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NASCAR Homstead: Truex Jr seals 2017 Cup title with Homestead win

Martin Truex Jr became the 2017 NASCAR Cup champion by fending off Kyle Busch to win a tense finale at Homestead

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Norwegian Star Returns to Miami After Medical Emergency

Several passengers onboard the Norwegian Star state that the NCL cruise ship is returning to Miami a day early due to a medical emergency.
One passenger on the ship writes:
“The Norwegian Star is speeding to Miami, to arrive 10 hours early due to a passenger medical emergency onboard. The Star will

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Rookie Byron wins NASCAR Xfinity title ahead of Cup graduation

William Byron claimed the NASCAR Xfinity championship in his rookie season by holding off JR Motorsports team-mate Elliott Sadler for a third place finish at Homestead

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Tesla's Electric Semi Shows Promise—But Will it Deliver?

Elon Musk finally revealed the Tesla Semi, an electric big-rig he professes will outstrip the diesel fleets that have dominated American freight for decades.

The Tesla CEO

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Noro on the Veendam?

A passenger sailing on a Holland America Line (HAL) cruise ship near Greece contacted me today, stating that a number of guests are experiencing gastrointestinal symptoms:
“I’m currently on MS Veendam. Left Fort Lauderdale on October 20th and due to return to Fort Lauderdale on December 8th. Currently docked in Souda, Greece. Leaving

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Denny Hamlin upstages NASCAR title contenders with Homestead pole

Denny Hamlin took pole position on Friday evening for the NASCAR Cup finale at Homestead-Miami Speedway

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We Should Toss That $450M da Vinci into a Particle Accelerator

A portrait of the world’s most recognizable person, Jesus Christ, painted by an icon whose renown doesn’t trail too far behind, Leonardo da Vinci, on Wednesday

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Passenger Overboard from the Silja Serenade

I received information from multiple sources that a male passenger reportedly went overboard from the Silja Serenade late at night (around 2:00 A.M.) this past Monday, allegedly after a disagreement with other guests on the ship. 
Newspapers in Finland have reported on the incident. One newspaper indicates that a Coast Guard rescue

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Tax Implications of Starting a New Business

The launch of a new business comes with many startup tax questions. Let’s review some of the big changes that come with becoming your own boss.

 

1.     Your income is taxable even if you reinvest it into your business.

Any profit your business makes each year will be taxable regardless of whether you withdraw it or reinvest it into growing the business. Luckily, any deductible business expenses can be used to directly offset that income.

This is unlike employees whose non-reimbursed expenses are subject to a threshold based on 2% of their adjusted gross income and are only deductible if they otherwise itemize their deductions.

 

2.     You’ll be subject to self-employment tax.

Your net profit from your business will be subject to the self-employment tax. This tax pays for contributions to both social security and Medicare. Currently, you will pay self-employment tax at a 15.3% rate on your net earnings from self-employment of up to $127,200, and Medicare tax only at a 2.9% rate on the excess.

An additional 0.9% Medicare tax will be imposed on self-employment income in excess of $250,000 for joint returns; $125,000 for married taxpayers filing separate returns; and $200,000 in all other cases. Self-employment tax is imposed in addition to income tax, but you can deduct half of your self-employment tax as an adjustment to income.

Though paying the additional tax may seem burdensome, it actually designed to act the same way as the social security and Medicare taxes that would normally be withheld from the wages of an employed individual. Furthermore, the social security portion of the tax increases your potential social security benefits you may receive at retirement.

If you choose to put your small business into a corporation you will not be subject to self-employment tax on your earnings. However, you will then be subject to payroll taxes as shareholders who perform services for their corporations are required to be paid Form W-2 wages subject to social security and Medicare withholding.

 

3.     Your filing requirements will change.

Normally, individuals with taxable income under specific threshold amounts are not required to file a tax a return for the year. Generally, in 2017 a single individual under age 65 only has to file if their adjusted gross income exceeds $10,400.

However, if you are self-employed you are required to file a tax return if your net income from your business is $400 or more. This is true even if the $400 is your only income and you are thus far below the normal filing threshold.

 

4.     You will be required to make quarterly estimated payments.

Most taxpayers satisfy their tax payment requirements when their employer withholds state and federal taxes from each paycheck. When you’re self-employed, you’re 100% on your own. Most self-employed taxpayers satisfy their tax payment requirements by making estimated tax payments quarterly online or via the mail.

If you also work as an employee for another business in addition to your self-employment, you may be able to satisfy your required tax payments by increasing the amount of withholding from your wages.

Should you fail to make your required payments, you may be subject to an underpayment penalty. The penalty can be avoided if you meet certain specified exceptions or waivers.

Penalty = Interest rate charged by the IRS on deficiencies (X) The amount of underpayment for the period of the underpayment.

 

5.     You’ll be subject to new business tax scrutiny.

Unfortunately, being self-employed will be in one of the IRS’ favorite audit target groups. Though being audited doesn’t mean you’re in trouble unless you’ve actually done something wrong, it is best for you to always be prepared for the possibility. In particular, you should carefully record your income and expenses in order to claim the full amount of the deductions to which you are entitled.

Certain types of expenses, such as automobile, travel, entertainment, meals, and office-at-home expenses, require special attention because they are subject to special record keeping requirements and/or limitations on deduct-ability.

For more advice regarding new business tax responsibilities, schedule an appointment with your nearest H&R Block tax professional.

The post Tax Implications of Starting a New Business appeared first on Tax Information Center.

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Episode: Using Carbon Planning Tools

Construction Climate Challenge’s new video revolves around carbon planning tools on a whole life basis and why it’s important for the built environment.

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