >
Author: Nick Braun EA PhD

Do you know about the Emerald Passport wealth products? If not, you will be amazed at what types of subject matter are included. Take a look at this list for some of the questions EPI helps their clients understand. In terms of business basics: Compare... Read >
Author: BillS

The limited liability company is a popular business entity for small businesses. Here are some common questions and answers regarding the entity. LLC stands for limited liability company. The entity was first created in Wyoming in the late 1970s, but ... Read >
Author: Richard Chapo

It goes without saying that the LLC is the media darling when it comes to choosing an entity for small businesses. In some cases, however, an LLC is at a disadvantage compared to an S Corporation. Originating in the late 1970s in Wyoming, Limited Liab... Read >
Author: Richard Chapo

If you are self-employed, your income is subject to a 15.3% self-employment FICA tax. Added to a 28% Federal income tax and a 5% state income tax, this could leave you paying nearly 50% of your income to the government. Fortunately, most self-employed peo... Read >
Author: Wiley Long

The limited liability company (aka L.L.C. or LLC) is the strongest asset protection devise for your business replacing the sub chapter "S" corporation. The LLC offers limited liability to the owners of a business and, additionally, the limited liability c... Read >
Author: Rocco Beatrice

For entrepreneurs who are running their own businesses and even for those who are planning to set up their own businesses, the self-employment tax deduction could be a huge blessing. By these deductions, many of the expenses that businessmen incur for the... Read >
Author: AdamHeist

There are three types of tax that you will be responsible for when you start your eBay business. They are 1) sales and use tax, 2) payroll tax and 3) income tax. Sales and use tax - Just about every state, and many cities and other local authorities, ... Read >
Author: Kristine McKinley

If you run a business, you are looking for as many deductions as possible to knock down the tax you have to pay. Following are some highlights of the taxes you can deduct that are collected by anyone other than the federal government. How confusing is... Read >
Author: Richard Chapo

Many people starting a business have little knowledge or interest in business entities and thus become sole proprietors. There are pros and cons to this approach. A sole proprietorship is a default business form. If you start your own business and do ... Read >
Author: Richard Chapo

Home Business Legalities And Tax Advantagesby Dean PhillipsAnyone may use this article free of charge, provided the article isnot altered and the resource box remains intact.Most cities and/or counties require you to have a businesslicense and/or permit. ... Read >
deanphillips123

You've been putting in long hours in front of your computer, working hard to get your home business off the ground. Or perhaps you are in direct sales and have been on the telephone to promote your business. You are excited, passionate, and filled with ... Read >
Author: Tamara Esgoode

Copyright 2006 Sandra P. Martini One of the worst moments in a business owner's life is that silent moment between when you quote your rate to a potential client and his response. True, that hardly a second goes by, but it can feel like an eternity. ... Read >
Author: Sandra Martini

If you are a small business owner looking for cost cutting ideas here are ten tax planning ideas that may result in substantial tax savings. The following article highlights planning areas often missed by business owners. You should consult a qualified ... Read >
Author: Alan Olsen

Who must may self-employment tax? If you are self-employed, you will be responsible for self-employment tax. For the purpose of determining self-employment tax, you are self-employed if you are a sole proprietor, an independent contractor, a member of a ... Read >
Author: Matt Bacak