In the future, will taxes go up or down? I don’t have a crystal ball, but I do know that tax rates are as low as they have ever been and the government is running a huge deficit – I don’t think that we will have any lower taxes than we have now. What can’t go down must come up. If you would like to do some future tax planning based on your particilar situation, you can email me at bstonercpa@sbcglobal.net and set up an appointment. I give a free initial consultation for new clients and we can see where you are from tax standpoint. I will also review previous returns to see if we can get you any money back from the last few years.
Brian’s Tax Musings
This is your one month warning on a bunch of things – September 15. This is the due date of the following:1. Individual 3rd quarter estimated tax payments for federal (California got rid of the FTB third quarter estimates)2. Corporate 3rd quarter estimated tax payments3. Corporate, partnership and trust extensions run out.So make sure you take care of these items.
Brian’s Tax Musings
A sole proprietor can hire his children if they are under 18 and not have to withhold social security, medicare or state disability and not have to pay unemployment taxes for them. If you have a single – member LLC, even though it is treated like a sole proprietor for income tax purposes, it is a separate entity for payroll tax purposes, so you have to withhold and pay all the above payroll taxes. Email me at bstonercpa@sbcglobal.net if you are thinking of turning your proprietorship into an LLC and have teanage kids that may work for you.