Business Resources
Tax & Accounting Q & A – Who gets the dependent?
An old work friend of mine reached out to me recently with a tax question regarding her family situation. The short end of it: she, a single mother, was living with her child, her mother, and grandmother at her grandmother’s home. We’ll call my friend Ann for...
Deduction for Start-up & Organization Expenditures
Starting a business always comes with a flourish of optimism and ambition. Startups have access to assorted tax credits and incentives that may not be available to larger businesses. One notable incentive is a deduction for start-up and organization expenditures that...
Some California Sales Tax Exemptions
Recently we broadly went over sales & use tax in California and that it applies to categories of tangible personal property that cover almost anything that residents and businesses will encounter in their daily life. There also happen to be several categories of...
Special Exemptions & Deductions for Trusts & Estates
As we recently explored, trusts & estates are fiduciary entities that have income tax requirements somewhat similar to corporations, partnerships, and other organized entities. Just like other income tax filers, deductions are available to trusts & estates...
Estimated Taxes & Periodic Payments
Businesses and individuals with income not subject to withholdings generally must make estimated income tax payments throughout the year. For example, self-employed individuals and winners of large prizes. Additionally, estates and trusts are usually subject to paying...
Used, Stored, & Consumed – California Use Tax
Use tax, put simply, is a transaction tax that acts complimentary to sales tax in most states and municipalities. In the state of California, just as the sales tax applies to the sale of taxable goods, the use tax applies to the use, storage, or consumption of those...
A Quick Glance at California Sales Tax
Taxes seem to be everywhere and with every thing in California. Sales tax is a type of transaction tax we often encounter in the sale of assorted goods. Sales tax rules in California operate similarly to other states, but here are some notable pieces to remember in...
Entrusting the Future: Trusts & Estates
Byron worked a long & successful career as the head of a local engineering firm. He built up the business over many years & provided the best for his family. However, he knows he is not getting any younger. Questions of how his children will inherit his wealth...
Winning Price Tag – Taxability of Winnings from Game Shows & Gambling
Recently, a cousin of mine appeared on a game show to win big. Before messaging him congratulations, my thoughts went straight to “I wonder how this will affect his taxes next year?” Such is the tax accountant mindset! For the record, I don’t do his taxes because I...
Make Your Voice Heard – The IRS Taxpayer Advocate Service
Working with the IRS on a complicated tax issue may not be the easiest thing in the world. Fortunately, some help within the organization is available to the public. The IRS Taxpayer Advocate Service (TAS) is an independent organization within the IRS that works as...
In for the Long Haul – The Retirement Plan Startup Cost Tax Credit
Starting a small business comes with many advantages to get off the ground, including access to certain deductions and tax credits that may not be available to larger businesses or organizations. The Retirement Plan Startup Cost Tax Credit allows qualified small...
Tax & Accounting Q&A – Standard or Itemized Deduction for Income Taxes?
Recently, I caught up with an old friend over a casual lunch that mostly gravitated around recalling shared stories from college and updates on our current work lives. Naturally, the subject of taxes came up and his ears perked up. “So, my wife and I have been keeping...
Rules for Rentals – Splitting Property Residential & Rental Use
Homeowners who make their property available for rental can make some extra income in addition to being able to deduct certain expenses. However, owners should be careful to know that not meeting certain requirements of personal use may require owners to treat their...
Semi-Independent Working Life – Statutory Employees
Many businesses owners are familiar with independent contractors and employees carrying out the work needed for their business. Whether if it’s one-time projects or steady, consistent operations, businesses rely on both kinds of workers to get the job done. An...
Looking out for #1 – Self-Employment Taxes & the Deduction
Being a self-employed individual has unlimited earning potential and flexible schedules, but of course comes with some extra responsibilities. For our purposes, we’re referring to what’s understood as “self-employment taxes.” In tax speak, that refers to the Social...
Writing Tips to Polish Your Email Messages
The other day, I glanced at a social media ad promoting a webinar that would provide attendees “piece of mind.” Tax season recently ended and I’m pretty sure my mind is (mostly) in one piece! Corny jokes aside, reading that message reminded me of the importance of...
Some Useful Exclusions from Gross Income
Gross income, at the start of the federal income tax formula, includes many types of income. A whole assortment of income is considered taxable by the federal government, such as wages, gains made on property sold, interest income, and alimony received. Fortunately,...
