Tax Relief For Small Business – Do You Qualify?
If you are a small business owner who earns less than $500,000 in 2008, and half of your adjusted gross income is from the business you own, you may be eligible for an estimated tax payment relief. In addition, your business must have less than 500 workers.
The Estimated Tax Payments Are Reduced For 2009
The American Recovery and Reinvestment Act of 2009 reduced the estimated tax payments a small business owner must pay. Before this, the estimated tax payments were equal to 100% or more of the tax liability from the prior tax year.
For 2009, your estimated tax payments are equal to 90% percent of your tax liability for 2008 or 2009. Normally, you have to pay 110% of your previous year’s taxes in estimated taxes.
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Tax News Updates:
Kan. lawmakers adjourn still debating tax cuts
The income tax cuts, along with an already scheduled sales tax reduction, will provide $231 million in tax relief for the fiscal year beginning July 1, with the annual figure growing to $934 million after six years. The bill on Brownback's desk would ...
Businesses disappointed over failure of tax reform
Terry Branstad said after the Iowa Legislature adjourned for a second straight year without finding compromise on how best to deliver relief to owners of commercial and industrial property without undercutting local governments or shifting tax burdens ...
IRS: More time for portability election
by Small Business Tax Strategies on May 20, 2012 8:00am The IRS has extended the deadline for estates of married individuals who died in 2011 to make the “portability” election for unused unified federal gift and estate tax exemptions.
Kan. lawmakers unable to find smaller tax cut plan
Brownback and his allies believe that the state's economy will get a big, jobs-creating boost from legislation already on his desk to cut individual income tax rates for 2013 and eliminate income taxes for 191000 businesses.
