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Posts Tagged ‘small business taxes’

7 Most Popular Tax Deductions Average Americans Claim

The following tax deductions are some of the most popular deductions because a large number of taxpayers are eligible to take advantage of them. The Motley Fool looked at past IRS data to find the provisions that most benefitted the roughly 147 million taxpayers who filed tax returns, in the most recent available tax year. Here is what they found: “1. Personal exemptions “The most commonly used ...

Business Tax Myths to Watch Out For

The IRS keeps a close watch on business tax returns. In 2015, the tax agency examined early 62,000 business returns, a slight increase from 2014. Typically, those with income and larger businesses have greater chances of being examined. Unintentional errors or simple oversights can be dangerous for businesses. A single error can call into scrutiny not only your tax information for 2015, but possibly from previous years. ...

Self-Employment Taxes (Part II)

The self-employed are required to pay taxes both as an employer and as an employee. They need to pay taxes on their income, and also pay the self-employment tax (SE tax), which consists of Social Security and Medicare taxes.Depending upon their type of business, they may be required to pay additional taxes as well. Business Structure The type of business determines which income tax return form you have to ...

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 ...

Small Business Owners: What you need to know about Business Taxes

May 01, 2015  |   Tax News   |   Tags: , ,  

All businesses must file a tax return except partnerships. Partnerships are required to file an information return. If you are running a small business, you probably are a sole proprietor or a partner. Here are some of the important tax and filing information that you should know about. Employer Identification Number If you have employees and pay wages to them, you will need an Employer Identification Number ...