e-News for Small Business, Issue 2019-12

 

e-News for Small Business July,19 2019
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	Issue Number:  e-News for Small Business, Issue 2019-12 Inside This Issue How to tell the difference between a business and a hobby for tax purposes Next estimated tax due date is Sept. 16 Employees can check on their refund online 1.  How to tell the difference between a business and a hobby for tax purposes Are you running a business or engaging in a hobby? Generally, if someone has a business, they operate the business to make a profit, while hobbyists participate primarily for sport or recreation. Here are three key factors to consider:  Whether you maintain books and records for your activity. Whether the time and effort you put into the activity indicates you intend to make it profitable. Whether you depend on income from the activity for your livelihood. For more information, go to the Income & Expenses page on IRS.gov. Back to top 2.  Next estimated tax due date is Sept. 16 Self-employed workers are responsible for paying taxes directly to the IRS. One way is to make estimated tax payments during the year. The next due date for 2019 is Sept. 16. The Tax Cuts and Jobs Act changed the way tax is calculated for those with substantial income not subject to withholding. As a result, many self-employed workers may need to raise or lower the amount of tax they pay each quarter. The revised estimated tax package, Form 1040-ES, on IRS.gov is designed to help taxpayers calculate their estimated payments correctly. The package includes a quick rundown of key tax changes, income tax rate schedules for 2019, and a worksheet for figuring the right amount to pay. See also: Self Employed Individuals Tax Center Pay as You Go, So You Won't Owe: A Guide to Withholding, Estimated Taxes, and Ways to Avoid the Estimated Tax Penalty. Back to top 3.  Employees can check on their refund online Employees and other wage earners who filed an extension and are submitting their 2018 tax return this summer can easily check the status of their refund by using the IRS "Where's My Refund?" tool. This tool is available on IRS.gov and through the IRS2Go app. Taxpayers can use Where's My Refund? to start checking the status of their tax return within 24 hours after the IRS receives an e-filed return. For paper returns, the wait is four to six weeks after the return was mailed to the IRS. 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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