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 […]
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.
The Affordable Care Act (ACA) put significant penalties on taxpayers and their families who do not have ACA-compliant health insurance. Even though the tax reform took out these penalties after 2018, they still apply for this year. And, they can be as high as the greater of $2,085 or 2.5% of the family’s household income. So, all taxpayers must carry medical insurance. Unfortunately, it is one of your largest expenses. While the penalty will go away in 2019, you must understand how to handle the health insurance expense for tax purposes. This is so you can get the most tax benefits possible.
Entertainment Deductions Have New Rules Under Tax Reform Employee Tax Reform Note Tax Reform made changes to business entertainment deductions, for you, the business owner. This is one of a series of articles explaining how the various tax changes in the GOP’s Tax Cuts & Jobs Act affects you. “The Act” for purposes in this […]