Category Archives: Payroll

Changing Standard Milage Rate

Posted on June 30, 2011 by

This announcement informs taxpayers that the Internal Revenue Service is modifying Notice 2010-88, 2010-51 I.R.B. 882, by revising the optional standard mileage rates for computing the deductible costs of operating an automobile for business, medical, or moving expense purposes and … Continue reading →

Posted in Accounting, Charity, Corporate Tax, Federal Tax, Payroll, Personal Tax, Small Business, Tax Credits | Tagged , , , | Leave a comment

Eight Things to Know If You Receive an IRS Notice

Posted on May 3, 2011 by

Each year, the Internal Revenue Service sends millions of letters and notices to taxpayers for a variety of reasons. Here are eight things to know about IRS notices – just in case one shows up in your mailbox. Don’t panic. … Continue reading →

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Payroll Tax Cut to Boost Take-Home Pay for Most Workers; New Withholding Details Now Available on IRS.gov

Posted on December 17, 2010 by

WASHINGTON ― The Internal Revenue Service today released instructions to help employers implement the 2011 cut in payroll taxes, along with new income-tax withholding tables that employers will use during 2011. Millions of workers will see their take-home pay rise … Continue reading →

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IRS Announces 2011 Standard Mileage Rates

Posted on December 3, 2010 by

The Internal Revenue Service today issued the 2011 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2011, the standard mileage rates for the … Continue reading →

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Small Business Health Care Tax Credit

Posted on September 13, 2010 by

Received a Postcard from the IRS? Millions of small employers will receive postcards from the IRS beginning the week of April 19 that alert them to the new Small Business Health Care Tax Credit and encourage them to check their eligibility. Even … Continue reading →

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Eight Things to Know If You Receive an IRS Notice

Posted on September 3, 2010 by

Did you receive a notice from the IRS this year? Every year the IRS sends millions of letters and notices to taxpayers but that doesn’t mean you need to worry. Here are eight things every taxpayer should know about IRS … Continue reading →

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Employee vs. Independent Contractor – Seven Tips for Business Owners

Posted on August 20, 2010 by

As a small business owner you may hire people as independent contractors or as employees. There are rules that will help you determine how to classify the people you hire. This will affect how much you pay in taxes, whether … Continue reading →

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Six Recordkeeping Tips to keep you in check with the IRS!

Posted on July 23, 2010 by

  Here are six tips to keep your recordkeeping in check with the IRS.  Click on the title of each paragraph to view more information on each tip.  Peter McMahon PC is here to make sure that you are informed on … Continue reading →

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Five Facts about the Making Work Pay Tax Credit

Posted on July 19, 2010 by

1. This credit – still available for 2010 – equals 6.2 percent of a taxpayer’s earned income. The maximum credit for a married couple filing a joint return is $800 and $400 for other taxpayers. 2. Eligible self-employed taxpayers can … Continue reading →

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IRS Summertime Tax Tip 2010-05: Six Tax Tips for New Business Owner

Posted on July 19, 2010 by

Six Tax Tips for New Business Owners Are you opening a new business this summer? The IRS has many resources available for individuals that are opening a new business. Here are six tax tips the IRS wants new business owners … Continue reading →

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