2021 – 01/28 A new year can bring a fresh start, including for your tax situation. That’s why the IRS is reminding people to check their 2021 withholding by using the IRS Tax Withholding Estimator online tool. Employees can avoid penalties by ensuring they’re having enough tax withheld, but also keep more cash in their pockets by not over withholding. To adjust withholding, employees should submit a new Form W-4 (Withholding Allowance Certificate) to their employers. Self-employed persons can also avoid underpayment penalties by using the tool to check the accuracy of their estimated tax payments and adjust if necessary. Here’s more information, including a link to the Estimator:
Similar Posts
We can explain the tax implications of COVID-19 relief laws
On December 21, 2020 the U.S. Senate and House of Representatives passed a $900 billion COVID Relief Bill (the Consolidated Appropriations Act, 2021). The measure now goes to President Trump, who is expected to sign it into law. The bill includes stimulus checks for individuals, unemployment benefits, and additional aid for small businesses. Below are…
Employers: The Social Security wage base is increasing in 2022
2021 10/25 The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $147,000 for 2022 (up from $142,800 for 2021). Wages and self-employment income above this threshold aren’t subject to Social Security tax. Background information The Federal Insurance Contributions Act (FICA) imposes two taxes on employers, employees…
Paid Sick & Family Leave Credit
2021 – 04/22 The IRS and President Biden are emphasizing the availability of tax credits under the American Rescue Plan Act to employers that provide paid leave for employees receiving COVID-19 vaccinations. In fact, the paid sick and family leave credit is available for eligible employers who provide paid time off for employees to obtain…
Prudent technology upgrades call for some soul searching
2022 – 02/16 By now, most business owners view technology upgrades as inevitable. Whether hardware or software, the tech your company relies on to operate will need to change slightly or even drastically for you to stay competitive. Strange as it may sound, technology upgrades demand a bit of soul searching. That is, before spending…
National Small Business Week
2021 – 09/14 National Small Business Week runs through Sept. 17. To recognize the week, the IRS is providing information for businesses to help understand and meet their tax obligations. To learn more about employment tax obligations, obtaining an Employer Identification Number, making estimated tax payments and more, visit:
Calculating corporate estimated tax
2022 – 05/31 The next quarterly estimated tax payment deadline is June 15 for individuals and businesses so it’s a good time to review the rules for computing corporate federal estimated payments. You want your business to pay the minimum amount of estimated taxes without triggering the penalty for underpayment of estimated tax. Four methods…
We can explain the tax implications of COVID-19 relief laws
On December 21, 2020 the U.S. Senate and House of Representatives passed a $900 billion COVID Relief Bill (the Consolidated Appropriations Act, 2021). The measure now goes to President Trump, who is expected to sign it into law. The bill includes stimulus checks for individuals, unemployment benefits, and additional aid for small businesses. Below are…
Employers: The Social Security wage base is increasing in 2022
2021 10/25 The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $147,000 for 2022 (up from $142,800 for 2021). Wages and self-employment income above this threshold aren’t subject to Social Security tax. Background information The Federal Insurance Contributions Act (FICA) imposes two taxes on employers, employees…
Paid Sick & Family Leave Credit
2021 – 04/22 The IRS and President Biden are emphasizing the availability of tax credits under the American Rescue Plan Act to employers that provide paid leave for employees receiving COVID-19 vaccinations. In fact, the paid sick and family leave credit is available for eligible employers who provide paid time off for employees to obtain…
Prudent technology upgrades call for some soul searching
2022 – 02/16 By now, most business owners view technology upgrades as inevitable. Whether hardware or software, the tech your company relies on to operate will need to change slightly or even drastically for you to stay competitive. Strange as it may sound, technology upgrades demand a bit of soul searching. That is, before spending…
National Small Business Week
2021 – 09/14 National Small Business Week runs through Sept. 17. To recognize the week, the IRS is providing information for businesses to help understand and meet their tax obligations. To learn more about employment tax obligations, obtaining an Employer Identification Number, making estimated tax payments and more, visit:
Calculating corporate estimated tax
2022 – 05/31 The next quarterly estimated tax payment deadline is June 15 for individuals and businesses so it’s a good time to review the rules for computing corporate federal estimated payments. You want your business to pay the minimum amount of estimated taxes without triggering the penalty for underpayment of estimated tax. Four methods…
We can explain the tax implications of COVID-19 relief laws
On December 21, 2020 the U.S. Senate and House of Representatives passed a $900 billion COVID Relief Bill (the Consolidated Appropriations Act, 2021). The measure now goes to President Trump, who is expected to sign it into law. The bill includes stimulus checks for individuals, unemployment benefits, and additional aid for small businesses. Below are…
Employers: The Social Security wage base is increasing in 2022
2021 10/25 The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $147,000 for 2022 (up from $142,800 for 2021). Wages and self-employment income above this threshold aren’t subject to Social Security tax. Background information The Federal Insurance Contributions Act (FICA) imposes two taxes on employers, employees…
Paid Sick & Family Leave Credit
2021 – 04/22 The IRS and President Biden are emphasizing the availability of tax credits under the American Rescue Plan Act to employers that provide paid leave for employees receiving COVID-19 vaccinations. In fact, the paid sick and family leave credit is available for eligible employers who provide paid time off for employees to obtain…
Prudent technology upgrades call for some soul searching
2022 – 02/16 By now, most business owners view technology upgrades as inevitable. Whether hardware or software, the tech your company relies on to operate will need to change slightly or even drastically for you to stay competitive. Strange as it may sound, technology upgrades demand a bit of soul searching. That is, before spending…
National Small Business Week
2021 – 09/14 National Small Business Week runs through Sept. 17. To recognize the week, the IRS is providing information for businesses to help understand and meet their tax obligations. To learn more about employment tax obligations, obtaining an Employer Identification Number, making estimated tax payments and more, visit:
Calculating corporate estimated tax
2022 – 05/31 The next quarterly estimated tax payment deadline is June 15 for individuals and businesses so it’s a good time to review the rules for computing corporate federal estimated payments. You want your business to pay the minimum amount of estimated taxes without triggering the penalty for underpayment of estimated tax. Four methods…