This article was published by the IRS. Some businesses and other payers take backup withholding from payments they made to certain people. These entities should remember their upcoming filing deadlines. What is backup withholding? Business and other payers generally don't withhold taxes from payments reported on Forms 1099 and W-2G. There are, however, situations when a [...]
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 taxes 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. Many people are engaged in hobby activities that are also a source of income. For example, some people started selling handmade items during the pandemic. These people must report this income on their tax return. A hobby is any activity that a person pursues because they enjoy it and [...]
Here are some ways your tribe can avoid IRS penalties related to employment taxes. This is especially important when you hire new employees and file tax returns. There are four main things to consider: identification numbers, timeliness, accuracy, and resources for help. First, be sure to get valid Taxpayer ID numbers from all employees and vendors [...]
Many small business owners in MA don't fully understand their tax responsibilities. This video will help teach small business owners about tax compliance, which may include sales and use taxes, including meals taxes, and withholding taxes for your employees. Taxes can be filed and paid through the MA DOR's web-based application once you register. You can [...]