Expensing It All with the Section 179 Deduction
Recently, we took a look at depreciation and its income tax-required relative, MACRS depreciation. Typically, assets like computers and vehicles purchased for a business are capitalized and depreciated over a set number of years through specific MACRS requirements for...
The Child Tax Credit – Tax Relief for Working Families
The Child Tax Credit (CTC), first enacted through the Taxpayer Relief Act of 1997, has helped provide tax relief for many qualified families over the years. It currently offers a credit of up to $2,000 (2020) per qualified child and persons who may not meet the...
Income Tax Tandem – Alternative Minimum Tax for Individuals
Regular federal income tax rules can quickly get complicated. Now imagine, an additional layer of rules and complexity kicking in for taxpayers in certain income tax brackets! Say hello to the Alternative Minimum Tax (AMT). Tax Tandem AMT essentially is an...
Standardized Depreciation Deduction – MACRS
Recently, we looked at depreciation as a method that businesses use to expense long-term assets like vehicles for their records. For income tax though, depreciation is a bit more federally standardized and potentially more complex. The Modified Accelerated Cost...
Income Tax Relief – The Credit for the Elderly or Disabled
The Credit for the Elderly or Disabled is intended to help filers living on fixed incomes with their income tax bill. The credit allows qualified taxpayers to claim a nonrefundable tax credit that will directly lower the income tax that they may owe. A “Qualified...
Preserving History with the Rehabilitation Tax Credit
The Rehabilitation Tax Credit is one of the more unique pieces in the tax code. It's a tax credit that incentivizes owners of qualified old or historic buildings to renovate and restore those properties into working, business-related order. It allows a credit of up to...
Business Assets & an Appreciation for Depreciation
Let’s start off with a little joke. “What did the accountant say to his business client who insisted that his company’s return get filed, ASAP? .......I depreciate if you didn’t.” Corny puns aside, depreciation is an important concept in accounting and tax. In...
Take Some Credit for Your Business – The General Business Credit
The phrase “tax credit” rings sweetly in the ears of business owners when it is mentioned. There are several types of business tax credits available, so long as your business qualifies for one, or possibly more. What if all those credits could be combined together?...
ABLE Accounts – Savings Plans for Individuals with Disabilities
The Achieving a Better Life Experience (ABLE) Act of 2014 provided the creation of tax-favored savings accounts and, more importantly, the opportunity for disabled persons to save money in these accounts and help supplement their disability-related expenses....
The Backbone of A Successful Business – Good Recordkeeping
When starting a business, look to how you will keep your records! The foundation of any successful business is a well-maintained set of records. A good set of records allows a business owner to check in on the health of their business and make effective...
Unemployment and Other Income – Yes That’s Taxable
Income may come from a lot of sources. Most of it is taxable. Taxpayers often report income on their tax returns from things such as wages, dividends from stocks, and business-related income. However, there are some not-so-commonly known income sources that are...
Income Tax? Sales Tax? – A Plethora of Different Taxes
An old college acquaintance recently made a fiery statement on social media stating that a certain kind of nonprofit “is not taxed” and that they should “lose their tax exempt status.” For the sake of peace, I won’t specify what kind of nonprofit it is. As for the...
Let’s Make a Deal – the Like-Kind Exchange
For decades, the Internal Revenue Code allowed for “section 1031” exchanges, more commonly known as like-kind exchanges, which allowed business owners of a plethora of “qualified property” such as real estate, vehicles, and livestock to make arrangements to swap...
Some Common “Not-Really” Deductible Expenses
Chatting with colleagues, we’ve noticed some interesting trends in the inquiries we get regarding itemized deductible expenses. The Tax Cuts & Jobs Act of 2017 shook up decades of common knowledge of formerly deductible expenses, such as moving expenses. Here is a...
Retirement Savings Contribution Credit – The Saver’s Tax Credit
Saving money in a retirement account not only builds your financial “nest egg” for the future, it can also pay off sooner in the form of a tax credit! The retirement savings contribution credit (a.k.a. the Saver’s Tax Credit) allows taxpayers to claim a tax credit up...
Qualified Business Income Deduction – An Overview… Part 2
The Qualified Business Income (QBI) Deduction is a relatively new income tax deduction available to certain types of businesses. If you’re just joining us, check out our previous article for some background on the QBI deduction and what businesses and types of income...
The Federal Individual Income Tax Formula & Its Components
Distilled to its simplest form, the Individual Federal Income Tax formula can be seen as: Gross Income - Deductions for Adjusted Gross Income = Adjusted Gross Income (AGI) - Standard Deduction OR Itemized Deductions = Taxable Income x Tax Rate =...
