Flex Tax and Consulting Group (FTCG)
This article was authored working with wikiHow, the world’s largest “how to” site, and also featured here on the wikiHow website. While you may have heard that nothing is certain but death and taxes, it is possible to reduce your US taxes to nearly zero, even when you’re paid a salary. Reduce your taxable income […]
How to Reduce Your Taxes on Salary Income Read More »
You likely formed an S corporation to save on self-employment taxes. If so, is your S corporation salary nonexistent? too low? too high? just right? Getting the S corporation salary right is important. First, if it’s too low and you get caught by the IRS, you will pay not only income taxes and self-employment taxes
Avoid Trouble: Don’t Let the IRS Set Your S Corporation Salary Read More »
The IRS issued interim guidance on how eligible small businesses can take advantage of a new provision that allows them to apply part or all of their Sec. 41 research tax credit against their payroll tax liability instead of their income tax liability. Before 2016, taxpayers could only take the research credit against their income
How small businesses can apply the research credit to payroll taxes Read More »
Among your responsibilities as an employer is the requirement to collect, report, and pay payroll tax as required by federal and state laws. Helping clients avoid employment tax criminal penalties. If you are a corporate officer or other “responsible party,” as defined by the IRS, you may be personally liable for payroll taxes not reported
Helping clients avoid employment tax criminal penalties Read More »
Smaller taxpayers now are afforded greater flexibility. The Protecting Americans From Tax Hikes Act of 2015 (PATH Act), P.L. 114-113, contained several provisions favorable to taxpayers that incur qualified research and development (R&D) expenditures. Perhaps most importantly, it made permanent the previously temporary credit for increasing research activities (R&D credit) and added provisions allowing
Claiming the R&D credit against payroll tax or AMT Read More »
IRS rolled out a new tool to prevent nasty refund surprises at tax time This tax season a bunch of stories hit the press full of taxpayer grumbling about bigger bills and smaller refunds. If this happened to you, that might be a cue to adjust the amount that your employer (or you, if you’re
TIME FOR A WITHHOLDING CHECKUP? Read More »
Although nearly 200 million Americans file tax returns every year, not everyone has to. But new tax laws and other filing requirements may have changed. Whether some of these citizens who haven’t had to file before legally require to file a tax return now. Previously, your age, income level, and filing status (married, single, etc.)
DO I HAVE TO FILE TAXES? Read More »
You’ve submitted your tax return for the year, so now what do you do? Instead of shoving all your records into a disheveled pile in a closet, now is a good time to get organized. Here are some tips on organizing tax records after you file to make sure you’re ahead of the game next year.
Organized Your Tax Paperwork Read More »
Here are the taxes coming out of your paycheck — and how you can change them. Payroll taxes, including FICA tax, are what your employer deducts from your pay and sends to the IRS, state or other tax authority on your behalf. Here are the key factors, and why it’s important to monitor your withholding tax.
How FICA Tax and Withholding Tax Work in 2019 Read More »
Have you ever thought about starting your own business? Starting a company today is both harder and easier than ever before. It is more challenging because a larger number of opportunities have been capitalized on, and a greater number of people appear to be trying. If you are thinking of starting a company, then one
Business Structures that Start-Up Companies and Small Business Should Know Read More »
Questions about tax payments and penalties come up all year long. Taxpayers can find most answers to these questions on IRS.gov. They can head over to the Let Us Help You page, which features links that take users to information and resources on a wide range of topics related to penalties and payments. Payments Payment options
Taxpayers can go to IRS.gov for answers to questions about payments and penalties Read More »
Taxpayers can follow these three steps to use new Tax Withholding Estimator All taxpayers should use the new Tax Withholding Estimator to do a Paycheck Checkup. This tool helps people make sure their employers are taking out the right amount of tax from the employee’s paychecks. The money withheld from an employee’s paychecks throughout the year should cover
New Tax Withholding Estimator Read More »
The maximum benefit an eligible company can claim against payroll taxes each year under the PATH Act is $250,000.
How the R&D Credit Can Help New Companies Offset Payroll Taxes Read More »
