Landlords a 1099 applies to you! Do you collect W-9s from contractors? Well did you collect W-9s from those contractors? Did you know that services over $600 threshold require that you do? When you use independent contractors to perform services for your business, for each individual whom you pay $600 or more for the year, the IRS […]
business
7 Ways Small Business Owners Save Money On Taxes Legally
Everybody wants to save money on taxes legally. To lower the amount you pay in taxes is an especially important goal for small business owners. After all, to avoid paying every penny in taxes is a double victory: you avoid overpaying and add to your bottom line. Here we list seven tips to use to spot […]
6 Common Accounting Problems Killing Small Business Growth Today
Do you know the most common accounting problems killing small business growth today? Are you a small business owner? Do you want your organization to do far more than survive? Do you want your small business to thrive? The most common accounting problems killing small business growth are actually obvious. Unfortunately, many business owners overlook important […]
Getting the W-4 Right Is Important!
An Accurate IRS Form W-4 is Imperative Do you wonder, why getting the W-4 right is necessary? At the beginning of every year, employers request employees to complete the IRS Form W-4. Getting the w-4 right is important, but why make such a big deal about it? You are probably thinking, “Can’t you just correct the […]
Paid Family and Medical Leave Credit Under Tax Reform
Tax Reform includes Family and Medical Leave Changes The Paid Family and Medical Leave credit is a brand new non-refundable general business credit. It applies to businesses with 50 employees or more. There are several requirements in this article that will help employers navigate the changes of this employer credit.
Elusive Employee Business Tax Deduction versus Contractors
When we say an employee business tax deduction we mean it to refer to an employee business expense, such as payroll. We will point out the difference between how to treat an employee tax expense versus a 1099 contractor expense, along with AMT under tax reform. For starters, one major difference between being an employee and being self-employed is how you deduct the expenses you incur related to your work. A self-employed individual is able to deduct expenses on his or her business schedule. However, an employee is generally limited to deducting them as itemized deductions.