LyfeAccounting

NOVEMBER 17, 2020

With our first business, LYFE Marketing, I remember stressing to figure out what was the best way to pay my taxes. I missed payroll tax filing deadlines that cost me thousands of dollars. Like, literally, I paid my payroll taxes one-day late by accident, the IRS sent me a penalty for over $1,000. Withholding Taxes.

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CPA Practice

DECEMBER 19, 2023

Administrative considerations: If administrative or logistical challenges could cause delays, planning for a later filing date may provide the necessary time to address and overcome these issues. Nellie Akalp is a passionate entrepreneur, recognized business expert, and mother of four.

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Anders CPA

SEPTEMBER 19, 2023

While W2s are simpler and the employer, rather than the employee, is responsible for withholding federal and state income tax, payroll tax and any premiums for offered benefits, filing as a 1099 physician is considerably more complicated. Failure to pay sufficient taxes can result in underpayment penalties and interest.

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SingleTrackAccounting

MAY 13, 2021

According to the Tax Policy Center, the tax hikes would generate $2.4 We have been getting questions lately on how the new tax bill will affect small businesses. The main points the new tax bill proposes should not affect most small businesses and Biden has made it clear that he will only tax “the rich.”

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Basis 365

APRIL 28, 2022

Small Business Administration, the three main factors to consider when choosing a business structure are the way you want to be taxed, the industry you operate in, and how much personal liability you are willing to assume (Carbajo, U.S. Analyzing the Different Business Types According to the U.S.

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ThomsonReuters

MARCH 1, 2024

For 2024, S corp taxes are due on March 15, 2024. What IRS tax forms do S corps file? To file taxes, S corps use two main forms: IRS Form 1120-S , the U.S. Income Tax Return for an S Corporation, and Schedule K-1 ( Form 1065 ). As one might expect, filing S corp taxes can get complicated.

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ThomsonReuters

FEBRUARY 8, 2024

Now, if an LLC has employees in addition to its members, or owners, the LLC must collect and pay payroll taxes, which include unemployment, Medicare, and Social Security taxes — also known as FICA taxes (i.e., Federal Insurance Contributions Act), or “self-employment” tax. It’s also surprisingly affordable.

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