Qualified Business Income Deduction – An Overview
There’s a new deduction on the block, if you haven’t heard of it already. Another new item from the Tax Cuts & Jobs Act of 2017, the Qualified Business Income (QBI) Deduction allows certain businesses to claim a deduction of up to 20% of qualified business income....
Stay a Few Steps Ahead of Scammers – Taxpayer Info Security
Picture this scenario. It’s a week until the April 15 filing deadline. You’ve put off doing your income taxes until the last minute. As you scramble to get your papers together, you suddenly get a call on your cell phone from an unfamiliar 1-800 number. The caller...
Gambling Losses, Decedent Estate Taxes, and the Other Itemized Deductions
If you’ve been following us for a bit, you may have noticed that we’ve highlighted the most well-known deductions that can be itemized for your tax return: medical expenses, the SALT deduction, home mortgage deduction, charitable deduction, and casualty losses....
A Tax-Free Gain – The Home Sale Gain Exclusion
Selling your home while the market looks good? You’ll likely make a nifty profit, but the profit may be subject to the capital gains tax. Did you know some or maybe ALL of that capital gain on your home sale may be excluded? By excluding that capital gain on the sale...
Check those Gains – An Overview on the Capital Gains Tax
The “Capital Gains Tax” is something you may have heard in passing in the news or in financial magazines. The general gist of it is a tax applied to the gain, a.k.a. the profit, someone makes selling a capital asset like stocks. Capital Assets? Real estate, stocks,...
Put some SALT on Your Return – The State & Local Tax (SALT) Deduction
Did you know taxes that you pay to a state or county may be deductible for your federal income tax? The “State and Local Tax Deduction”, commonly known as the SALT Deduction, is an itemized deduction that taxpayers may claim when filing their income tax. A Tax Towards...
“Going Exempt” (a.k.a., Not Having a Withholding) for your Income Tax
A friend recently texted an off-the-record tax question that he had about his paycheck. He said his co-workers like to “go exempt” and “not pay taxes” for the last 3 months of the year. Paraphrased, his question essentially was: “If I choose to go exempt, should it...
The Estate Tax – A Wealthy Farewell Gift to Uncle Sam
Dying is expensive. Funeral costs, the plot of land your body will occupy, and other expenses to cap off a good life. However, that’s not all. Depending on how vast are the assets you leave behind, wealthy individuals may be liable for the Estate Tax. Estate...
A Hidden Price Tag on That Lavish Gift – The Gift Tax
Did you know a special tax exist on the transfer of high-value gifts like luxury vehicles? The Gift Tax applies to these large transactions. While most people may not likely have to encounter them for their personal tax filings, it is worth gaining some insight on...
Is Your Budding Business Considered A Hobby or A Business? – An Overview
Do you have a hobby you’re so passionate about that you’ve started to build a business around it, such as making arts & crafts and selling it at street fairs? Unless you devote much effort into it and consistently turn a profit, the IRS may determine your venture...
Get IT (Your Taxes) IN with the ITIN – Individual Taxpayer Identification Number
A complex, globally-interdependent economy like what we have in the United States can sometimes yield complicated situations for its taxpayers. How can non-citizens, such as resident aliens, comply with US laws and pay their taxes when the Form 1040 and other filings...
Show Some Interest – Reporting Interest & Ordinary Dividend Income on Schedule B
Having an additional source of income is a fairly common practice for taxpayers. Often, it may be income earned from interest accrued on savings accounts or dividends paid out from owning stocks or mutual funds. As you may expect, it needs to be reported on your...
What’s your (filing) status? – Finding the Right Status for Your Tax Filing
The starting point to filing taxes is figuring out your filing status. It can determine the tax bracket you may fall under, what deductions and credits may be available to you, and ultimately what you may end up owing in taxes. Status Update Generally, your filing...
Rising from the Ashes – Casualty, Disaster, and Theft Losses
Disasters are never easy to handle. They come by surprise and the personal feelings that follow it are immeasurable. Fortunately, there are tax provisions that allow individuals to ease the painful costs that follow experiencing disasters like floods and wildfires. By...
Take that L, and Carry It Forward – Net Operating Losses
Owning and running a business comes with unlimited potential for growth and lofty dreams. It also comes with the risk of failure and defeat. Losses are just as much a part of life as success, and luckily the law give us the opportunity to leverage some of those losses...
