An NOL is the excess of allowable deductions over gross income, computed under the law in effect for the loss year, with required adjustments. Say what???? A Net Operating Loss can apply to individuals, partnerships, and corporations. The NOL from a pass-through entity will be reported on form 1040 of the shareholders/members. Taxpayers entitled [...]
Read More Income Tax Planning, Income Tax Preparation, IRS Letters, IRS requirements, IRS Small Business, Tallahassee Tax Service, TallyTaxMan, Tax Credits, Tax DeductionsEmployers have to pay unemployment tax on top of the matching FICA payroll tax. There is a state unemployment tax, and a federal unemployment tax. The federal unemployment tax is paid at least annually, and reported annually on a federal form 940. This is paid on the first $7,000 in compensation paid to each employee. [...]
Read MoreAs of Jan. 1, 2011, no matter what your tax bracket, you can expect a hike. The lowest, 10% bracket will rise to 15%. On the high end 35% will rise to 39.6%. And everything in between….. The 25% bracket will rise to 28%. The 28% bracket will rise to 31%. The 33% bracket [...]
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