IRS June 2011 Calendar
6/1/2011 File Form 730 and pay the tax on wagers accepted during April. File Form 2290 and pay the tax for vehicles first used during April. 6/2/2011 Deposit payroll tax for payments on May 25-27 if the semiweekly deposit rule applies. 6/3/2011 Deposit payroll tax for payments on May 28-31 if the semiweekly deposit rule applies. 6/8/2011 Deposit payroll tax for payments on Jun 1-3 if the semiweekly deposit rule applies. 6/10/2011 Employers: Employees are required to report to you tips of $20 or more earned during May. Deposit payroll tax for payments on Jun 4-7 if the semiweekly deposit rule applies. 6/15/2011 Individuals outside ...
FLORIDA’S MINIMUM WAGE
The Florida minimum wage is $7.31 per hour, effective June 1, 2011.The annual calculation is based on the percentage change in the federal Consumer Price Index for urban wage earners and clerical workers in the South Region for the 12-month period prior to September 1, 2010. The minimum wage applies to all employees in the state who are covered by the federal minimum wage. Employers must pay their employees the hourly state minimum wage for all hours worked in Florida. The definitions of "employer", "employee", and "wage" for state purposes are the same as those established under the federal Fair Labor Standards ...
Receipts and Records
Receipts and Records Keeping good records is a very important part of the growth and maintenance of your business. Good records will help you: Monitor the progress of your business Prepare your financial statements Identify source of receipts Keep track of deductible expenses Prepare your tax returns Support items reported on tax returns Monitor the progress of your business You need good records to monitor the progress of your business. Records can show whether your business is improving, which items are selling, or what changes you need to make. Good records can increase the likelihood of business success. Prepare your financial statements You need good records to prepare accurate financial statements. ...
File, pay or Request an extension for your 2010-1040
Taxpayers that cannot complete their return and file by April 18 may request an extension of time to file. There are several ways to file Form 4868 for an extension. File electronically Paid prepares Tax software Download a paper version Form 4868 and file by mail. If you cannot pay the full amount you will still benefit from filing the return and paying as much as possible by April 18. If you are unable to pay the total balance due, you should pay as much as possible and apply for an installment agreement to avoid penalties and interest. Taxpayers wishing to pay off a tax debt through an ...
April 2011 IRS Calendar
4/1/2011 Deposit payroll tax for payments on Mar 26-29 (semiweekly deposit). 4/6/2011 Deposit payroll tax for payments on Mar 30- Apr 1 (semiweekly deposit). 4/8/2011 Deposit payroll tax for payments on Apr 2-5 (semiweekly deposit). 4/11/2011 Employers: Employees are required to report to you tips of $20 or more earned during March. 4/13/2011 Deposit payroll tax for payments on Apr 6-8 (semiweekly deposit). 4/18/2011 Individuals: File 2010 Form 1040, 1040A, or 1040EZ. For automatic 6-month extension file Form 4868 and deposit estimated tax. Pay the first installment of ...
Business Structure
Your type of business determines which income tax form(s) you have to file. Common business structures are sole proprietorship, partnership, corporation, S corporation, and limited liability company. Legal and tax considerations enter into selecting a business structure. SOLE PROPRIETOR - Individual who owns an unincorporated business by himself/herself. PARTNERSHIP – a relationship where two or more persons join together to carry on a trade or business. Each person contributes money, property, labor or skill, and expects to share in the profits and losses of the business. CORPORATION – a relationship where prospective shareholders exchange money, property, ...
March 2011 IRS Calendar
3/2/2011 Deposit payroll tax for payments on Feb 23-25 if the semiweekly deposit rule applies. 3/4/2011 Deposit payroll tax for payments on Feb 26 - Mar 1 if the semiweekly deposit rule applies. 3/9/2011 Deposit payroll tax for payments on Mar 2-4 if the semiweekly deposit rule applies. 3/10/2011 Employers: Employees are required to report to you tips of $20 or more earned during February. 3/11/2011 Deposit payroll tax for payments on Mar 5-8 if the semiweekly deposit rule applies. 3/15/2011 Corporations: File Form 1120 for 2010 calendar year and pay any tax due. For automatic 6-month extension, file Form 7004 and deposit estimated tax. Employers: Deposit ...
Tax Payments
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 ...
IRS Tax Law Changes for 2010 Income Tax Returns
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 ...
2011 Annual Report
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
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