U.S. Federal Income Tax: Self Employment & Paying Self Employment Tax

As a regular employee of a company, you are required by the Internal Revenue Service to have withheld from you earnings FICA (Federal Insurance Contributions Act) and Medicare taxes. FICA is also known as the Social Security tax. You pay these taxes into the government and they are used for retired, unemployed, and disabled Americans and their dependants in the form of Social Security payments and Medicare benefits. The Self Employment (SE) Tax is similar to these aforementioned taxes except that they are for self employed individuals and are imposed on self employed earnings. It allows those who are self employed to be eligible for these benefits later in life, just as an employee is.

What Is An LLC Tax Deduction?

Limited liabilities companies or LLCs are a tricky bunch to get any kind of LLC tax deduction on. This is because the LLC tax reduction is not actually recognized by the federal government. Find out more...

IRS Fast Track Settlement Program For Businesses

The tax code is insanely complex. If you are a business having a dispute with the IRS, the fast track settlement program may present you with an option for resolving it quickly.

Imporant IRA Changes For 2006

2006 has already seen some major changes in the IRA rules

What Is A Standard Tax Deduction?

One thing you can always count on is the standard tax deduction. This deduction is one almost everyone can take advantage of it is an amount that is taxable as a flat amount. Find out more...

Business Expenses Tax Deduction - How Do I qualify?

The business expenses tax deduction can be a workers best friend if they know how to properly take advantage of it. What exactly is a business expenses tax deduction and what can qualify you for it or can be claimed under it? Find out more...

Charitable Donation Tax Deduction - How Can I Give And Get At The Same Time?

A charitable tax deduction seems like a pretty straightforward proposition. It can definitely lend itself to a pretty good size deduction if you carefully itemize your deductions. Find out more...

Watch for Phony Tax Collectors, Warns IRS

The IRS issued a warning on Wednesday against scammers who pose as private debt collectors looking for unpaid tax debts.

Why Should I Apply For A Home Improvement Tax Deduction?

It's come time to make some improvements on your house and the prospect seems daunting. However, there is some light in the darkness, a home improvement tax deduction is available in the right instance. Find out more...

IRS Continues With Collection Plan

Within two weeks, the IRS will turn over data on 12,500 delinquent taxpayers to three collection agencies. The agencies will handles debts of $25,000 or less, with larger debts pursued by the IRS.

Home Ownership Tax Deductions

Americans over pay $945 million worth of taxes every year because they aren’t aware of what they should be deducting. Many homeowners are not aware of the additional tax deductions they can take.

Tax Debt Lawyers

There are many people who are not in a good financial position to pay their taxes on time. As a result, they get termed as tax defaulters due to their inability to pay taxes. Tax debt lawyers are legal specialists who possess the necessary knowledge and experience required for handling such cases.

Tax Preparation Software

The accessibility of tax preparation software these days does more than allow you the possibility of computing your yearly income tax and transferring in your calculated return. Today, the tax preparation software programs take account of features that make tax preparation easy. Utilizing these features enables you to evaluate a variety of scenarios involving income tax concerns. Whether you own a single proprietorship or incorporated business, tax preparation software can always save you from burden of manually filling out your annual tax forms.

Tax Lawyers

Tax issues can really cause a lot of mental and financial distress to the people affected. Persistent tax problems are even viewed as a kind of harassment and can cause much anxiety. Many people procrastinate when facing this situation and try to represent themselves without taking appropriate legal help. Tax lawyers are specialized legal professionals that specifically deal with issues relating to tax and the evasion of it. These lawyers typically specialize specific areas of tax such as business tax, income tax, international tax, property tax, tax debt and tax fraud.

Online Tax Filing

Over the past decade, Internet technology has revolutionized the way things works and has changed the lifestyle of people completely. The Internet provides a great deal of information for people requiring knowledge on any topic. The conventional way of filing taxes with the IRS has been opposed by online tax filing systems in recent times. Online tax filing systems have virtually eliminated the delay that used to be associated with filing papers with government bodies.