As a small business owner, you have your hands full with keeping the doors open and the business running. Payroll taxes can take a big bite of your time because they are as comprehensible as any other government regulation.
Read More >Payroll Taxes for Small Business Owners: A Guide
Can I Claim the Employee Retention Tax Credit?
The Employee Retention Tax Credit program has ended, but you can still claim retroactive credits if you qualify. It's not too late! You have until 2024, or in some cases, 2025, to do a look-back on your payroll and retroactively claim the credit by filing an amended tax return.
Read More >What Happens If I Don't Pay Payroll Taxes?
If you pay people to work for you, you are required to collect and pay payroll taxes. The IRS receives 70% of its annual revenue from payroll taxes, but 18% of the tax gap is due to unpaid or unreported payroll taxes. This tends to upset the IRS.
Read More >Payroll Taxes: Responsibilities of Employers
If you have employees, you have endless administrative work to do, or so it seems. Payroll taxes are part of the package. But do you know what you need to know about withholdings, deposits, and the attendance paperwork?
Read More >Holding profits in offshore tax havens isn’t a new thing. Any time a business or individual can find a way to lower taxes, they will do it. When those profits are kept outside of the US, they aren’t available or used to invest in the business. They just sit there.
Read More >Yes, Tax-Exempt Non-Profits Must Pay Payroll Taxes
As it turns out, non-profits must follow more than the tax law when it comes to being an exempt entity. If they hire employees, they also have the responsibility for payroll taxes, just like any business.
Read More >The Complete Guide to Small Business Taxes
For business owners everywhere, the end of the year means that it is time to get ready to file their businesses’ tax returns. Rather than wait until the last possible minute, you can get ready now for tax filing season with some common sense advance planning. These strategies could help you maximize your deductions, lower your taxable income, and possibly increase the amount of your tax refund.
Read More >An Employer's Guide to IRS Wage Garnishment
As an employer, you are required to follow precise state and federal laws when paying your employees. Along with paying them what they have earned, you also must withhold amounts from their paychecks whenever your employees are garnished. You can comply with a garnishment order fully by understanding what it is and under what circumstances the state or federal government requires you to withhold money from your employees' earnings.
Read More >Avoiding Trust Fund Taxes? 4 Tips to Get it Sorted with the IRS
Like individual taxpayers, business owners must also file and pay taxes to the IRS. Along with paying taxes on the money that their companies make each year, they also must withhold numerous forms of taxes from their employees' paychecks.
Read More >Just like private citizens, business owners must file and pay their federal taxes each year. When these individuals realize that they may not be able to file on time, they have the option of requesting a tax extension from the IRS.