If you have a household employee, you may need to withhold and pay Social Security and Medicare taxes (FICA), pay federal unemployment tax (FUTA), or both. Some examples of workers who do household work include the following. • Babysitters • Housekeepers • Caretakers • Maids • Domestic workers • Nannies • Drivers • Private nurses • Health aides • Yard workers • House cleaning workers. Taxpayers with household employees must file Schedule H, Household Employment Taxes, with th
Capital Assets -
Most property an individual owns and uses for personal
or investment purposes is a capital asset. For example,a house, furniture, car, stocks, and bonds are capital assets.
Noncapital Assets- Stocks,real estate used in business. Investment Property -is property held for the production of income or anticipated appreciation in value. A gain or loss from the sale or exchange of investment property, such as stocks and bonds, is a capital gain or loss. Capital
Small business owners, DO NOT FORGET to send your subcontracts 1099 before February 1,2016 . If you fail to file a correct 1099 information return by the due date and you cannot show reasonable cause, you may be subject to a penalty.