Keep me logged in until I sign out. Income is reported in the year it is earned, and expenses are deducted in the year they are incurred.
Income is reported in the year it is received, and expenses are deducted in the year they are paid.
Employer identification number . A number used to identify the tax account of employers, sole proprietors, corporations, partnerships, and limited liability companies. This number is required if you have employees, have a Keogh plan, operate a corporation, partnership, or limited liability company or file employment, excise, alcohol, tobacco, or firearms tax returns. Employment tax . Federal income tax withholding, Social Security tax, Medicare tax, and federal unemployment tax that an employer must submit on behalf of employees.