The Small Business Filing – Schedule C
Are you the sole proprietor of your small business? When it comes time to file your taxes, where do you put those expenses to claim the plethora of deductions available to small businesses? The answer, you see, is the Schedule C. Schedule C is used to report income or...
A Place for Your Deductions – The Schedule A Form
You’ve probably heard of people claiming deductions for their taxes. But where exactly do you put those deductions when you file your taxes? Individuals who file their Form 1040 will need to fill out Schedule A, and the form is less intimidating than it sounds. For...
Cancelled Debts? They May Still be Taxable.
Debt has become inevitable in many lives in the modern age. In fortuitous circumstances and probably after jumping through many legal hoops, debts may be cancelled and loans forgiven by a lender. However, even though you may be freed from those debts by a lender, that...
Individual Filing Gets a Facelift – The Revised Form 1040
Tax season always brings lively moments to accountants and other tax professionals, and this year is no different with the Tax Cuts and Jobs Act (TCJA) seeing itself fully implemented. Individual filers will find a dramatically revised Form 1040. The IRS scuttled the...
A Window into the Home Mortgage Interest Deduction
The Home Mortgage Interest Deduction is a popular deduction that homeowners use to save on their taxes. It is a part of a category of deductions called “itemized deductions”, such as medical expenses and charitable contributions, which are all reported on Schedule A...
Perks of Working from Home – The Home Office Deduction
Home offices are a popular way for businesses to do their work, especially for small, growing firms and sole proprietorships. Perhaps you happen to operate your business out of your home? Depending on your circumstances, your expenses for your home office may be...
Working for Yourself – Gig Worker Tax Awareness
Internet-based temporary work through services, such as Lyft and Grubhub, have proliferated the rise of the “gig economy." Gig workers find working on their own schedules and in changing environments very appealing. Of course just like an employee, gig workers are...
Hiring a Helping Hand – The Work Opportunity Tax Credit
As a business owner, hiring the right staff requires a thorough vetting process. What if hiring the right staff also makes your business eligible for a tax credit? The federal government offers the Work Opportunity Tax Credit (WOTC) to employers who hire individuals...
Qualified Medical Expenses for Itemized Deductions
Medical expenses are inevitable and often extensive and expensive. Why not use them to potentially lower your taxes? Depending on if it qualifies, your medical expenses can be part of your itemized deductions, which if you gather enough of them, can potentially lower...
Give and Save – Plan for Your Charitable Deductions
With the year wrapping up, many people get into the spirit of giving. Why not take the opportunity to do some good for the community along with potentially lowering your taxes with charitable deductions? Charitable deductions are a type of itemized deduction that...
Quick Guide – Itemized Deductions
Itemized deducti-what? For many ears unfamiliar to taxes, it may sound like word spaghetti. In reality, the concept is simpler than assumed. Basically, itemized deductions are certain expenses that the IRS have allowed to be “deductible” from an individual or small...
2018 TCJA update – Business Meals & Entertainment Expenses
The much-publicized Tax Cuts and Jobs Act (TCJA) realigned commonly-held tax notions. Meal and entertainment expenses that were once deductible are no longer allowed as deductible under the new rules. Tax code overhauls require a refresher for businesses to meet...
1099-MISC – Don’t Miss Out On Your Misc.
As the year winds down, business owners may be asking themselves, “do I have to issue any 1099-MISC forms?” Ok, so maybe not those words exactly, but mindfulness of specific tax filings is always a good thing. The IRS requires that businesses file informational...
S Corporations – Another Route of Business Ownership
Most owners are aware of sole ownerships, partnerships, and corporations as a form of a business. Each have their pros and cons. What if you could utilize some of the advantages of corporations AND the advantages of partnerships? Take a look at S Corporations! They...
Frequent Filer – Keeping up with Corporate Taxes
Running a business can get hectic, but it is important that corporations keep up with filing deadlines and paying their taxes. Corporations must make periodic estimated tax payments to the IRS in order to comply with tax rules. Also, due to their ability to select a...
Making the Partnership Work – Partnership Basis and Distributions
In our previous article, we looked at how partnerships are formed. Now, we are looking at the basis and distributions features of a partnership. Ownership in a partnership is determined by a partner’s basis, which can be similar to how shareholders have stock in a...
Profit Sharing Plans for Small Business – Investing In Your Team
Employers offer various retirement savings plans as an incentive to retain solid talent. The types of plans can vary from rare pension plans to more common 401k plans. Profit sharing plans are an increasingly popular form of savings plans that give employers and...
