New 2013 Tax Law Change Gives Small Business Some Reason To Celebrate.
After all the hand wringing and “confrontation politics” around the fiscal cliff negotiations, there may be some things in the 2013 tax law changes that bring relief to small business.
Now Congress has finally pinned down the details of the 2013 tax laws, there are three of the last-minute provisions that small businesses can take advantage of now:
New Tax Law Changes for Form 1099 Compliance
In 2013, there have been significant tax law changes effecting freelance and contract workers who file Form 1099.
If you work with freelancers, time is running out for employers to file Form 1099 under the new tax law changes under the 2010 Health Care Act. Employers must report both goods and services earned in 2012, not just goods and exempted payments. The intended goal is to remove the distinction between goods and services paid to freelancers, thereby cutting overall compliance costs.
Compliance under the new tax law changes means there is little time to waste.
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When you file your federal income tax return before April 2013, you’re filing your 2012 taxes, and the 2012 income tax brackets define the amount of tax you owe to the government before credits and after-tax adjustments.
Some great insight about the tax rates for 2013. Watch your paycheck carefully for changes!
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Tax (Photo credit: 401(K) 2012)
The latest “fiscal cliff” battle in Congress are only one example of how the New Year arrived with some substantial challenges.
2013 has finally arrived; with it comes tax law changes that will affect both payroll and employment tax compliance.
Top of the list is the American Taxpayer Relief Act of 2012 (ATRA), which will soon be signed into law by President Obama. The ATRA includes a multitude of changes to payroll tax laws, especially for individuals earning more than $400,000 and families earning more than $450,000.
Nobody lives forever—and you certainly don’t want to work forever either. If you haven’t saved for your retirement, it is always a smart idea to start now! Continue reading