Tax concerns for the self-employed
"I have a full-time job, but I also did some contract work last fall and got a check ($5,700). I know I need to pay taxes on that income, but I am not sure if I need to pay estimated taxes right now or if I can wait until I file my tax return in February. Should I just increase my withholding on my part-time job until then? Does it make sense to increase withholding or pay estimated tax?"The Small-Business Owner and the Taxman
Small-business owners want to hear from lots of people -- except for Uncle Sam. If it's your business, then it's your business to hire a capable accountant to manage your tax filings and returns. In this interview, Eli C. Bortman, lecturer in business law at Babson College, discusses the structuring of small businesses and keeping the Internal Revenue Service happy.The Skinny on Paying Estimated Taxes
If you have income that isn't subject to withholding taxes, then you probably should be paying estimated taxes. It doesn't matter whether the untaxed money comes from a job, investments, alimony or prizes you've won. If Uncle Sam doesn't get his share close to the time you received the money, you could end up owing not only taxes but also penalties and interest.Tax Breaks for Small Businesses
Are you looking for a new business partner? Consider Uncle Sam. The federal government offers a wide variety of tax breaks that could help your business not only survive, but thrive. Some of the business tax breaks have been around for years. Others are new. More were added or enhanced under the Small Business Jobs Act that became law in the fall of 2010.How to Lower Business Income and Taxes
There are many things that you can do to lower your income as a C corp. Which one is right for you and your plans can best be decided by consulting with a professional.How an S Corporation Officer Gets Paid
"Can an officer of an S corporation receive a 1099? What is the best way to determine personal income if an officer is not on payroll and draws from the business account?"Am I an Employee or a Contractor?
"I presently work for two attorneys who treat me like an employee, (i.e., ask me to come to work at a certain time, monitor how my work is done, pay me sick and holiday pay). But they do not withhold taxes from my check, have no workers' compensation, and generally are getting away with murder. What can I do about this? I like the job but they have put me in a bad position."
Also in Money
- 6 ways to pay off credit card debt
- 10 sure-fire savings tips for 2014
- Do you really need an emergency fund?
- Taking a short-term loan from your IRA
- Negotiating a divorce settlement
- The high price of waiting to save