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 ...
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, ...
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 ...
What’s New in Intuit Payroll 2011
Intuit has recently added a new and improved features for 2011 that you may find useful for payroll users. 1. Setting up Direct Deposits for Vendors This new feature will save you time, as you will no longer need to print and mail checks to your independent contractors. This feature also allows you to more efficiently track your money. 2. Automatically submitting Intuit 401(k) contributions with payroll If your business uses Intuit 401(k), you can now automatically submit your employees’ 401(k) contribution amounts when you run ...
Ten Things Tax-Exempt Organizations Need to Know About the Oct. 15 Due Date
A crucial filing deadline of Oct. 15 is looming for many tax-exempt organizations that are required by law to file their Form 990 with the Internal Revenue Service or risk having their federal tax-exempt status revoked. Nonprofit organizations that are at risk can preserve their status by filing returns by Oct. 15, 2010, under a one-time relief program. The Pension Protection Act of 2006 mandates that most tax-exempt organizations must file an annual return or submit an electronic notice, with the IRS and it also requires that any tax-exempt organization that fails to file for three consecutive years automatically loses its ...
Small Businesses Can Claim New Health Care Tax Credit
The Internal Revenue Service released a draft version of the form 8941 that small businesses and tax-exempt organizations will use to calculate the small business health care tax credit when they file income tax returns next year. The IRS also announced how eligible tax-exempt organizations –– which do not generally file income tax returns –– will claim the credit during the 2011 filing season.Both small businesses and tax-exempt organizations will use the form to calculate the credit. A small ...
New Tax Benefits Aid Employers Who Hire and Retain Unemployment Workers
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. ...
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