Posts Tagged internal revenue service
Traditional vs Roth IRA
Posted by Editor in Planning for the Future on January 18, 2010
The difference between a traditional IRA and a Roth IRA comes done to one word – tax-deferred vs. tax-exempt.
Both will allow you to accumulate wealth without paying taxes, but with the traditional IRA you will get a tax bill for the profits and contributions when deductions are made.
The Roth IRA, on the other hand, doesn’t [...]
Self-Employed Taxes
Posted by Editor in Your Online Business on January 18, 2010
Some general guidelines on reporting your income on a Schedule C Tax Form. When you own a small business or operate as an independent contractor, the government wants your money to pay Social Security and Medicare tax through their self-employment tax. Specifically, they want to tax the profit that you have seen from your business. [...]