MyIRSRelief

MAY 19, 2023

With this bustling economy comes a complex tax system, which can be overwhelming and confusing for many taxpayers. Whether you are a small business owner, self-employed, or an individual taxpayer, you may face tax issues such as tax audits, back taxes, and 941 payroll tax problems.

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KROST

OCTOBER 9, 2020

Considering other tax liabilities, accelerate taxes for retirement accounts for Roth Conversions, Secure Act provisions. Consider accelerating income for 2020. Corporate Tax Rates. No change to the current plan (21% federal corporate income tax rate). Payroll Taxes. KROST Insight.

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SingleTrackAccounting

OCTOBER 6, 2020

Yes, you will need to pay social security & medicare taxes on your W-2 income, but by running some of your profits through Owner payroll, the entire remainder of your net income is saved from paying ANY self employment tax. Even better, the business can write off your salary and it’s portion of your payroll taxes.

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SingleTrackAccounting

MAY 13, 2021

Corporate Tax Rate. The proposed corporate tax rate would see an increase from 21% to 28%. This is still less than under other presidents such as Clinton, Bush, and Obama where the corporate tax rate was 35%. This leaves $200,000 as business profit left over to be taxed at ~20%.

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ThomsonReuters

DECEMBER 14, 2020

Three COVID-19 relief bills enacted in 2020 had wide-ranging tax implications for companies, Oaks noted—the CARES Act, the Families First Coronavirus Response Act, and the Paycheck Protection Program Flexibility Act.

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