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...]
Independent Contractor
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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...]
Does California’s AB 5 Turn Your Contractors into Employees?
___________________________________________________________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.___________________________________________________________ If you’re an employer who hires independent contractors, California’s new AB 5 law … [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...]
Section 105 Medical Expense Deduction-Plans for Statutory Employees
_________________________________________________Let’s start with a definition. A “statutory employee” is an independent contractor who is treated as an employee by statute for the purposes of tax withholding. _________________________________________________ Are you a “statutory” employee? Then you should know that, if you’re qualified, you can create a Section 105 … [Read more...]