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...]
No 1099, No Deduction?
Careful! If you didn’t issue 1099s to your contractors, you could face some nasty penalties. You see, if the IRS audits your tax return, your friendly auditor may claim that you can’t deduct the contractor payments because you didn’t issue those 1099s. Ouch! And then to add salt to the wound, the IRS will impose substantial penalties for failing to file those … [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...]
Self-Employed Senior? Collect Your Rightful Tax Breaks
Are you self-employed? Then I’ve got extremely valuable information waiting for you! You see, if you’re a self-employed senior citizen over 50, you’re entitled to some outstanding tax breaks that younger self-employed folks can’t claim. To find out more about significant tax breaks you shouldn’t miss, read my new article titled Tax Tips: Self-Employed Senior? Collect … [Read more...]
Will the Newly Released Section 199A Rental Safe Harbor Work for You?
Back in January 2019, the IRS provided you with a Section 199A safe-harbor option for your rental properties. This was great news because the safe harbor made it a lot easier for your rental properties to qualify for the valuable 20% Section 199A deduction. Now, nine months later, the IRS has issued the final version of the rental safe harbor and it includes some very … [Read more...]