They say there’s no such thing as a free lunch,but there IS free money waiting for you! Here’s the story… The government knows that the COVID-19 pandemic has had a devastating effect on small businesses. That’s why the Payroll Protection Plan (PPP) was created. Almost overlooked is the fact that it is intended to grant cash to self-employed 1040 Schedule C taxpayers … [Read more...]
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Making Smart Selections from the COVID-19 Tax-Relief Buffet
As you know, the government is spending trillions of dollars to help you and your small businesses stay in business. What you may not know is that you have to be very careful when choosing the right form of financial assistance. Why? Because there’s a buffet of tax-relief offerings to choose from. And some of them conflict with other federal relief measures that might … [Read more...]
COVID-19: Significant Payroll and Self-Employment Tax Relief
___________________________________________________________I hope this issue of the Tax Reduction Letter finds you and your family in good health. Warmest good wishes at this difficult time from all of us at the Bradford Tax Institute.___________________________________________________________ Are you in business for yourself? Is your business structured as an S … [Read more...]
Dynamex Causing Incorrect W-2 Classifications for Independent Contractors
The California Supreme Court made an important ruling in the Dynamex case. The court’s decision means that you could inadvertently improperly reclassify your independent contractors and make them suffer needlessly. The Dynamex decision and subsequent new California law causes trouble not only in California but throughout the country. If you have independent contractors … [Read more...]
No 1099, No Deduction?
Careful! If you didn’t issue 1099s to your contractors, you could face some nasty penalties. You see, if the IRS audits your tax return, your friendly auditor may claim that you can’t deduct the contractor payments because you didn’t issue those 1099s. Ouch! And then to add salt to the wound, the IRS will impose substantial penalties for failing to file those … [Read more...]