Intuit offers two options for adding payroll functionality to its QuickBooks Online accounting software. Self Service Payroll provides complete payroll functionality for businesses wanting to do payroll themselves. Full Service Payroll, by comparison, is an outsourced Intuit payroll online option in which accuracy is guaranteed. Both Intuit payroll online options fully integrate with QuickBooks Online….
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Independent Contractor Taxes: How Much to Pay & When to File
Independent contractor taxes include federal income tax, self-employment tax, state and municipal taxes. Independent contractors who are sole proprietors report taxes on Form 1040 and Schedule C. Taxes are due on April 15 or October 15, if filed on extension. Independent contractors are required to make estimated tax payments or with the tax return. This…
TaxAct vs TurboTax: Price, Features, & What’s Best
TaxAct and TurboTax are tax preparation software products that are good options for people to prepare their own tax returns. TurboTax has more features and provides the option for review by a licensed tax professional. TaxAct is less expensive and provides a good set of features for most people who prepare returns. When to Use…
How to Get a PTIN in 4 Steps [+Free Checklist]
Tax professionals must have a Preparer Tax Identification Number, or PTIN, if they are paid to prepare tax returns. Because PTINs expire every December 31st, tax preparers need to renew their PTIN before tax season starts. Preparers can get or renew a PTIN online in about 15 minutes or by mail in about six weeks….
Excise Taxes: A Guide for Small Businesses
The federal government imposes excise taxes on a variety of products and services that are manufactured in or imported into the United States. Business collect excise taxes and pay these excise taxes over the the government. Excise taxes apply to alcoholic beverages, tobacco, firearms, airfares, telephone service, and many other products and services. Alcohol and…
IRS Annual Filing Season Program
The Annual Filing Season Program (AFSP) is a voluntary credential for tax professionals offered by the IRS. The AFSP is right for tax preparers who are not already enrolled agents, certified public accountants, or attorneys. IRS issues a Record of Completion to tax preparers completing 18 hours of tax education and meeting other requirements. What…
Section 179 Calculator: Calculate Your Tax Savings
Section 179 is a type of tax deduction that lets you deduct up to $1 million in equipment and other fixed assets as a business expense on your tax return. This provides significant tax savings compared to depreciating the assets over several years. Our Section 179 calculator helps you determine how much you can deduct…
IRS Form 1120S: Definition, Download, & 1120S Instructions
Form 1120S is the annual tax form used by S-corps and LLCs taxed as S-corps to report their net earnings to the IRS. Similar to partnerships, net earnings pass through to the S-corp’s shareholders. Shareholders report their share of the S-corp’s earnings on their personal tax returns. You can download Form 1120S and prepare the…
Car Depreciation: How to Calculate Your Vehicle Depreciation Deduction
Entrepreneurs who drive cars, trucks, vans, or SUVs for business can deduct part of the vehicle purchase price from their taxes. The purchase price is typically deducted over one to five years using a process called depreciation. Three methods for calculating car depreciation are the special depreciation allowance, modified accelerated cost recovery system (MACRS) depreciation,…