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If you own a small business, do you have to pay employment taxes on compensation paid to your workers? Read on to find out.

If you are self-employed, how do you know whether you are required to report your self-employment activities to the IRS? This article will answer that question.

There are some important changes on the new 2011 Schedule C — Profit or Loss From Business (Sole Proprietorship) — related to the reporting of income on Line 1. This article will explain those changes and how they may affect you and your small business.

Are you a small business owner or self-employed person and you’re wondering whether you need a federal tax identification number? This article will answer that question.

If you are self-employed and hire employees to help you in your business, you have just entered the world of federal payroll tax reporting. Here’s an overview of your responsibilities to the Internal Revenue Service (IRS) and the Social Security Administration (SSA).

If you are self-employed and use your vehicle for business purposes, you have two options for taking a deduction for use of that vehicle: Option #1 is known as the Actual Expense Method. You write off the actual expenses such as gasoline, repairs, maintenance, insurance and depreciation. Option #2 is called the Mileage Rate Method, in which your deduction is the IRS-approved standard mileage rate times the number of business miles driven during the year.

Every year we hear what sounds like good news: the IRS makes an announcement that the standard deduction and personal exemption amounts for the following year have increased due to an inflation adjustment. And this year was no exception, as we recently got word that the 2012 amounts have gone up. Gee, aren’t you excited? For the rest of the story, read on.

Are you wondering whether you will pay more taxes in 2012? I’ve got some bad news: unless Congress and the President act soon, the typical U.S. taxpayer will see in increase in Social Security taxes for 2012. Read on to get the details.

Looking in advance at IRS cost-of-living increases for 2012 presents interesting tax planning considerations. It doesn’t affect 2011 tax returns. However, some individuals are likely to ask tax preparation companies about changes effective in the new year.

If you’re self-employed and new to the world of taxes, there are numerous tax forms you may be required to file. Here’s an overview of the most common tax forms needed by the typical sole proprietor.