Form 4506-T, Request for Transcript of Tax Return, may solve some problems that can arise if you’ve needed tax return transcripts but aren’t sure how to get them. There are some things that you should know about Form 4506-T, including differences and how to complete the form. Here is what you should know about Form […]
If you are responsible for filing the taxes of a business that sells products and services with an excise tax, then Form 720 is how you take care of the required Quarterly Federal Excise Tax Return. While consumers may not be aware they are paying excise taxes, as they are usually included in the price […]
As an owner of a small or medium-sized business, you’re faced with plenty of responsibilities, and reporting and paying unemployment tax – or FUTA tax – is one of them. With the FUTA tax, you must pay a rate of 6% on the first $7,000 of an employee’s wage. The funds generated from this tax […]
Owning a business has a major impact on how your taxes manifest each year, so it’s important the Internal Revenue Service is aware of any changes in your circumstances. According to section 1060 of the Internal Revenue Code, the IRS requires that you fill out and file Form 8594 when you’re buying or selling a business. Understanding […]
What is a Manager-Managed LLC? There are two management structures you can choose when forming an LLC: member-managed LLC or manager-managed LLC. With a member-managed LLC, all members – or owners – equally participate in the daily operations of the company. On the other hand, a manager-managed LLC enables only certain members or even third-party […]
Multi-member LLCs offer a lot to those willing to form them. They differ from other business entities in their flexibility in who can join and tax payment requirements. While multi-member LLCs can propel your small business towards success, there are some things that you should know, such as the advantages, disadvantages, and what you need […]
What is Self-Employment Tax? If you work for yourself, you’re required to pay a self-employment tax, which comprises Social Security and Medicare taxes. When you work for a business, your employer takes out 7.65% of your gross income to pay the federal government to fund Medicare and Social Security, while your employer pays the other […]
What is a Single-Member LLC? A limited liability company (LLC) is a business structure registered in the state where your company conducts business. Owners of an LLC are called members, so a single-member LLC is composed of just one owner. As an owner of a single-member LLC, you are not considered an employee. To pay […]
What is a Sole Proprietorship? A sole proprietorship is a business that you own and control by yourself. What makes a sole proprietorship an appealing business structure is its simplicity, easy setup and inexpensive cost. When starting a sole proprietorship, you do not have to fill out any formal paperwork or register with your state. […]
Here are a few tax tips you might consider before the end of the year, which could potentially reduce your taxes when Uncle Sam comes knocking in April. Generally, you want to lower income and accelerate deductions now if you expect next year’s tax situation to be similar to this year’s. Donate to charity: The IRS […]
