Translations from Your Trusted Advisor.
Do you have a spouse, child, or a parent working for you? If so, did you know you could be paying more Federal payroll taxes than required? No one wants to pay more taxes than they are required to pay! There are a few different taxes on payroll; Social Security tax (SS), Medicare tax (Medi), and Federal Unemployment Tax (FUTA). Some of these taxes might not apply to you, depending on your relationship type with the employee.
Travis O'Hara •
There are three main questions that business owners ask me about Adjusting Journal Entries (AJE’s):
The Social Security Administration (SSA) has recently released their updated fact sheet for 2020:
The updates include:
Lena Rozzi, CPA •
Most sole proprietors are aware that their business activities are reported to the Internal Revenue Service (IRS) on Schedule C, Profit and Loss from Business, of Form 1040, U.S. Individual Income Tax Return, on an annual basis. And while Schedule C businesses get most of the same tax deductions as incorporated businesses, Schedule C business owners (sole proprietors) do not get the benefit of getting a tax deduction on “salaries” paid to themselves. Read on for some common questions sole proprietors have when it comes time to “pay” themselves from their business.
New legislation is impacting New Hampshire business tax rates beginning in 2021. Rate reductions had originally been set to reduce at least bi-annually until 2021 when the New Hampshire Business Profits Tax (BPT) rate would have been 7.5% and the Business Enterprise Tax (BET) rate would have been 0.5%.
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