I am from the IRS and I am here to help you! The intention, believe it or not, is to help small businesses that start to get behind on payroll tax deposits – before they get so far behind that it’s too late to save the business. The fact is, one of the most common reason that small businesses fail (other than ineptitude, bad planning and lack of funds) is that the owner thinks it’s OK to use the money withheld from employees’ paychecks to pay their own bills, as a short-term loan. It might work once. But payroll after payroll, the boss starts getting more behind. The funds don’t get paid back. The payroll taxes don’t ever get deposited. This affects the employees, trying to get their refunds. This often causes businesses to go under.
Category Archives: Payroll
*AskTaxMama Newsletter, *Tax Quips, Corporate Minutes, Corporations, Deductions, Entities, LLC, Paying Taxes, Payroll, S Corporations, W-2
LLC Option Myths
21
Mar
Mar
Let’s just clear up some myths about LLCs and the rush to make entity changes. Here are the high points:
*AskTaxMama Newsletter, *Tax Quips, Capital Gains Tax, Capital Losses, Charities, Contributions, Employee Business Expenses, Interest Expense, IRAs, Itemized Deductions, Medical, Payroll, Retirement Accounts, RMD - Required Minimum Distributions, Roth IRA, W-4
Last Minute Tax Tips for 2018
11
Dec
Dec
Today TaxMama®wants to give you some steps to take before the end of 2018. Dear Family, This year, it’s especially difficult to figure out how to reduce your taxes. The average couple is not likely to be itemizing any more. Folks with high employee business expenses won’t be able to use them. Individuals with mortgages […]
*AskTaxMama Newsletter, *Tax Quips, Estimated Taxes, Form W-4, IRS News, Non-Filer, Payroll
Paycheck Check-Up
20
Nov
Nov
Today TaxMama® wants to help you avoid a surprise balance due on April 15th.
*AskTaxMama Newsletter, *Tax Quips, Audit, e-Filing, Employees, Employment, International, IRS News, IRS Notices, Mobile and Apps, Payroll, Penalties
Highlights of Federal Tax Issues in June 2018
08
Jun
Jun
Today TaxMama® wants to update you on key tax issues that affect you this year.
*Education, *Special Reports, *Tax Quips, Amnesty, Business Expenses, Corporations, Employees, Independent Contractors, Interest Expense, IRS News, IRS Notices, Payroll, Penalties, S Corporations, Tax Education, Wages
VCSP – Employer Amnesty for Mis-Classifying Employees
07
May
May
Intro paragraph: Employers – PLEASE PAY ATTENTION NOW! You can no longer get away with treating employees as freelancers. Aside from several recent court decisions, there are too many ways for your employees to turn you in to the IRS and state authorities. After all, if the employees don’t want to pay YOUR half of the […]
*AskTaxMama Newsletter, *Tax Quips, Employee Business Expenses, Employees, Entertainment, Gig Economy, Payroll, Unions, VCSP, W-4, Withholding
Good News and Bad News in May
02
May
May
Today TaxMama® wants to talk about things to consider now that your tax return is filed. It IS filed, isn’t it?
*AskTaxMama Newsletter, Corporations, Income, Payroll, S Corporations
Income Distribution or Payroll?
28
Jun
Jun
Today TaxMama® hears from ASquare in the TaxQuips Forum with this question. “I work as a full time employee for a company on W2. I own S-CORP that i get income for the services provided in my free time. Do I need to run the payroll for that money earned on S-CORP or can I […]
*AskTaxMama Newsletter, *Tax Quips, Accounting Method, Accrual Basis, Auto Expenses, bank account, Bookkeeping, Business, Business Expenses, Business Taxes, Corporations, Estates and Trusts, Estimated Taxes, Form W-2, listed property, partnership, Payroll, Record Keeping, Sales taxes, State Taxes, Tax Professionals
Business Tax Returns
08
Sep
Sep
Today TaxMama® wants to talk about the upcoming tax filing deadline on September 15th for calendar year entities. Returns that are due include partnerships, corporations – C & S, certain estates and trusts. It’s important to know what to get ready for your tax pro or you.
*AskTaxMama Newsletter, *Tax Quips, Payroll, Social Security and SSDI, Withholding
Collecting Social Security Early
10
Apr
Apr
Today TaxMama® hears from Thom in the TaxQuips Forum with a question I used to wonder about. “I started collecting Social Security benefits at 62. I just started working a few hours a week part time. Why are they still deducting SS from my paycheck, since I am collecting benefits?”
*AskTaxMama Newsletter, *Tax Quips, Change of Address, Multiple States, Payroll, State Taxes
Moving & Payroll
09
Mar
Mar
Today TaxMama® hears from various folks in the TaxQuips Forum and elsewhere with this common problem. “My client moved to a different state while working for the same company. His W-2 shows withholding for the former state, but none for the state he lived in. His employer won’t correct the W-2. What should we do?”
Today TaxMama® hears from Bingo1 in the TaxQuips Forum, with this disturbing question. “On the w4 form I believe the amount for line 5 is 2 because my husband is the only one working and I don’t work. I have two kids. Is that correct? My CPA told me I should use 1 on line […]