Forming Partnerships – Two (or more) Heads are Better than One
Ever thought of running your own business, but don’t want to be the sole owner or go through the red tape in forming a corporation or LLC? Consider starting a partnership! Partnerships are a common form of business organization due to the ease in starting them up and...
Taxpayer Rights – Your Foundation When Dealing With The IRS
Much like the often-invoked “Bill of Rights” in the United States Constitution conveying the rights of its citizens, the IRS conveys to taxpayers a “Taxpayer Bill of Rights” that sets across the unalienable rights taxpayers have when dealing with the IRS. “The Right...
5 Must Reads On Individual Tax Planning Strategies
Many of us don’t realize that managing taxes for the upcoming year actually begins the year before. If you are employed, that means making choices in your benefits enrollment that will help pay for certain things on pre-tax monies or helping you to save money for...
Alimony and Child Support Payments – Divorce Fallout
Divorce is a life-changing event, but the further headaches and stress from tax complications is something that everyone wants to minimize. At MiklosCPA, a California-based CPA firm, we understand that there are many important issues to consider which can come out of...
Earned Income Tax Credit (EITC)
The Earned Income Tax Credit is a refundable tax credit that essentially puts more money back into the pockets of working taxpayers. However, there are several requirements for taxpayers to meet in order to qualify for EITC. Your income levels, if you can properly...
Claiming Qualified Dependents on Your Individual Taxes – Children and Extended Families
Claiming dependent exceptions on your individual tax return can help with what you will ultimately have to pay in taxes. It can potentially lower your taxes due or even possibly lead to a larger tax return. However, in order to properly claim dependents, the IRS has...
More Employer Tax-Free Benefits to Consider for Employees
Finding and retaining talent is one of the top priorities of employers. In a highly competitive market such as the Greater Los Angeles area, employers must not only pay competitive wages, but also offer additional benefits such as flexible work schedule and other...
Is a Limited Liability Company Right For My Business?
You’ve made a decision to start a new company! Congratulations! Now comes the hard part – which one do you become? An S-Corp? An LLC? So many choices! There are multiple ways to classify your business and each classification offers some benefits that may be...
Tax Free Work Benefits – Leaving Money On The Table at Work?
You work hard for your paycheck, but are you taking advantage of all you can from your job? There are often employer benefits that employees may overlook in utilizing. Did you know that many employers offer non-taxable benefits that can increase your quality of life...
Putting Your Business in the Fast Lane – A Company Car
As a business owner concerned with efficiency and growth, you look for ways to save money and manage your time efficiently. Excited that your business is expanding, you may decide to purchase a company vehicle. What may seem like a large purchase, may be an essential...
LIFO or FIFO? Cash or Accrual?– Business Accounting Methods
One of the questions you must ask for your new business is: what accounting method is best? A mom and pop donut shop would prefer the simpler cash method of accounting as cash rolls in daily. Conversely, a construction firm may benefit from the accrual method as they...
Tracking Inventory for Small Businesses
Managing your merchandise effectively can mean the difference between a loss or a profitable year. There are certain methods of accounting for inventory set by the Internal Revenue Service that impact how your taxes are filed. Inventory includes a variety of items,...
Making the Most of Your Time – Calendar vs Fiscal Year
Whether you are establishing a new business or your business is expanding, the time frame (or period) in which your business maintains its records is important. There are certain accounting periods you can choose from; such as calendar year or fiscal year. As a...
Am I a Resident or Nonresident Alien for US Tax Purposes?
In the United States, both citizens and non citizens who earn income are taxed. Resident aliens refer to people who have established permanent residency status in the United States. Nonresident aliens are people who have entered the country to live, work, or do...
Foreign Bank Account Reports – Overseas Accounts
In today’s interconnected global economy, it is not uncommon for individuals or businesses to maintain foreign financial interests such as bank accounts and other overseas assets. However, you may be required by US laws to report these interests through the Foreign...
Employee Savings Plan – Payroll Deduction IRA
Payroll Deduction IRA Employees need incentives to stay with companies long term, and businesses offering an IRA plan is one way to encourage long-term workers. However, the process involved in preparing and managing an IRA may be costly and time-consuming. Payroll...
Notice of Determination – Worker Classification
Business owners utilize a staff of employees and independent contractors for their regular operations and projects. Sometimes the lines may blur between who is an employee or an independent contractor. This can lead to improper classifications of employees. Businesses...
