When you set up a limited company, your personal and business finances are kept entirely separate (unlike the sole trader route). Unlike life as a salaried employee, you are now responsible for overseeing your obligations, by registering to pay tax on your company income, and ensuring that an...
When you pay with a credit card, it can make your tax bill more manageable. You’re not stuck paying a lump sum to the IRS all at once, which may not even be feasible for you. Instead, you can ensure you pay everything to the IRS so you don’t have to think about them imposing...
I pay Service Tax on my services. But I am not sure how do I pay the new GST? This post is a continuation of posts about step by step procedures for migration of existing tax payers in India. Click here to read from beginning. Official web portal of GST provides explanation to make ...
Individual Retirement Accounts (IRAs) can often appear complex when it comes to understanding their tax implications, which often leads to confusion over tax payments or withdrawals from them. A key question regarding this topic is: “How much tax do I have to pay on my IRA withdrawal?”; th...
Self-employed taxpayers likely need to pay quarterly tax payments and meet key IRS deadlines. Here’s a closer look at how quarterly taxes work and what you need to know when filing your tax returns.
How do I do my taxes online? Each year, you can choose how you want to prepare and file your taxes. You can do so in one of three ways: Preparing the tax forms by hand and mailing them in. Using online tax software to prepare the required forms through on-screen prompts and guidanc...
The general rule as a business owner is to follow the tax regulations in the state where your employees work. For instance, if your company is based in a state without income tax, but you employ someone who works from home in a state that does require income tax withholding, you would ...
8. Keep track of local payroll and tax compliances Be sure to keep track of all your documentation in case your company gets audited or an employee disputes their pay. It also helps if you have a payroll audit checklist so you know which documents to prepare and the key stakeholders invo...
If you use a tax preparer, the person or company that does your taxes needs to be authorized to use e-file; if you don’t already have a tax professional, you can find one atthe IRS website. Pay your taxes online If you’ve got to actually pay taxes, it’s a lot easier to do...
Self-employed individuals must pay self-employment tax as a condition of receiving Social Security benefits upon retirement.4 In any business, both the company and the employee are taxed to pay for the two major social welfare programs: Medicare andSocial Security. In the eyes of the IRS, indi...