Business owners who have employees on their payroll are legally required to submit federal and state payroll taxes to the government every quarter. Since these taxes can become rather costly over time, some entrepreneurs may be interested in learning how they can reduce their payroll tax burden while keeping their workforce intact. Here are three ways to cut payroll taxes without cutting payroll.
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In most tax years several changes are made to the existing federal tax code. 2012, however, included a few additional adjustments that affected the deductions that were allowed in previous years. Here are seven tax law changes for 2012 and what you need to know about how they could affect you.
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If you have an employee you might be confused as to whether you’re responsible for sending in payroll taxes for that person. Generally, a person who works in your employ and under your supervision is considered your employee which makes you responsible for the payroll taxes. However, if the worker is actually a contractor, he or she would be liable for payroll taxes instead of you. Here are a few tips to help you decide if you or the worker is responsible for payroll taxes.
Self-employed taxpayers often face unique income tax challenges when it's time to prepare their returns. The IRS has special rules and regulations that apply to these individuals so it's very important for taxpayers who work for themselves to have their financial affairs in order before they file a return. It's also wise for self-employed citizens to get tax preparation help before attempting to complete forms on their own. Here are a few IRS tax tips for the self-employed.
