Self-employed Taxpayers Who Owe Taxes

In my practice, I have frequently served self-employed clients who have not made ANY estimated tax payments or who have not made sufficiently large estimated tax payments throughout the year and are faced with a large tax liability on April 15. Making timely and sufficient estimated tax payments requires self-control.  Estimated tax payments for individual[…]

Social Security Wage Base

The Social Security Administration has projected an increase in the Social Security wage base for 2014.  The wage base is the amount up to which employees and employers are required to withhold 6.2% for Old Age, Survivors and Disability Insurance (OASDI).  The wage base is expected to increase from $113,700 in 2013 to $115,500 in[…]