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Posts Tagged ‘self-employment tax’

Manage Your Quarterly Tax Payments Using These Methods

For many, tax season is not the only time to make tax payments. Those making estimated tax payments, such as freelancers and the self-employed, may be required to pay taxes each quarter of the year. The first quarter for 2016 fell on April 18, and the following quarters fall on June 15, September 15, and January 17, 2017. Not making tax payments on time can lead to penalties and interest. To manage your estimated tax ...

Businesses, Hobbies and Taxes

May 20, 2016  |   Tax News   |   Tags: , , , , ,  

When you engage in an activity that earns income, you need to consider if it is a business or a hobby. Depending upon whether you have a business or a hobby, your tax liability changes. A business is required to pay certain taxes, including income tax, estimated tax, employment tax, and self-employment tax. Also, if a business is operating on a loss, it can take the deduction on the return. A hobby, however, cannot use ...

Business Tax Basics

Self-employed people who are starting a small business, have an established small businesses – as well as larger organizations – are required to pay taxes differently than individuals. The type of business determines what taxes must be paid and how. The common business types are: • Sole proprietorship • Partnership • Corporation • S Corporation, and • Limited Liability Company (LLC) Apart from certain exceptions, most businesses are required to pay the following business taxes: • Income tax • Estimated tax • Employment tax • ...

How to File and Pay Business Taxes

August 25, 2015  |   Tax Advice   |   Tags: , ,  

To file taxes, business need to have an Employer Identification Number (EIN). If you are starting a business, you can apply for an EIN for free through the IRS website. Alternatively, U.S. companies can apply for an EIN by filing Form SS-4 and mailing it to Internal Revenue Service, EIN Operation, Cincinnati, OH 45999. Your EIN is like a Social Security number for your business. You can use ...