Automatic Revocation – Losing Tax-Exempt Status
Managing a nonprofit can sometimes become overwhelming. Regardless, don’t forget to file your annual returns with the IRS, otherwise not doing so will cause the IRS to automatically revoke your nonprofit status! Stay (Filing) Woke to Avoid Revoke Tax-exempt nonprofits...
Taxpayer Identification Number (TIN) Matching Program
Think the previous article about backup withholdings sounds like an unfair penalty? Well, if you’re concerned about your interest income that might be subject to it, you’re in luck. The IRS has made it so backup withholdings can only happen in very specific...
Backup Withholding – A Payer’s Problem Too
Payees and backup withholding If you read the previous article about backup withholding, some of this will sound familiar. Put simply, backup withholding imposes an additional withholding tax on recipients of certain types of passive income. Under-reporting income or...
Passive Income and Backup Withholding
Backup Withholding Do you have passive income like stock or rental income? Improperly providing information to payers, such as banks, can cause a backup withholding on your passive income. Certain types of income on your Form 1099 may be subject to the backup...
Electronic Filing for Tip Income through IRS FIRE
Employers use Form 8027 to report the amount of money received as tip income by employees or any allocations of tips. Just like other filings the IRS has been migrating online, filing Form 8027 has also become possible electronically. For the most part, information...
W-2 Forms and Issuing Substitute W-2 and W-3 Forms
W-2s and Filing W-2 forms provide information to individuals about how much an employer paid them, how much withheld for taxes, and other information. Individuals use the information from W-2s to file their taxes properly. W-3 forms report the same information, but...
Small Business 401k Plans – Employee Savings Accounts
Some of the most popular types of retirement plans offered to employees are small business 401k plans. These plans often have high contribution limits and both employers and employees can contribute to the plans. There are also tax incentives for employers by...
Utilizing the Electronic Federal Tax Payment System (EFTPS)
Nowadays you can do almost anything online, and that includes paying your taxes too! The US Department of Treasury has set up the Electronic Federal Tax Payment System (EFTPS), a free service to taxpayers who wish to pay their taxes to the IRS online. Enrollment in...
Planting Seeds of Purpose – Establishing a Nonprofit!
Nonprofit organizations benefit the communities and people they serve. Many kinds of nonprofits exist to support numerous causes, from building homes for veterans to organizing comic book conventions for fans. Nonprofits also hold the advantage of exemption from...
Nonprofit Annual Filing Requirements
Nonprofits have the distinct advantage of exemption from federal income tax, but nonprofits still must regularly file like any organization in order to maintain that status! Just like any other organization that actively participates in the ecosystem of our economy,...
Other Section 501 (c) organizations
Thinking about donating to a nonprofit? Here's something to think about: your donation may be non-deductible. 501c3s may be the most common nonprofit and donations to them are tax-deductible. There are numerous other nonprofit "types" designated under Section 501 in...
Section 501c3 Nonprofit Organizations
What does the Los Angeles Mission, the local Goodwill thrift store, and the UC Irvine Foundation have in common? All are Section 501c3 nonprofit organizations. More specifically, they are all seen in the eyes of the IRS as Section 501c3 nonprofits. 501c3s are...
Tax Info for Small Construction Businesses
The health of the construction industry often echoes the health of the larger economy, be it in a region like Orange County and new housing tracts, or at the national level with things like grand transportation projects linking regions. The industry contains...
Taxation of Employer Offered Fringe Benefits
Employers often give their employees a wide assortment of fringe benefits such as child care or stocking a fridge with snacks in order to encourage them to remain with the company. While these benefits may not have specific dollar values to employees, the IRS...
Employers and Employee Taxes You Must Know
Do you own a business, or at least have thought about running one? There are lots of steps involved in setting up a business, but for this article series, we will take a look at employee taxes. As part of the duties of managing a business, employers are also...
Payroll Taxes for Employees – FICA, Medicare, and Your Taxes
For the last part of this series, we will be looking at the additional federal payroll taxes tied to employee wages and the procedure for properly depositing employee tax withholdings to the IRS. Social Security Taxes – FICA and Medicare The Federal Insurance...
Payroll Taxes for Employees – Federal Income Tax Withholding
For the second part of this article series for employer tax tips, we will be focusing on the procedure to calculating payroll tax withholdings from employees. States and municipalities can impose their own additional payroll taxes, but for this piece we will be...
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