Businesses Tax Credit

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 ...

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 ...

Q: What is the new hire retention credit and what does it apply to? A: This is a general business credit to encourage retention of the new hires.  The employer may claim the credit for each employee who is a qualified employee for purposes of the payroll tax exemption and who remains an employee for 52 consecutive weeks, provided that the employee’s pay does not decrease significantly in the second half of the year. The amount of the credit is the lesser of $1,000 or 6.2 percent of wages (as defined for income tax withholding purposes) paid by the employer to ...

Two New Tax Benefits Aid Employers Who Hire and Retain Unemployed Workers WASHINGTON — Two new tax benefits are now available to employers hiring workers who were previously unemployed or only working part time. These provisions are part of the Hiring Incentives to Restore Employment (HIRE) Act enacted into law today. Employers who hire unemployed workers this year (after Feb. 3, 2010 and before Jan. ...