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Is There Such A Thing as Free Online Taxes?
Most often when people are about to do their yearly income taxes, they are not sure of what to think when they hear that there is such a thing as free online taxes. Usually most people do not believe that having your taxes done is free; so they go and have their taxes done elsewhere.
As the number of people that are filing their taxes online keep going up, so do all the companies that offer free online taxes! However, what many people don't know is that a great majority of those companies don't actually offer free services! In fact, most of them say it is free to get their taxes done online; however, they still charge a service fee to use their services. Therefore, they aren't exactly free!
Although there are some companies that will misrepresent themselves as being free, there are actually many free sites! In fact, some companies are still free of charge! Despite of what many people think, it is not hard to find a reputable company that does free online taxes. In fact, there are many reliable companies yet, the hard part (for some people) is finding them! However, the answer is "Yes", there is such a thing as free online taxes!
As many people don't know, there are many different websites as well as software that people can get free. In the situation where the software is not free, it will be reasonably cheap. Some of the best-known websites that offer free online taxes that people use are tax websites provided by the IRS, TurboTax, and H&R Block, among many other great websites.
As records have showed, there are now millions of people each year that are filing their taxes online. Whether they go to websites that offer free taxes is entirely an matter of personal choice! In fact, many people are skeptical about getting things free, especially when it comes to something as important as a person's income taxes! However, one site that many people do trust, and use is the government/IRS free online tax preparation website! Many people claim they have no problems using it because it is from the government!
Whether people use the free online taxes websites or not, they will still be there! In fact, each day more and more websites are being fabricated and introduced! The only problem is deciphering which ones are good and which ones are not! When it comes to using the websites, a person can use all the trusted ones or they may try a new site; however, that is totally up to the person and if they feel trusting!
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The Basics of Payroll Taxes
As a business owner, you are responsible for certain taxes when it comes to your payroll. If you have employees, then this is something you need to know about. Then again, if you are self employed and are the only one to work for your company, then the taxes are handled differently. Otherwise, payroll taxes are something that you have to handle as a business. It is important to know about these ahead of time so that you don’t do anything wrong. After all, your company could get in big trouble with the IRS if you don’t handle the situation right.
There are two main ways that you handle the payroll taxes for your company. You pay some of the taxes yourself and then withhold the rest of the taxes straight from your employee’s payroll checks. So, in essence, both you and your employees are paying the payroll taxes. It’s a joint venture.
There are several different payroll taxes that you need to pay the government. The federal income tax should be fully taken out of your employee’s check. Then there is the FICA tax, which you split payment with your employee. FICA includes social security and Medicare taxes. You withhold half of the amount from their paycheck and then you pay the other half from your own company reserves. Also, depending on the state your company is based in, you may also need to pay state income taxes, which you would withhold from your employees.
In most cases, you can set up your payroll software to automatically withhold the correct payroll taxes from your employees. How much you take depends on how much your employees make. It also depends on other factors that you will learn when you first hire them and have them fill out a W-4 form. If you get this all set up with the software you use to cut your paychecks, then you won’t have to worry and the program can do the work for you. This is at least the case for the taxes you withhold from your employee. You still need to be mindful of the portion of the payroll taxes that is left up to your business to pay.
If you handle things correctly, you can still pay these taxes while also having your business run smoothly. Either way, you need to pay them, so it’s good to get it running well regardless. And remember, it could cost your company a lot of money, sometimes in the millions, if you calculate your payroll taxes wrong. Keep this in mind so that it doesn’t happen.
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Longview needn't worry about premature graying.
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