Business owners have discovered that selecting S corporation tax status results in business profit not incurring self-employment taxes—the employer and employee shares of Social Security and Medicare.
All business types, from sole proprietorships to corporations, will face increased paperwork in 2012 due to new healthcare legislation, but Greg Jones writes in the Washington Post that a little extra record keeping could improve finances for many small businesses.
The IRS is presenting a FREE webinar for small businesses and the self-employed on the tax provisions of the Affordable Care Act (recently passed health care legislation) on Thursday, September 9, 2010 at 2 p.m. Eastern.
A number of states have passed tax credits for angel investors in an effort spur additional financing and new business formation for entrepreneurs. If early returns from a program in Minnesota are any indication, the tax credits may be a widespread success.
Most small business owners are already aware of most of the tax deductions that they can earn after creating a corporation. But Bankrate.com‘s Marcia Passos Duffy says there are some less common ways to save money on taxes.
Under the Hiring Incentives to Restore Employment (HIRE) Act, enacted March 18, 2010, two new tax benefits are available to employers who hire certain previously unemployed workers (“qualified employees”).
A Hawaii law – which is set to take effect on July 1 – could cause many nonprofit organizations to lose their tax-exempt status, according to Pacific Business News.
The Internal Revenue Service continues to urge thousands of 501(c)(3) charitable organizations that missed last month’s tax deadline to file their paperwork as soon as possible.