e-News for Small Business Issue 2018-29

 

e-News for Small Business Sept. 11, 2018
Tax Resources for Small Business Small Business and Self-Employed One-Stop Resource Small Business Forms & Instructions Small Business Events Small Business Webinars e-File for Businesses and Self-Employed Businesses with Employees Small Business Products Self-Employed Individuals S Corporations Other Resources IRS.gov Find it Fast! All Forms and Instructions Filing Your Taxes Make a Payment Taxpayer Advocate Service Retirement Plans Tax Information for Charities and Other Non-Profits State Links SSA/IRS Reporter IRS Social Media	e-News for Small Business, Issue 2018-29 Inside This Issue An estimated tax payment in 2018 could help avoid a penalty in 2019 Clarification for business taxpayers: Payments under state or local tax credit programs may be deductible as business expenses IRS launches new easy-to-use webpages on tax reform Tax facts for seasonal job seekers 1.  An estimated tax payment in 2018 could help avoid a penalty in 2019 Taxes must be paid as you earn or receive income during the year, either through withholding, estimated tax payments or a combination of both. A Paycheck Checkup using the IRS Withholding Calculator can help you see if you need to make an additional payment to avoid an unexpected tax bill or underpayment penalty when you file your tax return next year. You may need to make estimated payments if you: have multiple jobs—especially if you don't have each employer withhold taxes are self-employed or an independent contractor are a representative of a direct-sales or in-home-sales company participate in sharing economy activities where you are not working as an employee receive pension income Visit IRS,gov to learn more. Back to top 2.  Clarification for business taxpayers: Payments under state or local tax credit programs may be deductible as business expenses Business taxpayers who make business-related payments to charities or government entities for which the taxpayers receive state or local tax credits can generally deduct the payments as business expenses. See News Release 2018-178 for more information. Back to top 3.  IRS launches new easy-to-use webpages on tax reform Business owners and self-employed taxpayers should make IRS.gov/taxreform their first stop for information on how tax reform affects both their business and individual taxes. The updated IRS.gov/tax reform page has helpful information for three types of taxpayers: individuals, businesses and tax exempt entities.   The Businesses page is for businesses of any size and includes these topics, among others: New 20 percent deduction for passthrough business Changes to deductions for certain fringe benefits Like-Kind Exchanges New employer credit for paid family and medical leave Depreciation and expensing Back to top 4.  Tax facts for seasonal job seekers Small business owners and self-employed taxpayers often get seasonal jobs to earn extra spending money or to save for later. But many don't realize that they need to report income from a part-time or temporary job to the IRS. The IRS offers this fact sheet for those working seasonal jobs and other part-time employment to help them correctly file and pay their taxes. See also: Tax Reform Publication 505, Tax Withholding and Estimated Tax Understanding Employment Tax Back to top                         Thank you for subscribing to this IRS e-mail service. This message was distributed automatically from the mailing list e-News For Small Business. Please Do Not Reply To This Message.

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