Income taxes are a pay-as-you-go system. That means you pay your taxes as you earn income during the year. Either your employer withholds tax from your pay, or you pay quarterly estimated taxes on your own. If you have income that's not subject to withholding, you may need to make quarterly payments. This includes income such [...]
This article was published by the IRS. Businesses hanging up their Help Wanted signs should be sure to check out the work opportunity tax credit. This credit encourages employers to hire workers certified as members of any of ten targeted groups facing barriers to employment. The credit has been extended through the end of 2025. The [...]
When? Beginning with the July 2024 period, the Meals, Food & Beverage (MFB) account type will replace the Meals Tax (MLS) account type for reporting and remitting sales tax on meals. A new certificate with the MFB account type will be mailed to each location to be posted at that location upon receipt. If you are [...]
It's important to think about hurricanes, tornadoes, and other disasters so you're prepared in case they happen. This includes safeguarding your tax forms and other financial records. First, you could take advantage of electronic record keeping. See if you can receive your bank statements and related documents by email. For paper documents such as W-2s and [...]
Last week - April 28 - May 4, 2024 - was Small Business Week. The IRS has many online resources for business owners and self-employed taxpayers. Visit IRS.gov/smallbizweek for more information.
