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Six Tips for Starting Your Own Business

Posted on October 4th, 2020

Starting your own business can be an exciting prospect, but there is more to it than simply writing a business plan. Also, if you expect to have employees, there are a variety of federal and state forms and applications that you need to complete to get your business up and running. That’s where a tax professional can help. With this in mind, let’s take a look at what you need to know before you start a new business. Read More…

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Small Business Update: Payroll Tax Deferral

Posted on September 7th, 2020

On August 8, 2020, the President issued a Memorandum allowing employers to defer withholding and payment of an employee’s portion of the Social Security tax (i.e., the 6.2% FICA portion of the federal payroll tax on employees). Medicare taxes, however, are not covered. The payroll tax deferral is effective starting September 1, 2020, and also applies to the employee portion of the Railroad Retirement Act Tier 1 tax. While employers are allowed to defer the withholding and payment of the payroll taxes on employees’ applicable wages, they are not required to do so.

Let’s take a look at how this affects employers and employees: Read More…

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Five Small Business Tax Tips: Payroll Expenses

Posted on August 1st, 2020

Federal law requires most employers to withhold federal taxes from their employees’ wages. Whether you’re a small business owner who’s just starting or one who has been in business a while and is ready to hire an employee or two, here are five things you should know about withholding, reporting, and paying employment taxes. Read More…

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Small Business Payroll Expenses

Posted on July 5th, 2018

Federal law requires most employers to withhold federal taxes from their employees’ wages. Whether you’re a small business owner who’s just starting out or one who has been in business a while and is ready to hire an employee or two, here are five things you should know about withholding, reporting, and paying employment taxes. Read More…

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Seasonal Employees and Taxes — 2018 Updates and Changes

Posted on June 1st, 2018

Many businesses hire part-time or full-time workers, especially in the summer. These types of employees are referred to as seasonal workers, which the IRS defines as an employee who performs labor or services on a seasonal basis (i.e., six months or less). Examples of this kind of work include retail workers employed exclusively during holiday seasons, sports events, or during the harvest or commercial fishing season. Part-time and seasonal employees are subject to the same tax withholding rules that apply to other employees. Read More…

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Time For a Paycheck Checkup — Tax Withholding 2018

Posted on April 5th, 2018

Withholding issues can be complicated, and with the passage of the recent tax reform legislation — most of which takes effect starting in 2018 — it’s important to make sure the right amount of tax is withheld for your personal tax situation. As a first step to reflect the tax law changes, the IRS released new withholding tables in January 2018. A revised Form W-4 was released on February 28, 2018. These updated tables were designed to produce the correct amount of tax withholding.

Read More…

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