Greetings!
Small business is the heartbeat of America and job creation. In this month's addition of It All Add$ Up, see how small businesses are supporting each other. As consumers, we need to consider supporting small businesses for they are driving our economy forward. Paxton Bookkeeping and Tax Services helps our clients stay abreast of tax changes and through proper planning throughout the year, there are no unexpected surprises. Referrals are our best source of business. If you know of someone who struggles to keep up with their bookkeeping or had an unexpected tax bill, please consider giving them our name or forwarding our newsletter. We'd love to help.
We put the AX to your TAX worries!
Lauri
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Entrepreneurs Practice What They Preach by Sourcing and Shopping Small Small business is at the core of our economy's growth. Many small business owners support each other by buying and shopping local. More than 54% remain optimistic about business prospects, but still have concerns about the  economy which is raising cash flow concerns. Over 92% say they are happy with their lives. "We should all draw inspiration from small businesses that remain steadfast optimists and loyal contributors to local communities and causes despite an economic environment that remains uncertain," said Susan Sobbott president, American Express OPEN. Read on to see how to support small business and create jobs.
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Planning for 2014 Tax Season Already?
For most taxpayers, the tax deadline has passed. Were you surprised with your tax bill or refund? Proper planning will help to avoid unexpected surprises and next year's tax planning can start now. The IRS reminds taxpayers that being organized and planning ahead can save time and money in 2014. Here are four things you can do now to make next April 15 easier. |
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Self Employed Contributions Act Tax - (SECA Tax)
A form of taxes that self-employed business owners must pay based on their net earnings from self-employment. Self Employed Contributions Act Tax (SECA Tax) was first imposed by the SEC Act of 1954. Similar to the Federal Insurance Contributions Act Tax (FICA Tax) that employees pay, the payments fund Social Security, Old Age Survivors and Disability Insurance (OASDI) and Medicare programs.
According to Kiplinger Tax Letter, "Many Senate Democrats favor a proposal to impose SECA tax on owners of S firms in personal service fields...law, health, accounting and the like. They'd owe self-employment tax on their share of the firm's profits if 75% or more of its income is attributable to the services of three or fewer of the firm's owners. Senate Republicans will manage to keep the Democrats' proposal bottled up this year. But don't rule out its passage as part of a tax reform package. You can bet that lawmakers will be hungry for revenue raisers to use for lower rates on individuals."
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