The Small Business Tax Help Blog

Archive for January, 2008

Tax time brings some changes to Tax Center

As tax season approaches, the Offutt Tax Center staff is preparing for a busy tax season and wants its customers to be aware of some changes in its service offerings.

Question: Do I need to get a New EIN to hire employees?

I already have an Employer Identification Number for my LLC, which I needed mostly for banking purposes.

When I requested this EIN with the IRS, I stated that I didn’t have and that I wasn’t planning to hire employees. However, now I need to hire employees and pay them with a W-2 form.

What’s the applicable procedure in this case?

Answer: No, you are already an established business, you do not need to get another EIN unless you are changing the class of business you have (from LLC to something else) or you are closing and opening up a new business.

You hire employees, fill out the paperwork. Just remember if you take out taxes, you are responsible for payroll taxes and filing the 941 form every quarter. The IRS doesn't mess around with those, I know from experience. Once you start taking out taxes, you can't stop. You must always do it. You can however, hire contractor workers (same as employees to you) but give 1099-misc forms so you don't take out taxes and end up responsible for payroll taxes. You need to search the www.irs.gov website to find out more information regarding all your options and what you will be responsible for as an employer. Oh and don't forget workman's comp and your state unemployment tax.

How Hezbollah defeated Israel By Mark Perry and Alastair Crooke (Oct '06)

Terror comes at night in Afghanistan One aspect of the United States' counter-terrorism war strikes fear into the hearts of Afghans, especially in the south where the Taliban are strongest - the special forces, often tattooed and bearded, who raid homes, invariably at night.

Omg. Ein Stuhl. [extract of "Tom's Tales of Awesome" by eddsworld GERMAN]

Pushing forward: Goals for the new year

In 2009, I received tens of thousands of letters, emails, faxes and phone calls from constituents who are saying one thing: Please listen to me! If the past year showed us anything, it’s that Americans are informed, engaged and ready to take action.

Food and Business Tax Fairness Act

Job seekers put hope in decade’s hot spots

As they scoured the job market and counted the days to graduation last spring, most of Christopher Hutchens’ friends at Johns Hopkins University decided the transition to real life could wait: They’d seek sanctuary in graduate school until the economic thunderclouds cleared.

Glenn Beck 20091209 Part 3/4

Perkasie’s new council plans to reopen 2010 budget in coming weeks

Perkasie Borough Council had four new members join its ranks Monday, Jan. 4, and the group is already busy at work, including planning to reopen the approved 2010 budget.

Tax Planning Houston & Houston Tax Accounting for Construction Contractors