_________________________________________________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...]
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Proprietors and Partners Mistakenly Pay Themselves Illegal W-2 Wages
Sole proprietors and partners often suffer from W-2 envy. And I know why. If they’re earning more than the Section 199A pay limits, they look to W-2 wages as a way to salvage the juicy 20-percent deduction allowed by Section 199A. In fact, some sole proprietors and partners often have their Certified Professional Organizations (CPEO) pay them on a W-2. This is wrong. … [Read more...]
Free checklist: 10 proven tax-reduction strategies for sole proprietors
All Sole Proprietors! Act now and get your FREE “Sole Proprietor Checklist” Get 10 proven strategiesfor slashing your Schedule C taxes! (No risk. No obligation. No charge.) Dear Sole Proprietor: Careful! You may be overpaying thousands of dollars in taxes! That’s right. Unless you know how to take advantage of the U.S. tax code, you may be paying the IRS a lot … [Read more...]
How to Avoid Payroll Embezzlement
Paying payroll taxes to Uncle Sam is no fun. But you know what’s even worse? Having an embezzler steal that payroll tax money, forcing you to come up with that amount again and paying it to the IRS. And after becoming a victim of theft, you know what’s really the cherry on top? Paying the government a Trust Fund Recovery Assessment (known as the 100-percent penalty … [Read more...]
How to Reimburse Medicare When You Have Fewer than 20 employees
Do you structure your business as a sole-proprietor, partnership, S or C corporation? Do you have fewer than twenty employees? Then our new article makes “must” reading. Why? Because we’ll explain how new IRS regulations allow you to reimburse Medicare parts B and D to your Medicare-covered employees. If you want to learn how to comply with the law and avoid painful … [Read more...]