When you hire someone to work in your home, you may become an employer. Thus, you may have specific tax obligations, such as withholding and paying Social Security and Medicare (FICA) taxes and possibly federal and state unemployment insurance. Here are four questions to ask before you say, “You’re hired.” Who’s Considered a Household Employee? [...]
It’s not uncommon for parents, grandparents and others to make financial gifts to minors and young adults. Perhaps you want to transfer some appreciated stock to a child or grandchild to start them on their journey toward successful wealth management. Or maybe you simply want to remove some assets from your taxable estate or shift [...]
July 16 If the monthly deposit rule applies, employers must deposit the tax for payments in June for Social Security, Medicare, withheld income tax, and nonpayroll withholding. July 31 If you have employees, a federal unemployment tax (FUTA) deposit is due if the FUTA liability through June exceeds $500. August 15 If the monthly deposit [...]
You know about QuickBooks but you’re still hesitating. Here’s why you should make the transition. Even if you’re a very small business, you’re at a competitive disadvantage if you’re still doing your accounting manually. You might be doing okay using Microsoft Word for invoices and records and Excel for reports. But many of your rivals [...]
In today’s competitive employment market, offering an employee an equity interest in your business can be a powerful tool for attracting and retaining top talent. If your company is organized as a partnership, however, beware of the tax traps of doing so. Employees pay half of the Social Security and Medicare taxes on their wages, [...]
Around this time of year, many people have filed or forgotten about their 2017 tax returns. But you could get an abrupt reminder in the form of an IRS penalty. Here are three common types and how you might seek relief: Failure-to-file and failure-to-pay. The IRS will consider any reason that establishes that you were [...]