For years, employers and employees alike have been on the hook for FICA taxes on severance payments made to those who have been laid off by a company involuntarily. After some cases in lower courts questioned this requirement, the Supreme Court recently reaffirmed the longstanding IRS tax requirements on severance pay.
Tax season can be a very frightening time of the year for a small business owner. Technically, anyone who expects to owe more than $1,000 to the IRS in taxes is supposed to send in quarterly estimated tax payments, but for new startups especially it can be difficult to gather up the full amount due to pay.
On March 17, 2014, there is a significant business tax deadline that you can’t afford to miss. The deadline has been bumped up two days this year since the traditionally scheduled date falls on a Saturday.
As a business owner, you may think you are prepared for anything that comes your way. However, sometimes events can transpire that can leave you caught off guard, even with most careful preparations. Here are six scenarios you need to consider when planning for the worst.
If you’ve created a formal business structure for your business, then you know you’ve taken a big step toward protecting your personal assets and setting the foundation for your business. But you might be wondering what’s next.
Payroll Compliance is a challenge that many small businesses struggle with. Payroll done by business owners themselves mean that they need to have the know-how to comply with the Internal Revenue Service’s strict rules regarding accurate reporting & deposits.
If you ever aren’t sure on something a friend tells you about your taxes, always make sure to check the IRS site. If you can’t find the answer there, look to someone who is supposed to know tax laws before deducting anything on your taxes.
Small Biz Club is the premier destination for small business owners and entrepreneurs. To succeed in business, you have to constantly learn about new things, evaluate what you’re doing, and look for ways to improve—that’s what we’re here to help you do.