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Tag: Business Tax Services in Schaumburg

Business Tax Provisions: the Year in Review

Whether you file as a corporation or sole proprietor here’s what business owners need to know about tax changes for 2017. Standard Mileage Rates  The standard mileage rates in 2017 are as follows: 53.5 cents per business mile driven, 17 cents per mile driven for medical or moving purposes, and 14 cents per mile driven in service of charitable organizations. Health Care Tax Credit for Small Businesses  Small business employers who pay at least half […]

Self-Employed Individuals Tax Center

Who is Self-Employed? Generally, you are self-employed if any of the following apply to you. • You carry on a trade or business as a sole proprietor or an independent contractor. • You are a member of a partnership that carries on a trade or business. • You are otherwise in business for yourself (including a part-time business) What are My Self-Employed Tax Obligations? As a self-employed individual, generally you are required to file an […]

What is the Affordable Care Act?

Under the Affordable Care Act, the federal government, state governments, insurers, employers, and individuals share responsibility for improving the quality and availability of health insurance coverage in the United States. The ACA reforms the existing health insurance market by prohibiting insurers from denying coverage or charging higher premiums because of an individual’s preexisting conditions. The ACA also creates the Health Insurance Marketplace, also known as the Marketplace or the Exchange. The Marketplace is where taxpayers […]