Everyone likes to be recognized for their efforts, contributions, and achievements. In fact, I’ll bet this is true of your employees. So how about rewarding them with a morale-boosting achievement award that’s tax deductible for your business and tax free for your employees? You’ll get all the details when you read my new article titled Tax Tips: Achievement Awards Are a … [Read more...]
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S corporation owners: Don’t pay yourself on a 1099!
Attention S corporation owners! Do you pay yourself with a 1099-MISC? OR Do you pay yourself on both a W-2 and a 1099? If you’re answering “yes,” stop right now and read my new article! You see, you could be in big trouble and face severe IRS problems. Oh, I know. Paying yourself on a 1099 or on a W-2 and 1099 makes your life easier. No payroll taxes. No withholding … [Read more...]
How your start-up can save big money
Lawmakers finally got it! They realized that it takes time to grow a new business and that it may not generate tax revenue for a while. So they put some extremely helpful rules into the Protecting Americans from Tax Hikes (PATH) Act of 2015. If you are thinking about starting a new small business, you may be able to save a lot of money. But you have to know how to play … [Read more...]
How to avoid unpaid payroll-tax penalties
If you’ve failed to pay the payroll taxes you owe, you could be in serious trouble. You see, the IRS has a mechanism called “The Trust Fund Recovery Penalty” that can make you personally liable for the unpaid trust fund taxes, regardless of the kind of business entity you’re running! How does the IRS use the law to come down hard on payroll-tax debtors? And what can you do … [Read more...]
Why paying the “nanny tax” can actually make you money
If you’re paying a nanny at least $1,900 this year, you have to pay the nanny tax. But don’t worry. If you know how to play the game, you can offset most (if not all) of the tax expense. How? By taking advantage of some nice tax breaks. In fact, you can come out ahead as you’ll learn when you read my new article titled Tax Tips: Pay the Nanny Tax and Make Money Doing … [Read more...]