Do you use the services of independent contractors? If the answer is “yes,” there are changes in the tax law you need to know about. Now. You see, the IRS has moved up the deadlines for filing W-2s and certain 1099s. And compliance with other new tax rules is more difficult than ever. But don’t worry. We can help by providing you with three winning strategies that can … [Read more...]
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2016 tax guide for dealing with a home foreclosure
If you’re facing foreclosure on your home, you probably feel like things can’t get much worse. But they can. You see, the law treats foreclosure as if you sold your home — and you can’t deduct losses on the sale of your personal home. Worse, if the lender sells your home for less than the amount of your mortgage, the lender sends you a 1099-C for cancellation of debt … [Read more...]
How to avoid the independent contractor trap
Do you hire independent contractors? Then make doggone sure they are independent contractors or you could be caught in a dangerous IRS trap! Here’s the story… The bad news: If you’ve hired independent contractors and the IRS decides that you’ve misclassified them, and that they’re actually “employees,” watch out! You could be on the hook for thousands of dollars in … [Read more...]
How to avoid huge payroll taxes and penalties
Do you use “independent contractors” in your business? If you do, be very careful. You see, if the IRS rules that they’re actually employees, you could be on the hook for thousands of dollars in retroactive federal payroll taxes, interest, and penalties. What can you do to avoid these problems? Easy! Meet the three requirements outlined in Section 530 of the tax … [Read more...]
How to slash your unemployment tax bill
Want to save a lot of money next time you hire a new worker? Don’t hire them as an “employee.” Add them as an “independent contractor.” That status distinction can save you a bundle as you’ll learn when you read my new article. In fact, you can save literally thousands of dollars in federal employment and unemployment taxes by knowing how to play the game. But be careful. … [Read more...]