TaxConnections


 

Tag Archive for south carolina

Self-Employment Tax Calculator (Tax Year 2018)

Self-Employment TaxCalculator

Use this calculator to estimate your self-employment taxes. Normally these taxes are withheld by your employer. However, if you are self-employed, operate a farm or are a church employee you may owe self-employment taxes. Please note that the self-employment tax is 12.4% for the FICA portion and 2.9% for Medicare.

Additional Medicare Tax

This calculator does not include any required amounts for the Additional Medicare Tax. This tax applies to a household and not an individual tax payer. Joint filers with over $250,000 in earned income, single filers with over $200,000 in earned income and married persons filing separately with over $125,000 in earned income will owe an additional 0.9% of the amount exceeding these thresholds. These thresholds are not index to inflation. This is paid only by the tax payer, there is no additional employer amount. This additional tax is calculated on your full tax return and while it is directly related to your earned income it is not calculated with your self-employment taxes.

Net Farm Income Or Loss

This is your net farm income or loss. This should include both the net farm profit or loss from Schedule F along with any income from farm partnerships. Please note that if your gross farm income is $2,400 or less and your net farm income is $1,733 or less there is a ‘Farm Optional Method’ for calculating income subject to self-employment taxes. If you qualify for this optional method it may produce a slightly lower income subject to self-employment taxes. This calculator assumes that you will not use the ‘Farm Optional Method’. For more information see IRS Schedule SE Part II, Optional Methods to Figure Net Earnings.

Read more

Charitable Miles Deduction: Is It Changing Under The New Tax Reform?

Now that the effects of last year’s tax reform bill are being felt, the proposals to reform the reform keep rolling in. Last month, Sen. Bob Casey (D-PA) put forth a bill to reinstate unreimbursed job expenses. This week, Rep. Richard Nolan (D-MN) introduced H. R. 5662, also known as the Volunteer Driver Tax Appreciation Act of 2018.

The purpose of the bill is to amend the Internal Revenue Code of 1986 to equalize the charitable mileage rate with the business travel rate. For 2018, the Internal Revenue Service (IRS) optional standard mileage rates for the use of a car, van, pickup or panel truck are 54.5 cents per mile for business miles driven but a mere 14 cents per mile driven in service of charitable organizations. Read more

Leasing An Automobile Versus Buying An Automobile Calculator

TaxConnections is pleased to repost one of the most popular blog posts on making a decision to lease versus purchasing an automobile. This hugely popular calculator is provided by Lisa Nason of Nason Accounting headquartered in Greenville, South Carolina.

Many visitors nationally and internationally were so appreciative of this post we decided to make it available to you all once again.

Should you lease or buy your car? Use this calculator to find out! We calculate your monthly payments and your total net cost. By comparing these amounts, you can determine which is the better value for you.

https://www.nasonaccounting.com/calculators/BuyvsLease.html  

Have questions? Contact Lisa Nason at 864.297.7742.

 

Tax Payment Options You Need To Know

For those of you who may have to fork over some additional funds to Uncle Sam, there are several options available for making payments.

If you can’t pay your tax bill in full, a payment plan may be an option. Additional information about all payment and payment plan options can be found at www.irs.gov/payments and in Publication 5034, Need to Make a Payment? (English & Spanish).

The IRS also offers taxpayers the ability to pay using their mobile device through the IRS2Go app, available on the Apple or Google Play store. Read more

Calculator Helps You – Should You Lease Or Buy An Automobile?

As CEO of TaxConnections, I want to personally credit our member Lisa Nason for her Calculator – Should You Lease Or Buy An Automobile? TaxConnections has many smart and resourceful tax advisors as members and Lisa is in Greenville, South Carolina is certainly one smart tax advisor.

We recently discovered a wonderful tool on Lisa Nason’s site and want to share it with our community. This Calculator Resource was devised to help you determine if it makes more sense to lease or purchase an automobile. Here is the link for you: https://www.nasonaccounting.com/calculators/BuyvsLease.html

We know you will find value with this resource and want to thank Lisa Nason for sharing it with our members. Have a question? Contact Lisa Nason

 

 

South Carolina to Amazon: Collect Sales Tax Now!

Monika Miles, Tax Advisor

States are continuing to come up with ways to collect sales tax from online sellers (specifically Amazon’s third-party sellers). South Carolina recently filed a motion in court to force Amazon to collect these taxes and fees on behalf of its third-party sellers.

As it is now, Amazon collects sales tax on items purchased directly from them, but the retail giant does not collect it on sales made on the site by a third party. South Carolina is claiming it could lose more than $500 million in sales tax if Amazon doesn’t begin collecting them now, and is asking the court to require the retailer to charge sales tax and put it into a trust or escrow-type account until the case is settled. Read more

South Carolina Tax Exemption For Drugs Paid Via Medicare

South Carolina sales tax law provides an exemption for drugs dispensed to Medicare Part A patients residing in nursing homes. Facilities that were clearly organized exclusively as “nursing homes” have long claimed this exemption, however, the South Carolina Department of Revenue had failed to grant or extend this exemption to those facilities with more complex operations. In reality, many facilities have different segments or divisions that interact with patients in varied ways, including providing skilled nursing services. Many facilities organized in this manner have a portion of their total bed count dedicated to providing these skilled nursing services. As a result of arguments presented by Agile Consulting Group in mid-2017, facilities organized in this multifaceted manner are now able to reap the benefit provided under this South Carolina sales tax exemption. Read more

South Carolina Changes At The Pump

Lisa Nason

On July 1 several tax changes will go into effect as part of the South Carolina Infrastructure and Economic Development Reform Act (“Act”) passed by the General Assembly during the 2017 legislative session. These changes are related to the Motor Fuel User Fee, Maximum Sales and Use Tax, and Infrastructure Maintenance Fee. The South Carolina Department of Revenue (SCDOR) is working to ensure a smooth implementation of these taxes for all taxpayers. Read more

Nexus News: The Latest From Ohio And South Carolina

Monika Miles

As lawmakers continue to debate how to make online sales tax feasible for the whole country, the issue of nexus continues to reign supreme for states attempting to increase their revenue from internet retailers. The latest in nexus news comes out of Ohio and South Carolina, two states that recently released details about how nexus is defined in their states.

Read more

Meet Tax Experts At TaxConnections...