1-800Accountant Blog

w4-form-and-filing

Tackling Your Form W-4 As You Start a New Job

What is Form W-4? When starting a new job, you’ll be presented with Form W-4, or Employee’s Withholding Allowance Certificate. Essentially, this form tells your employer how much money needs to be withheld from your paycheck for state and federal taxes. The withheld amount is based on your marital status, the number of allowances or dependents […]

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Form W-7: Your Gateway to an ITIN

Form W-7 is used to apply for or renew an Individual Taxpayer Identification Number, or ITIN. This nine-digit number allows non-citizens who are ineligible to receive a Social Security Number and lack U.S work authorization to file tax returns to the IRS. What is Form W-7?  A Form W-7 is a tax form application for an individual to […]

what-is-futa-tax

Funding Unemployment Benefits through Standard FUTA Taxes

First enacted in 1939 in the aftermath of the Great Depression, the Federal Unemployment Tax Act (FUTA) was established to support involuntarily unemployed individuals. Imposing an unemployment tax on employers, this federal law supports states that need additional money to pay out benefits to their residents. FUTA taxes are not withheld from employee wages but […]

year-end-tax-strategies-for-individuals

Year-End Tax Strategies for Individuals

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 […]

year-end-tax-strategies-for-small-business

Year-End Tax Strategies for Small Businesses

If you’re a small business owner, you may want to review your business tax situation well before December 31 to determine what strategies you can implement to minimize your tax liability this year. The general strategy of reducing income and accelerating deductions now is appropriate if you expect next year’s tax situation to be similar […]

form-2553

Form 2553

Tax law for businesses is complicated, and there’s little margin for error. You need to know what forms businesses have to file for taxes. In order to figure that out, however, you need to know what kind of business structure you are using for your small business and how that affects your tax status.  For corporations, […]