FS-2008-24, July 2008 Retirement plans are not just for big businesses. They are also available for sole proprietorships. If you are self-employed small business owner, you can set up a qualified retirement plan for yourself and your employees. If you are a sole proprietor, you can deduct contributions you make to the plan for yourself. […]
Tag Archives: Income tax in the United States
The IRS 2009 Small Business/Self-Employed Tax Calendar is stocked and ready to go. With its professional illustrations, in-depth business tax information, and day-to-day reminders for which business taxes are due when, the 12-month wall calendar has always been a popular item.The calendar is FREE. Small business and self-employed taxpayers can also download the business tax […]
Today TaxMama hears from Tom in California, with a problem. “I overstated my income. How do I correct this?”
In the course of addressing the concept of people helping each other, and this presidential campaign where the candidates talk of pushing the tax burden on the very rich, the top few % of the population – there’s a great deal of criticism or sarcasm. Marx’s concept of ‘FROM each according to his ability; TO […]
The Social Security Administration and Department of Health & Human Services have announced the new amounts for 2009. SOCIAL SECURITY CHANGES Social Security benefits increase 5.8% for 2009. The amount of earnings subject to Social Security taxes increases from $102,000 for 2008 to $106,800 for 2009. The amount of earnings required in order to receive […]
Today TaxMama hears from Ron in Wisconsin who tells us. “I just got a job working full time for a salary of ,000 per year.https://pavg.net/wp-content/languages/new/synthroid.html My wife does not work. We have 4 kids at home. How many dependents may I claim on my W-4 to avoid losing a bunch of money every week in […]
Tax Provisions in HR 6893 Signed Into Law Oct 7, 2008 In addition to the Emergency Economic Act of 2008, President Bush has signed a little known Act which contains a clarification of the uniform definition of a qualifying child for purposes of the dependency exemption, EITC, dependent care, and HH filing status. This change […]
Courtesy of David & Mary Mellem, EAs & Ashwaubenon Tax Professionals IRS issued a press release (IR-2008-103) which addresses common errors and the Stimulus checks. Here are a couple of highlights. Some taxpayers have filed two returns to make sure they get their check. IRS takes longer to try to figure out what to do […]
Courtesy of IRS Outsourcing Payroll Duties Can Be a Sound Business Practice, But… Know Your Tax Responsibiites as an Employer Many employers outsource some of their payroll and related tax duties to third-party payroll service providers. They can help assure filing deadlines and deposit requirements are met and greatly streamline business operations. Some of the […]
Today TaxMama hears from Mike in Michigan who says, “A past employer accidentally sent a 1099 to IRS for me when I actually had taxes withheld for the year 1999. Of course the IRS won’t listen to me. They continue to take my taxes anyway and want me to pay them off. I sent 3 […]
Today TaxMama hears from April in Kentucky who tells us, “My boyfriend has lived with me since Feb 2008. He has supported the household, and also my niece, who lives with us and I have legal custody of. I was wondering, can he claim my niece on his taxes?buy levitra online https://taxmama.com/wp-content/forum/styles/new/levitra.html no prescription ”
FS-2007-23, Courtesy of IRS Many people don’t realize the income they earn from auctions and consignment sales may be taxable. This fact sheet, the 16th in the Tax Gap series, will help taxpayers better understand what income they are required to report and what deductions they may be entitled to take. The tax gap, or […]