The name “nanny tax” can be misleading. It's a tax that applies to the wages of a variety of types of household help, such as a nanny, gardener or housekeeper. Unless the worker is an independent contractor, taxpayers who hire household help may be liable for federal payroll tax and other taxes (including state tax obligations).
When a business closes, there are tax responsibilities to meet. Of course, a final income tax return must be filed, but there are other steps you must complete as well. Here's a rundown of the basic requirements.
Once a tax return is filed, most people breathe a little easier. But it's not uncommon to realize too late that something was left off a return, figures were misreported or some other error was made. Accuracy is essential, but an amendment may not be required depending on the type of error. This article guides on when to amend, when it's not necessary or helpful and the applicable deadlines.
When cash is tight, many businesses barter for goods and services instead of paying dollars for them. Companies involved in such transactions need to remember that the fair market value of goods they receive is taxable income. And if a business exchanges services with another business, the transaction results in taxable income for both parties.
This calendar notes important tax deadlines for the third quarter of 2025.