According to the United States Internal Revenue Service (IRS), businesses can incur four basic kinds of federal taxes. They include income tax, self-employment tax, employment tax, and excise tax. In addition to these taxes, each state requires that businesses pay certain taxes. In all cases, the way a business operates determines which taxes it owes. […]Continue Reading... No Comments.
The October 30th 2014, Canada Federal Government made 2014 announcement that included a proposal to introduce the Family Tax Cut, a new non-refundable tax credit of up to $2,000 for eligible couples with minor children based on the net reduction of federal tax that would be realized if up to $50,000 of an individual’s taxable […]Continue Reading... No Comments.
Internet File Transfer – If you use payroll, commercial, or in-house developed software to manage your business, you can submit files of up to 150 MB over the Internet using the Internet file transfer application. Web Forms – Ideal for smaller returns use the Web Forms application to create, save, validate, and electronically file an […]Continue Reading... No Comments.
Commission employees To deduct the expenses you paid to earn commission income, you have to meet certain conditions. Employment conditions (commission employees) To deduct employment expenses you paid to earn commission income, you have to meet all of the following conditions: • Under your contract of employment, you had to pay for your own expenses. […]Continue Reading... No Comments.
You may be considered an employer if you hire a baby-sitter and you: •Establish regular working hours (e.g. 9 a.m. to 5 p.m.) •Assign and supervise the work done If you are the employer, you will be considered a sole proprietor and you will need a payroll account. These steps will help you understand your […]Continue Reading... No Comments.