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Need Some Deductions for 2011?

Don't overlook these!

10 Oddball Tax Deductions

11 Most Overlooked Tax Deductions

Updated for 2011

Tax Identification Numbers

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State Withholding Number

If you have employees, you generally need to apply for a State Withholding Number.

This number is entered on state tax forms used to report state income taxes withheld from employee's pay.

Some states, like Nevada, don't impose an income tax on individuals. Check with your state.

If you're a sole proprietor or a partner in a partnership, you are not considered an employee of your business.

However, if you're business is incorporated (C or S-Corporation), you are an employee of the corporation and treated the same as any other employee for tax purposes.

State Unemployment Account Number

If you have employees, you generally need a State Unemployment Account Number.

Check with your state.

Next:

Tax Identification Numbers: Getting a Tax Identification Number From Others; Form W-9; When Form 1099 Must Be Filed; IRS Penalties

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