Do you enjoy recreational gambling? Uncle Sam doesn’t mind if you do, but he sure wants in on the action! As many gamblers have discovered the hard way, they owe taxes even though they have zero net gambling income. That’s right. Even if you break even after a night at the casino, you can still wind up with a hefty tax bill! How should you play your cards if you’re off … [Read more...]
Tax Policy
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How to prevent payroll-tax embezzlement
Are your payroll taxes being stolen by an employee? Don’t think it can’t happen to you! Embezzlement is a huge problem that hits small businesses hard in two ways: You’re out the money that was stolen You still have to pay the money you owe the IRS! What can you do to avoid this painful kind of double jeopardy? Easy. Take a moment before trouble starts and read my … [Read more...]
Avoid a fatal mistake with independent contractors
If you’re using independent contractors who are paid on a 1099, be careful. Be very careful. You see, if you don’t handle things exactly right, the IRS may decide that your independent contractors are actually W-2 employees. Which can open a large can of worms. If you want to play it safe and make sure that your independent contractors stay independent, don’t miss my new … [Read more...]
Watch out for tax-preparation firms’ illegal commissions
Does your tax-preparation firm seek a commission based on how big a refund they can get for you on an amended tax return? If that’s what they propose, turn around, walk out the door, and start running! You see, Treasury Regulations make it illegal to charge a contingent fee for amended returns. To get the whole story on how to spot this tax-preparation scam, don’t miss my … [Read more...]
How to prevent payroll embezzlement
Watch out! The wages you think you’re paying to your employees, and the payroll tax deposits you think you’re sending to the IRS, may be going straight into an embezzler’s pockets. That’s why it’s so important for you to read my brand new article titled Tax Tips: Prevent Payroll Embezzlement. Three ways our fact-filled article can help you: We’ll tell you three easy ways … [Read more...]