Monthly Archives: November 2009

Manufacturing Tax Tips

Fringe Benefits - Manufacturing Tax Tips What is a fringe benefit and how does it affect my taxes? Inventory - Manufacturing Tax Tips How do I value my inventory? Excise Taxes - Manufacturing Tax Tips Manufacturing Companies may be liable for Federal excise taxes or due a credit or refund. Research and Development - Manufacturing [...]

Check Withholding to Avoid a Tax Surprise

With 2009 nearly half over, the Internal Revenue Service reminds individual taxpayers there is no better time to check their 2009 federal income tax withholding levels to make sure they do not face any surprises when returns are due next spring. The Making Work Pay Credit lowered tax withholding rates this year for 120 million [...]

Forming a Partnership

The following sections contain general information about partnerships. Organizations Classified as Partnerships An unincorporated organization with two or more members is generally classified as a partnership for federal tax purposes if its members carry on a trade, business, financial operation, or venture and divide its profits. However, a joint undertaking merely to share expenses is [...]

Estimated Taxes

Estimated tax is the method used to pay tax on income that is not subject to withholding. This includes income from self-employment, interest, dividends, alimony, rent, gains from the sale of assets, prizes and awards. You also may have to pay estimated tax if the amount of income tax being withheld from your salary, pension, [...]

Seven Facts about the New Sales Tax Deduction for Vehicle Purchases

Taxpayers who buy a new car or several other types of motor vehicles this year may be entitled to a special tax deduction when they file their 2009 federal tax returns next year. The tax break is part of the American Recovery and Reinvestment Act of 2009. Here are seven things you should know about [...]

What Tax Records to Keep

You probably already keep records in your daily routine. This includes keeping receipts for purchases and recording information in your checkbook. Keeping these and other records will help you avoid headaches at tax time. Good recordkeeping will help you remember the various transactions you made during the year, which in turn may make filing your [...]

Self-Employment Tax

This section discusses self-employment tax. The list of items below should not be construed as all-inclusive. Other information may be appropriate for your specific type of business. What is Self-Employment Tax? How to Pay Self-Employment Tax Estimated Taxes Who Must Pay Self-Employment Tax? Are You Self-Employed? Earned Income Tax Credit What is Self-Employment Tax? Self-employment [...]

What is Taxable and Nontaxable Income?

You can receive income in the form of money, property, or services. This section discusses many kinds of income that are taxable or nontaxable. It includes discussions on employee wages and fringe benefits, and income from bartering, partnerships, S corporations, and royalties. The information on this page should not be construed as all-inclusive. Other steps [...]

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