___________________________________________________________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.___________________________________________________________ Yes. These are very difficult times, and right now you’re probably not worrying … [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...]
If You Don’t Want 100-Percent Depreciation, Elect Out or Else
Want to take advantage of every tax break the law allows? Generally, all you have to do is elect the beneficial treatment on your tax return. Easy. But hang on a second. There’s one exception to beware of. It’s the 100% bonus depreciation deduction. If you don’t want to deduct everything at once,you have to be proactive and elect out! In my new article, we show you … [Read more...]
Auditor Claims It’s Illegal for Parent to Employ His 11-Year-Old
Do you employ your children to work in your business? This can be a very smart move for several tax-related reasons. But be warned. When junior goes to work for you, you’d better have answers ready to pointed questions asked by the Department of Labor (DOL) and/or the IRS. For example, a DOL auditor might question your claim and decide it’s illegal for you to employ … [Read more...]
Husband-Wife Partnerships: The Tax Angles—Part 1
Do you and your spouse work together in a business? Could the IRS consider the business a partnership? Then watch out. You see, running your business as a proprietorship can have major tax consequences… both good and bad. That’s why the Tax Reduction Letter is devoting two articles to this important subject. If you want to make sure you’re handling things the … [Read more...]