September 2015

FAQ: When must individuals pay estimated taxes?

Many federal income taxes are paid from amounts that are withheld from payments to the taxpayer. For instance, amounts roughly equal to an employee’s estimated tax liability are generally withheld from the employee’s wages and paid over to the government by the employer. In contrast, estimated taxes are taxes that are paid throughout the year on income that is not […]

How Do I? Form a partnership for tax purposes

A business operated by two or more owners can elect to be taxed as a partnership by filing Form 8832, the Entity Classification Election form. A business is eligible to elect partnership status if it has two or more members and:

is not registered as anything under state law,
is a partnership, limited partnership, or limited liability partnership, or
is a limited liability […]

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