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 Filing and Paying Taxes Due On Time One major mistake many new business owners make is not adequately budgeting for taxes due. If you can’t pay the full amount, it’s better to at least file your tax forms by their due dates. Partial payments will help reduce the amount of penalties and interest. If you are still unable to pay at the next due date, continue to file your returns on time to avoid the failure-to-file penalty and file the Form 9465, Installment Agreement Request, and propose a monthly payment date and amount. The penalty rate is ½ of 1 percent ...

The IRS make important changes to the tax law for 2010 federal income tax return. Health Insurance Deduction Reduces Self Employment Tax  In 2010, eligible self-employed individuals can use the self-employed health insurance deduction to reduce their social security self-employment tax liability in addition to their income tax liability. As in the past, eligible taxpayers claim this deduction on Form 1040 Line 29. But in 2010, eligible taxpayers can also enter this amount on Schedule SE Line 3, thus reducing net earnings from self-employment subject to the 15.3 percent social security self-employment tax. Premiums paid for health insurance covering the taxpayer, spouse and dependents generally ...

The 2011 Annual Reports with the Deparment of State, Division of Corporations is due now and must be filed electronically online to keep your business active. You can log in using the Division's website at www.sunbiz.org.  To file, click the box "File Current Year Annual Report or Amended Annual Report" on the website homepage.  Step by step instructions are also available. Payment can be made by credit card, check, or prepaid account.  It's important that you file by May 1st to avoid a $400 late fee.  This late fee cannot be waived. For further information on our

The Internal Revenue Service  announced that interest rates for the calendar quarter beginning April 1, 2011, will increase by one percentage point. The rates will be: four (4) percent for overpayments (three (3) percent in the case of a corporation);  four (4) percent for underpayments; six (6) percent for large corporate underpayments; one and one-half (1.5) percent for the portion of a corporate overpayment exceeding $10,000. Under the Internal Revenue Code, the rate of interest is determined on a quarterly basis. For taxpayers other than corporations, the overpayment and underpayment rate is the federal short-term rate plus 3 percentage points. Generally, in the case of a ...

Who is Self-employeed? If you are in business for yourself, or carry on a trade or business as a sole proprietor or an independent contractor, you generally would consider yourself self-employed and you would file Schedule C or Schedule C-EZ with your Form 1040.  Self-Employed: Don't Forget to Deduct Health Insurance Costs this Year For 2010, you can reduce your net self-employment income by the amount of your self-employed health insurance deduction on Form 1040. Self-Employment Tax If you are self-employed you must pay Self-Employement Tax Self-employment tax (SE tax) is a social security and Medicare tax primarily for individuals who ...

IRS Announces 2010 Standard Mileage Rates IR-2009-111, Dec. 3, 2009 WASHINGTON — The Internal Revenue Service today issued the 2010 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2010, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 50 cents per mile for business miles driven 16.5 cents per mile driven for medical or moving purposes 14 cents per mile driven in service of charitable organizations The new rates for business, medical and moving purposes are slightly lower than last year’s. ...

Last year, 2 out of 3 tax returns were filed electronically. Was yours? If not, here are three important reasons to e-file your return. It’s fast Your tax return will get processed more quickly if you use e-file. If there is an error on your return, it will typically be identified and can be corrected right away. If you file electronically and choose to have your tax refund deposited directly into your bank account, you will have your money in as few as 10 days. It’s safe When ...

It is not too late to file a return to claim your economic stimulus payment. You must file a return by October 15 to receive a payment prior to year's end. It can take up to eight weeks for the IRS to process the return and issue the check. People who have no tax filing requirement but have at least $3,000 in qualifying income should file a simple Form 1040A to claim the minimum payment of $300 ($600 for married couples) plus the $300 payment for each qualifying child younger than ...

During summer months, many people sell their home and move to a new location.  Many of those individuals will make a profit on the sale and still will not have to pay a single dime of additional income tax to the IRS.  Generally, you have made a profit if the selling price of your home is greater than the price you paid to purchase the home.  That profit, considered a capital gain, is usually subject to income tax.  However, under certain circumstances the law allows you to exclude all or part of that gain from your income – that is, ...