Posts by Nathan Peterson10

7 posts shown.

Accounting for Sole Proprietors: Tax & Bookkeeping Tips in Business, Accounting & Taxes · Apr 24, 2017

I'm not quite sure which sub here is best for this question. I know a sole proprietor—no employees, just himself—who just received notice from the Department of Labor on July 1st stating he's eligible to retire. However, it turns out he hasn't fully cleared all his outstanding payroll taxes and social security contributions yet.
Is it actually possible for him to transition into retirement now and then settle those back payments later? Specifically, how does his official retirement status get finalized in a situation like this?
Thanks.

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Accounting for Sole Proprietors: Tax & Bookkeeping Tips in Business, Accounting & Taxes · Feb 22, 2016

Does a self-employed professional or small business owner really have to pay the entire tax difference for 2015 right when they file their return on February 26th? I guess what happens if someone doesn't actually have all that cash on hand that day, especially if the amount is more than $10,000 $0.00? Am I just supposed to conjure that money out of thin air?
Is there any way to pay this off in two or three installments?
And honestly, what is this whole "tax grab" 🙂🙂
even about?

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Accounting for Sole Proprietors: Tax & Bookkeeping Tips in Business, Accounting & Taxes · Feb 7, 2016

ruggedlynx63 said:Look, if you want those training costs to be tax-free, you have to check all these specific boxes first:
- The payment absolutely has to be for the benefit of the company's own staff.
- The training needs to be directly relevant to what the business actually does.
- The money should be paid directly to the educational institution, not handed to the employee.
If the employer decides to foot the bill for an employee's continuing education, that expense ends up being doubly tax-advantaged... because the company can use it to lower its taxable income base via standard federal tax incentives when filing their annual return.

Thanks for the answer.👍

I was wondering what happens if I pay the payroll taxes and everything else on Friday afternoon?
Can I submit the electronic tax filing with Monday's date via the IRS portal, or am I forced to file by Saturday?

As for these new changes regarding income, taxes, and contributions—it’s honestly terrible.
It’s driving me crazy. I don't understand who would pass such senseless laws and regulations, creating all this confusion and unnecessary hassle.
Why make things so complicated?

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Accounting for Sole Proprietors: Tax & Bookkeeping Tips in Business, Accounting & Taxes · Feb 2, 2016

ruggedlynx63 said:Look, if you want those training costs to be tax-free, you have to check all these specific boxes first:
- The payment absolutely has to be for the benefit of the company's own staff.
- The training needs to be directly relevant to what the business actually does.
- The money should be paid directly to the educational institution, not handed to the employee.
If the employer decides to foot the bill for an employee's continuing education, that expense ends up being doubly tax-advantaged... because the company can use it to lower its taxable income base via standard federal tax incentives when filing their annual return.

Thanks so much. This really helped me out.👍

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Accounting for Sole Proprietors: Tax & Bookkeeping Tips in Business, Accounting & Taxes · Feb 2, 2016

I'm not quite sure which section this belongs in.🤔
An employer running a small business wants to pay for additional training for an existing employee. Not a student, just a current staff member.
What kind of tax breaks are available, and what exactly can be filed as a deductible expense? Can they write off the full amount of the training costs? If so, how much? Also, how does this get recorded on the payroll forms, and what's the proper way to report it to the IRS?
Thanks for any help.

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How to sign up for Medicare in Business, Accounting & Taxes · Aug 11, 2015

🤔
How can I find my Social Security number through Medicare? An employee is about to leave one employer and start with another soon. How do I locate that number, where should I go, and who is the right person to contact?

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How do I use Multi-Quote? in Forum Help! · Jan 28, 2012

ruggedpanther2;37558063 said:
So far, three planets outside our solar system—known as exoplanets—have been discovered that experts believe could potentially support colonization by future generations.

just practicing

Back in May, American astronomers identified Gliese 581 D, located roughly 20 light-years away. It’s about six times the size of Earth and part of a system containing at least six planets. Three months later, a Swiss person reported that another planet, HD 85512b, situated 36 light-years away, might also be habitable.

practicing quoting... showing my mom... yay

The planet in the valley constellation has a mass approximately 3.6 times that of Earth.

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