The IRS Small Business Tax Workshop is a series of online training videos covering tax topics for new and established small business owners. The first four topics in the workshop cover federal taxes, Schedule C, filing/paying taxes electronically, and the business use of your home - no matter the type of business you have, or if [...]
Massachusetts follows most federal laws for small businesses. The majority of small businesses are sole proprietorships. A sole proprietor is an unincorporated business with one owner who pays personal income tax on business profits. A sole proprietor will complete Schedule C. Schedule C acts as a profit or loss statement for your business and is a [...]
This article was published by the IRS. The Internal Revenue Service has issued the 2023 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes. Beginning on January 1, 2023, the standard mileage rates for the use of a car (also vans, pickups, or panel [...]
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 [...]
