The Small Business Tax Help Blog

Posts Tagged ‘tax’

Arizona LLC’s Limited Liabilty Company – Phoenix

Enzi aims to eliminate health care 1099 provision

Question: How much penalty will I pay since I owe about $1800 in federal taxes this year?

My husband and I do not have any additional income other then our salaried jobs. He claims 0 while I claim 1. For some reason, there was an error throughout the year in the amount that should have been taken out from my paycheck for federal. Last year we owed 1181 and paid 14 dollars in underpayment penalties and we didn’t send in Estimated Tax Payments throughout the year for 2009, since we figured we would be okay. What kind of penalty am I looking at?

Answer: It looks like the IRS charged you interest on your underpayment last year of about 1.2%. Basically they are saying that the money should have been with them instead of with you and they charged you a fee for that privilege.

I would think that the same fee would be applied to this year’s underpayment, or about $22 on the $1800 shortfall.

Are Federal Workers Underpaid? (Part 2 of 2)

Question: Can an LLC pay another LLC?

My husband recently became an LLC (due to local tax law revisions), and his father, who owns the company that he used to be considered an independent contractor for, is paying him as an LLC himself. This is a family-owned masonry company. They have always been separate, paying for their own insurance, paying their own taxes, but now a new law states that they all have to be an LLC in order to work and get paid. The confusion lies in whether or not my father in law can still pay my husband what is owed for working hourly through him, or does he have to be paid directly from the homeowner? I hope this makes sense, please ask questions to help me clarify……

Answer: yes an llc can pay another llc

The Horse Business Hotline – Private Contractor vs Employee

Tax Deduction Tips : Social Security Tax Tips