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What Is Payroll Tax? A Breakdown for Business Owners

inDinero Tax Tips

What is payroll tax? It’s money collected from employee wages and used to fund Social Security, Medicare, unemployment insurance, and other government programs. Since businesses are responsible for calculating, withholding, and remitting the tax to the government, navigating this process can be an administrative challenge.

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Los Angeles Tax Services – Local tax firm serving all Southern California

MyIRSRelief

They contribute to resources such as our government, educational systems, law enforcement, libraries, and others. However, individuals who fail to pay taxes can suffer penalties and potential criminal charges. There is a substantial amount of time you have to file your taxes, but the process can seem hefty.

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Federal Government Extends Deadlines for Hurricane Ian Victims, States Extensions Are Unclear

Withum

Last week, the Federal Government released guidance allowing certain federal tax filings and payments to be extended until February 15, 2023, for the victims of Hurricane Ian. For more information on this topic, please contact a member of Withum’s Business Tax Services Team. Contact Us. Let’s Chat.

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Business Tax Rates: How Much Do Small Businesses Pay in Taxes?

xendoo

Filing taxes as a small business owner can be complex, with numerous factors to consider. From tax law revisions to the overwhelming number of forms, understanding your small business tax rate and how to file can be difficult. Your business entity type and preferred filing status will also affect your tax rate.

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Business Tax Credits to Lower Your Tax Bill

xendoo

Minimizing your company’s tax burden can help maximize profits. One way of doing this is through business tax credits. Leveraging the right tax credits can save your business thousands of dollars in taxes each year. How do you know which tax credits will save you the most money?

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IRS Extends Deadline for California Taxpayers Impacted by Natural Disasters

Withum

Over the past few days, the IRS has issued several updates regarding tax relief for victims of severe winter storms, flooding, landslides, and mudslides. The last updated news release on February 24, 2023, states that affected taxpayers now have until October 16, 2023 to file various individual and business tax returns and make tax payments.

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COVID-19 Grants and Credits Still Available for NY Businesses

Withum

Eligible businesses include those that had gross receipts between $25,000 and $2.5 Eligible use of grant funds includes: Payroll cost Commercial rent or mortgage payments Property taxes Insurance cost Utility cost Cost of PPE Heating, ventilation, and air conditioning (HVAC) cost Machinery & equipment. Business Tax Services.