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5 Easy Tips to Make Tax Time Less Taxing

This year’s tax filing deadline of April 18, 2016 will be here before you know it. Whenever you get around to doing your taxes, be sure to use these time and money-saving tips:

  1. File sooner rather than later! Rushing to finish your taxes at the last minute can easily lead to avoidable typos. If you’re waiting to file because you owe taxes, you can still e-file now – just schedule your payment any time before April 18. (Calendar year S and C corporation returns are due March 15. Personal 1040 and partnership 1065 returns are due April 18). Filing earlier may also reduce the chance for tax return identity theft. The sooner your return is filed, the less opportunity there is for someone to file a fraudulent tax return using your name and Social Security number.

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Business Basics: State Unemployment Insurance

Unemployment insurance, at its root, is pretty easy to understand – it’s just a program meant to protect workers that become involuntarily unemployed. But because it is run on a hybrid state-federal system, and is often calculated based on weird variables like experience ratings, the entire concept quickly becomes muddled. Most states also change rates and maximum taxable wages on a year-by-year basis, so what was paid last year may not be the same this year. Thankfully, as long as you learn a little bit about unemployment programs and stay on top of those annual changes, UI shouldn’t cause too many problems. (more…)

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unemployment insurance

Tax Saving Strategies for Small Businesses And Real Estate Agents: A Seminar

MyCorporation and Paychex are sponsoring a seminar on February 4th that will tell you everything you need to know about saving on taxes. Here’s everything you’ll learn:

  • Legal strategies and techniques you can start using right away to reduce your annual tax liability.
  • Find out how forming a corporation or LLC can help you protect your personal assets and reduce your risk of an IRS audit.
  • The benefits of obtaining an outside payroll company to compensate your employees.
  • How to keep more of what you earn each year and save thousand over the lifetime of your business.
  • How you can utilize the Internal Revenue Code advantageously while not crossing the line.
  • Plus, stay for networking opportunities after the seminar!

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unemployment insurance

5 Things You Might Not Know about Sales Tax

The old saying goes that “Nobody is boring once you get to know them.” But can the same be true for a concept like sales tax? Nothing can make a little percentage tacked onto the sale of a product interesting, can it?

We here at TaxJar live and breathe sales tax and we beg to differ! These 5 things you might not know about sales tax are guaranteed to amuse and delight. (Or at least to give you a new understanding of this much maligned administrative task!) (more…)

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MyCorporation’s End-of-Year S-Corp, Payroll Promotion

With the end of the year approaching, entrepreneurs everywhere are reflecting back on a year of business decisions. What worked? What didn’t? How can I really get the ball rolling for 2016? For those new small business owners out there who have yet to incorporate, we have a suggestion. The S-Corporation. Why? Because the payroll benefits are undeniable. (more…)

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How to Determine Your Home Office Qualifies for a Tax Deduction

What are your tax obligations as an independent contractor?

Over the past couple of years, controversy rose around independent contractors. The line between employee and independent contractor has thinned, and many are confused over how workers should be classified. In general, the independent contractor is considered to self-employed, and the company is their client. This means that there are some vast differences between the tax obligations for independent contractors and employees.

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MyCorp FAQs: Does my Online Business Have to Collect Sales Tax?

All businesses pay a federal income tax, whether its as its own entity or through the income tax of the owner. But, sales tax is a completely different story. Sales tax is determined by each individual state and the requirements for multiple state businesses are often complicated. sales taxThose requirements get further complex when you are an online business as you may not have any physical presence in the state itself. Whether or not your online business has to pay sales tax all depends on the states’ definition of one word: nexus.

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MyCorp FAQs: How do I start collecting payroll taxes?

The IRS, nearly every state tax agency, and even some cities require employers to withhold a certain amount from their employee’s paychecks to cover income tax, social security, and medicare obligations. payroll taxesThese are payroll taxes, and it’s your responsibility, as a small business owner, to collect and send them in. The amount varies from state to state, and in some cases city to city, but there are three main steps to collection.

Calculate
Everyone you hire fills out a W-4, which gives you some basic information like family size and other deductions. (more…)

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MyCorp FAQs – What do you need to know about payroll?

Payroll may seem like a straightforward topic, but there is a lot more to it than just tracking hours and cutting checks. Unfortunately a lot of small business owners don’t realize that and, before they know it, they’re up to their ears in tax forms and reports they’ve never even heard of. Calculating, and staying on top, of payroll can actually be pretty complicated, especially if you don’t have a background in accounting. payroll system So what do small business owners absolutely need to know about setting up a payroll system?

You must withhold taxes

The federal, state, and local governments can all levy tax on income, and it is your responsibility as an employer to withhold the necessary amounts from your employee’s paychecks and send that into the proper agency. (more…)

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MyCorp FAQs: Do I Have to Send in Estimated Tax Payments?

Estimated tax payments are a pretty straightforward topic. You probably remember that, back when you worked for someone else, you had your taxes taken out of your paycheck. You don’t get out of having to pay tax when you start your own business – the IRS still expects you to pay what you owe. But what if you’re just starting out and not making much money? estimated tax paymentOr you’ve had a bad quarter and don’t have the money to cover what you normally send in? Do you still have to send in your estimated tax payment?

If you expect to owe more than $1,000, then you very likely have to pay estimated taxes. (more…)

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