A W-2 is a form issued to an employee from their employer. This form contains information such as the employee’s gross income, their local, state, and federal tax withholdings, social security withholding, and more. As long as an employee is paid at least $600 by an employer throughout the year, they will be issued a W-2 from that employer.
Tax deductions are a great way for small businesses to reduce their income tax bill. A tax deduction is an expense you can deduct from your total taxable income. The approved expense is subtracted from the total taxable income, and therefore allows you to pay a smaller tax bill. Let’s take a look at twelve tax breaks every small business owner should know about.
The IRS is infamous as a daunting government agency. You’d be forgiven for conjuring some not-so-positive adjectives about their paper forms, confusing acronyms, and complex tax filing processes. But with the new Taxpayer First Act law, the IRS is making moves to change its kafkaesque perception. Signed into law earlier this month, it sets deadlines and some new processes to move the agency into the 21st Century. Let’s take a look at how the new law impacts HR and payroll professionals.
If you run payroll, you’re responsible for paying employer payroll tax annually. And while all tax forms need to be filed as accurately as possible, employer payroll tax forms should be completed with the utmost level of accuracy. In order to properly check all the right boxes, let’s answer some common employer payroll tax questions.
Tax season is upon us and of all the forms employees, CPAs, HR professionals, and accountants prioritize, the W-2 is at the top of the list. The W-2, formally known as the IRS Wage and Tax Statement, doesn’t have to be challenging. As long as you receive your W-2 in time and the individual forms are filled out correctly, your tax season shouldn’t be a problem. Let’s take a look at the W-2.
Fall is here in Michigan. Pumpkins are on porches and the air feels crisper, cooler, and filled with the scents of autumn. As the days get shorter and colder, spring feels like a long way off, and with it, the promise of a large tax return. But it’s never too early to examine where your payroll taxes go and what they’re used for.
Are you considering starting your own business in Michigan? Understanding your tax obligations and preparing taxes can be confusing and complicated, especially for someone who hasn’t had any training for it. If returns are neglected or filed improperly, you may be fined by the IRS. It is always a good idea to consult a tax adviser or accountant to help you understand and prepare your returns. At Dominion, we make sure that your local, state, and federal taxes are paid on time, every time. Our Tax Team is only a call or email away and is always willing to help you find the answers you are looking for. In this blog you will find useful information that will help you understand everything you need to know about Michigan payroll taxes and Michigan payroll processing for your new business.
The world of tax law and payroll regulations is a complicated one. Managing pay periods, calculating overtime, and staying current on the latest procedures is no easy task. One critical component of tax law regulation your business needs to comply to is the lookback period. The lookback period is a complicated affair, but in general terms, a lookback period is a determined length of time the IRS uses to make sure your previous tax filings are correct. The status of your business will determine the length and filing type of your particular lookback period. Let’s take a look at a few common examples to better understand this component of tax law.