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Tax Literacy


  • Submitted on 20 March 2012

    Estimated Taxes CalculatorEstimated tax is the method used to pay tax on income that is not subject to withholding. This includes income from self-employment, interest, dividends, alimony, rent, gains from the sale of assets, prizes and awards. You also may have to pay estimated tax if the amount of income tax being withheld from your salary, pension, or other income is not enough.

    Estimated tax is used to pay income tax and self-employment tax, as well as other taxes and amounts reported on your tax return. If you do not pay enough through withholding or estimated tax payments, you may be charged a penalty. If you do not pay enough by the due date of each payment period you may be charged a penalty even if you are due a refund when you file your tax return.

  • Submitted on 25 January 2012

    When you’re running a business, you don’t need to be a tax expert, too. But you do need some tax basics. IRS Small Business Advantage gives you the  information you need to stay tax compliant so your business can thrive. 

    AccountingChoosing a Tax Professional

    With your new responsibilities, you may decide to hire a professional tax preparer to assist with your taxes. Enrolled agents, tax attorneys, and certified public accountants have training and expertise in federal taxes. When selecting a tax professional, ask a few questions to see if he/she offers what you are looking for:

    Experience: Does the tax professional have experience in working with similar size and type businesses? Is the professional familiar with your particular line of business?

    Services: Does the tax professional offer electronic filing—the safest and most efficient way to file your tax returns?

    Price: What does the tax professional charge for services? If the IRS examines your return, what is the tax professional’s policy on assisting you? Is the tax professional authorized to practice before the IRS?

    Qualifications: New regulations require all paid tax return preparers to register with the IRS and obtain a Preparer Tax Identification Number (PTIN). Ensure that the tax professional you choose has a PTIN.

  • Submitted on 20 January 2012

    Health Care Tax Credit

    Health Care Tax CreditHealth coverage legislation enacted in 2011 included a Small Business Health Care Tax Credit to help small businesses and small tax-exempt organizations provide health insurance coverage to their employees.

    Small businesses and tax-exempt organizations providing health insurance coverage will qualify for a special tax credit. Included in the health care reform legislation, the Patient Protection and Affordable Care Act encourages small business employers to offer health insurance coverage for the first time or maintain coverage they already have. In general, the credit is available to small business employers paying at least half the cost of single coverage for their employees.

    Go to www.irs.gov, search: Health Care Tax Credit.

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