If this is the year that you decided to take the big leap into self-employment and open a freelance graphic design business, then it is important you know how to handle issues related to its income tax liabilities. Since there are many differences between filing your taxes as an individual and filing as a business, following these tips will help you:
Tip: Don't Mix Your Personal Money with Your Business Money
Being a business owner comes with a lot of responsibility. There are tasks that must be done each day and you'll want to be sure you stay on top of things at work. If you're a small business, this can be even more challenging and may require you to have knowledge in all areas of the business. One of these may include accounting, and knowing some basic tips that may enable you to get the job done correctly are sure to be ideal.
If you are a small business owner, here are a few tip that will help you keep your payroll in order.
#1 Pay Wages & Taxes At The Same Time
When you make your payroll payment to your employees of their wages, make sure that you also pay the state and federal government at the same time. You should be withholding both Medicare and Social Security at the federal level as well as the federal unemployment fund.
Tax time can be particularly strenuous for single parents. There are certain considerations you have to make to avoid mistakes that could lead to penalties and even problems with your future tax filing. To help you get through the tax season, here are just a few steps you need to take before filing.
Determine Who Is Claiming the Child
Even if you are the custodial parent, there is a possibility that the non-custodial parent can claim the child on his or her tax return.
Now that tax filing season has come and gone, most people don't have to think about income taxes again until next spring.
But, for some, new questions arise after April 15. What kinds of questions? And what do you do if you face one of these quandaries during the year?
Is it Too Late To File?
Taxpayers sometimes fail to file for a number of reasons. Maybe you were just too busy.