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I hope you’ve been enjoying my posts lately. I thought I might do something different today and rustle up a few bits of info from around the WWW. These are some of the news items and blog posts that have been popular over the last few weeks. Leave me your thoughts.
business travel » Invested Money in Small Business as Partner …
Invested Money in Small Business as Partner – Tax deductions possible? Posted by admin. May 11th, 2010. I invested 3K in start-up money with 2 other guys plus spent another 4K in misc. such as travel costs, supplies, etc. and we haven't …
Ways to Save From Federal Taxes | Business – Commercial – Trade
Federal tax law can seem like a really complicated issue. But, it's important to every single one of us, since we all pay federal taxes each.
Business tax receipts down sharply in N.H. | SeacoastOnline.com
New Hampshire's general and education funds receipts for April totaled $240.8 million, which was below plan by $41.8 million and below prior year by $20.6 million.
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The federal government has recently enacted the HIRE Act (Hiring Incentives to Restore Employment). This new law includes two tax incentives for employers to hire workers who were previously unemployed or only working part time. The tax benefits apply to workers hired after February 3, 2010 and before January 1, 2011 and/ or for each worker employed for at least a year.
The first payroll tax exemption involves the employer’s share of Social Security tax on qualified employees starting on wages paid on March 19, 2010. The employer will be exempt from their 6.2% Social Security tax through December 31, 2010. One note to employers the employee share of Social Security and Medicare taxes are not exempt as well as the employer portion of Medicare withholding.
The second payroll tax exemption applies in the case of workers employed for at least a year. Businesses may claim an additional general business tax credit, up to $1,000 per worker, when they file their 2011 income tax returns.
Qualified employers include both taxable businesses and tax exempt organizations. Employers in US territories subject to Social Security tax qualify for the new tax incentives. Federal, state and local government employers will most likely not qualify for the benefit however public universities and Indian Tribal governments do qualify. New businesses hiring employees for the first time also qualify for both payroll tax benefits under the new HIRE Act.
Business owners may be eligible to claim both the HIRE Act benefits and WOTC (Work Opportunity Tax Credit) if this is the case the employer may only claim one tax benefit. An employer who chooses to claim the WOTC for a qualified employee may not apply the payroll tax exemption on wages paid to that employee from March 19, 2010, through December 31, 2010.
Employers taking the COBRA premium assistance credit, for employees that have been laid off, will qualify to claim that employee under the HIRE Act if the employee is rehired after February 3, 2010 and before January 1, 2011. Business owners/ employers will be liable for any wrongly claimed exemptions. The employer is still liable for the employer’s 6.2% Social Security withholding. In this situation the employer will be required to file Form 941 -X. The IRS will be updating the 2010 Form 941 for the second quarter to take in account the new tax benefits put forth in the HIRE Act.
Linda Williams, small business owner, provides insightful tips into payroll software. You may also visit payroll blog for more payroll information. Payroll Mate is an affordable and easy to use payroll solution.
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Hey Readers! I’ve been comin across some crazy stuff the past few days from a few different blogs around the web which I just had to share with you. Check em out below…
Plan Not To Be Gouged By Estate Taxes in 2011 | Business Finance Tips
Just because the Estate Tax has been phased out in 2010, don't be lulled into thinking it won't be back with a vengeance. On the books, it's.
Minnesota business taxes 15th-lowest – Finance and Commerce
The study, Total State and Local Business Taxes 2009, also found that Minnesota's annual business taxes would have to be $940 million higher in order to reach the national average of the states. Minnesota's total state and local taxes …
Minn. lawmakers vote to raise taxes, cut spending | Business …
Minn. lawmakers vote to raise taxes, cut spending. Category : Business | (0) Comment. MARTIGA LOHN The Associated Press ST. PAUL, Minn. Read full post from WN.com home. Tags : Associated Press, Lawmakers, Martiga Lohn, St Paul Minn, …
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