Self-employed tax filers typically pay employment taxes on their net earnings. In recent years, some self-employed persons with higher levels of income have been assessed an additional Medicare tax. The additional Medicare tax became effective in 2013 as part of the Affordable Care Act. Before the additional Medicare tax became effective, self-employed persons reported all of their Social Security tax and Medicare tax on IRS Schedule SE. Now, individuals with income levels above certain thresholds must use both Schedule SE and IRS Form 8959 to pay their Medicare tax.
22 July 2016
Are you trying to organize your finances? One of the easiest ways to organize your finances is to integrate your bookkeeping software directly with your online bank accounts. This pulls all of your transactions into an easy-to-manage system. But there are still some hurdles when consolidating your data like this, including some mistakes which could throw your registry off. 1. Failing to Code Your Checks and Transactions Not only do you need to track the amount of money you've spent, but you also need to code it properly so you know what you spent it on.
6 June 2016
If you are getting married and you already know that you and your potential spouse aren't great with money and have debt, it may be wise to hire the services of an accountant. Even if the two of you don't have a lot of money to spend, making the investment may change your lives and greatly benefit your life after marriage. There are many couples that stress and fight about money in their marriage, because their financial decisions no longer affect just themselves after they walk down the aisle.
18 August 2015
Are you about to start using accounting software to manage your business? Many small business owners and self-employed individuals do their own bookkeeping so that they can hand off accurate general ledger reporting to their certified public accountant at the end of the year or quarterly. But the process isn't without its challenges; bookkeeping software can be a bit difficult to get acclimated to, especially without training. Here are a few of the most common mistakes
15 July 2015
If you've done taxes for yourself or your business, then you know just how incredibly complicated and frustrating the process can be. Thankfully, there are professionals who can help streamline any of your financial needs, for a fee. Here is an introduction to the world of certified public accountants and an argument for why you should hire one: What is a certified public accountant? A certified public accountant is any accountant who meets specific qualifications, including the passing of a standardized exam known as the Uniform Certified Public Accountant Examination, This means that you can trust a CPA to be a competent accountant.
1 April 2015
If you're launching a new business, or simply want to revitalize an existing business that has gone a bit stale, you might be wondering about the most cost-effective ways of promoting your products and services. In today's technology-centric world, it can be difficult to keep up with changes in search engine optimization, laws governing targeted mailings and other types of solicitation, and other key issues in the marketing field. Read on to learn more about how a marketing consultant may be able to bring in a steady stream of reliable, paying customers.
27 March 2015
With tax season in full play now, many people have questions about how taxes work. Taxes can be very confusing, which is why so many people choose to hire professional services. This is a wise choice, and can help you save money and ensure that you avoid the extra headache of taxes. For those who may not understand taxes as well, here are a couple answers to commonly asked questions.
23 March 2015