Who Must Pay Self-Employment Tax?
You must pay self-employment tax and file Schedule SE (Form 1040) if either of the following applies. Your net earnings from self-employment (excluding church employee income) were $400 or more.…
Read moreTen Tax Tips for Individuals Who Are Moving This Summer
Summertime is a popular time for people with children to move since school is out. Moving can be expensive, but the IRS offers 10 tax tips on deducting some of…
Read morePRINCIPLES FOR TAX REFORM
Lower Tax Rates. The tax system should be simplified and work for all Americans with lower individual and corporate tax rates and fewer brackets. Cut Inefficient and Unfair Tax Breaks. …
Read moreIRS Announces New Effort to Help Struggling Taxpayers Get a Fresh Start; Major Changes Made to Lien Process
WASHINGTON — In its latest effort to help struggling taxpayers, the Internal Revenue Service today announced a series of new steps to help people get a fresh start with their…
Read moreMortgage Workouts, Now Tax-Free for Many Homeowners; Claim Relief on Newly-Revised IRS Form
Homeowners whose mortgage debt was partly or entirely forgiven during 2007 may be able to claim special tax relief by filling out newly-revised Form 982 and attaching it to their…
Read moreExecutive Compensation – Fringe Benefits Audit Techniques Guide
Corporate executives often receive extraordinary fringe benefits that are not provided to other corporate employees. Any property or service that an executive receives in lieu of or in addition to…
Read moreSelf-Employment Tax Rate
The 2010 Tax Relief Act reduced the self-employment tax by 2% for self-employment income earned in calendar year 2011. The self-employment tax rate for self-employment income earned in calendar year…
Read moreSelf-Employment Tax
Self-employment tax is a tax consisting of Social Security and Medicare taxes primarily for individuals who work for themselves. It is similar to the Social Security and Medicare taxes withheld…
Read moreBusiness or Hobby? Answer Has Implications for Deductions
The Internal Revenue Service reminds taxpayers to follow appropriate guidelines when determining whether an activity is a business or a hobby, an activity not engaged in for profit. In order…
Read moreHow does an employee recover FICA taxes that were erroneously withheld by the employer?
Employees are encouraged to contact their employers and request that they seek a refund of the erroneously withheld FICA on the employees’ behalf. Because employers also pay a portion of FICA…
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