Many businesses hire workers for services as they grow and develop. However, in order to determine the pay and tax structure for these workers, the business must properly determine the worker’s status as either an employee or independent contractor. If a worker is misclassified as a contractor and the IRS determines that the worker is an employee, the employer will be assessed fines and penalties for failure to withhold taxes.
Read MoreThe home office deduction and the personal vehicle expense deduction are available to sole proprietors, self-employed 1099 contractors, and single member LLCs. But what about partners and s-corp shareholders?
Read MoreThere are many deductions and credits on the individual tax return. One of the biggest deductions is the standard deduction. However, if you have certain itemized deductions that in total exceed the standard deduction amount, you can take that higher deduction instead.
Read MoreWhat is Self-Employment Tax? Self-employment tax is a tax comprised of Medicare and Social Security taxes paid by self-employed individuals. This the same tax that is paid on salary-based income.
Read MoreA deduction for business use of vehicle is generally available for self-employed individuals.
Read MoreIf you are self-employed or a partner in a business, you may be able to deduct certain expenses for the part of your home that you use for business as long as you use part of your home exclusively and regularly as your principal place of business for your trade or business.
Read MoreWhat are the requirements to file 1099s?
Read MoreHow will this affect my taxes, and more specifically, affect my 2020 taxes?
Read MoreCalendar year 2020 may be behind us now, but the effects are still in full force as we enter the spring tax filing season.
Read MoreWhat is and isn’t extended in the July 15th tax extension? Please read for more information.
Read MoreThe following is a summary of the assistance available to businesses related to COVID-19 compiled from various sources.
Read MoreThe IRS will begin distribution of economic impact payments automatically sometime later this month. The following information comes directly from the IRS website and is reformatted for better understanding.
Read MoreMost people tend to put off preparing for their tax filings however this only adds stress and anxiety in the process. Giving yourself a head start in being organized will help you more than you could imagine.
Whether you are dreading the liability or excited about a refund, here is a list of items you can do now to alleviate some of your stress three months from now.
Read MoreAccounting for small businesses is so much more than just getting your receipts and tallies together for tax preparation and crossing your fingers as you hope for a smaller income tax liability.
Read MoreIn today’s society, more business is being conducted online. You can even purchase your groceries online! As this trend rapidly increases, cyber-security and information safety have become large concerns for both businesses and their customers.
Read MoreMore clients are looking for accountants that will be more hands-on with their businesses. They want to know that their CPA is available to help. Many clients are just as happy if not happier if their CPA can operate remotely or meet them in person at a coffee shop.
Read More
