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Employment Taxes for Exempt Organizations?

When the tax exempt organization has employees, then the organization is responsible for Federal Income Tax withholding and Medicare and Social Security taxes. These organizations are also responsible for Federal Unemployment Tax. Before hiring an employee, the organization needs a federal Employer Identification Number (EIN). When the organization has employees working for them, then the organization is accountable for state, federal and local taxes. The organization acting as an employer for the employees must withhold certain taxes...

How the Economy Needs the Trucking Industry?

The trucking industry is one of the best industries in the United States and has much impact on the economy of the nation. People who are associated with the trucking industry are hard-working and they contribute more to society. Daily activities of a common man are undistributed because of the tireless effort of the truck drivers. The truckers are responsible for moving the goods and delivering them to the destination. Every good that we buy is handled...

What is an EIN and How to Apply for Small Business?

EIN- Employer Identification Number is a unique 9 digit number that helps in identifying the business for the purpose of taxation. This EIN is issued by the IRS for the businesses. Every business owner even if it is a small business, is expected to open a business bank account, get business licenses, and file their respective tax returns. While implementing the above process, there will be no delays in obtaining the licenses or financing to operate the...

Tips You Need to Know About Fundraising For Nonprofits

Nonprofit organizations rely on fundraising to operate and fulfill their motives, so it is important to build long-lasting relationships with all their donors. Position your organization in such a way that you will achieve success in whatever way you want with your strategies. Nonprofit Fundraising Planning for Success Make sure your idea and strategy are brief and concise. The message that you want to deliver to people should gain their trust and belief that whatever you are...

What to do after your 990 Form Rejected?

What to do, if the IRS rejected Form 990? Remember that when the form is rejected, it is not the end and still you have some options. To know more about it, read on the article. As a first step, you need to examine about Form 990 rejection. It can be due to one of the following options. When you try to file without tax-exempt status, the form will be rejected by the IRS. In order to...

Top 12 Tax Tips for New Small Businesses

When you are new to the field of small business, it is better to check the tips and tricks for small business before filing your tax returns. Let us discuss, the top tax deductions for small businesses that can be claimed by the sole proprietors. Similar claims can be applied by other entities like S corporations, C corporations, partnerships, and Limited Liability Companies (LLCs). But there is a slight difference in the rules for some tax deductions....

IRS provides tax relief for victims of Hurricane Sally; 15- October deadline, other dates extended to 15-Jan

Have you been a victim of the latest natural disaster Hurricane Sally? Do you know deadline extension and tax relief for affected victims? Based on your location, there is tax relief for hurricane Sally victims. Here’s a glimpse of it. Hurricane Sally Relief Due Date Extended Oct. 15 to Jan. 15 The IRS has declared relief for victims affected by hurricane Sally. The storm arose on 14-September 2020, and taxpayers affected by the storm have an extended...

IRS Reminds Taxpayers who filed an Extension that the Oct. 15 Due to Date Approaches

Have you filed for an extension? Hurry up, as the due date for taxpayers’ request for an extension is approaching. For taxpayers filed for an extension, the IRS reminds about the due date arriving 15-October. The taxpayers must file before the due date and complete tax returns. The good news is that IRS free file and electronic filing options are available. For prompt tax filing, payment and refunds process and to maintain social distancing utilizing electronic options...

Understand Tax Benefits for Higher Education

Do you know that you can be able to deduct education expenses paid during the tax year? These tax benefits of higher education are applicable for yourself, your spouse, or children. Note that this tax deduction cannot be applied if your tax filing status is married filing separately or when your dependent can claim an exemption for you as a dependent on his or her tax return. The qualified expenses are valid only for higher education. Tax...

How to E-File Federal and State Tax Return Together?

The Federal/ State E-file program lets the taxpayers to file both the federal and the state tax returns together. For this, about thirty-seven states in the U.S and the District of Columbia joined with IRS to let the tax filers e-file their federal and state tax return at the same time. How does this program work? When the taxpayer uses the state or federal E-file, the e-filing software collects the data from the user and put them...